Results of the General Meeting

RNS Number : 6131V

Grit Real Estate Income Group

14 December 2021

 

GRIT REAL ESTATE INCOME GROUP LIMITED

(Registered in Guernsey)

(Registration number: 68739)

LSE share code: GR1T

SEM share code: DEL.N0000

ISIN: GG00BMDHST63

LEI: 21380084LCGHJRS8CN05

("Grit" or the "Company" and, together with its subsidiaries, the "Group")

RESULTS OF THE GENERAL MEETING

The board of Directors of Grit Real Estate Income Group Limited (the "Board") is pleased to announce that at the general meeting of the Company ("GM") held at 2:00 p.m. Mauritian time (10:00 a.m. UK time) today, Tuesday, 14 December 2021, at 3rd Floor, La Croisette Shopping Centre, Grand Baie, Mauritius, the ordinary resolution proposed, for the Acquisition by Grit of controlling interests in GREA and APDM, was passed by the Company's shareholders.

Further to Grit's announcement of 22 November 2021, the Company continues to pursue its Open Offer on a pre-emptive basis to Qualifying Shareholders and Placing (the "Issue"), which are due to close on 16 December 2021 and 17 December 2021 respectively. Grit intends to settle the consideration due to the GREA and APDM Selling Shareholders with excess unsubscribed Ordinary Shares from the Open Offer and Placing, and the final results of the Issue are expected to be announced on 20 December 2021. Applications will be made for the New Ordinary Shares to be listed on the premium segment of the Official List of the FCA and to be admitted to trading on the main market of the LSE. Application will also be made for such New Ordinary Shares to be admitted to trading on the Official Market of the SEM.

Bronwyn Knight, Chief Executive Officer of Grit Real Estate Income Group Limited, commented:

" The net proceeds of the Issue are expected to reduce Grit's overall indebtedness and leverage levels and provide future capital for further expansion in our core and expanded business through the Proposed Acquisition. Should the contemplated Issue and the Proposed Acquisition be successful, the Grit Board expects to resume dividend payments in the current financial year, distributing out of net operating income generated from our existing property assets.

The proceeds of the Issue will also enable Grit to acquire a controlling shareholding in GREA and a majority shareholding in APDM, which are expected to materially accelerate Grit's ability to access development returns from risk mitigated development projects from GREA's attractive pipeline of development opportunities and give Grit the additional management resources and control required to lead the further development of GREA, via APDM. The acquisition of a controlling interest in APDM offers Grit the potential for new revenue and fee income streams."

The detailed results of the voting, are as follows:

Resolution proposed at the GM	Votes in favour of the resolution as a percentage of total number of shares voted at GM (rounded to 2 decimal places)*	Votes against the resolution as a percentage of total number of shares voted at GM (rounded to 2 decimal places)*	Number of shares voted at GM	Number of shares voted at GM as a percentage of shares in issue (rounded to 2 decimal places)*	Number of shares abstained as a percentage of shares in issue (rounded to 2 decimal places)*
Ordinary resolution number 1: To approve the Proposed Acquisition and authorise the Directors to implement the Proposed Acquisition	68.17%	31.82%	272,163,435	82.17%	0.01%

*   Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).

A vote withheld is not a vote in law and it is not counted in the votes for and against resolutions.

Total number of shares with voting rights in issue as at the date of the GM was 318,689,788.

The executives of Grit note that a significant percentage of votes were cast against the resolution and will be making themselves available to the few dissenting shareholders to further discuss their concerns.

In accordance with Listing Rule 9.6.2 of the UK   Financial Conduct Authority ("FCA"), a copy of the resolution passed at the GM has been submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

Terms not otherwise defined in this announcement have the meanings given to them in the Prospectus issued by Grit on 22 November 2021.

By Order of the Board

14 December 2021

FOR FURTHER INFORMATION, PLEASE CONTACT:

Grit Real Estate Income Group Limited
Bronwyn Knight, Chief Executive Officer	[phone]
Darren Veenhuis, Chief Strategy Officer and Investor Relations	[phone]
Maitland/AMO - Communications Adviser
James Benjamin	[phone]
	[e-mail]
finnCap Ltd - Sponsor, Sole Global Coordinator and Joint Bookrunner
William Marle / Teddy Whiley (Corporate Finance)	[phone]
Mark Whitfeld / Pauline Tribe (Sales)	[phone]
Monica Tepes (Research)	[phone]
Platform 3 - Corporate Adviser
Oliver Hare, Managing Partner	[e-mail]
Perigeum Capital Ltd - SEM Authorised Representative and Sponsor and Mauritian Transaction Adviser and Placing Agent
Shamin A. Sookia	[phone]
Kesaven Moothoosamy	[phone]
Baden Hill (a trading name of Northland Capital Partners) - Joint Bookrunner
Roy Campbell	[e-mail]
Matthew Wakefield	[e-mail]

NOTES:

Grit Real Estate Income Group Limited is the leading pan-African real estate company focused on investing in and actively managing a diversified portfolio of assets in carefully selected African countries (excluding South Africa). These high-quality assets are underpinned by predominantly US$ and Euro denominated long-term leases with a wide range of blue-chip multi-national tenant covenants across a diverse range of robust property sectors.

The Company is committed to delivering strong and sustainable income for shareholders, with the potential for income and capital growth. The Company is targeting net total shareholder return inclusive of NAV growth of 12.0%+ p.a.*

The Company holds its primary listing on the Main Market of the London Stock Exchange (LSE: GR1T and a secondary listing on the Stock Exchange of Mauritius (SEM: DEL.N0000).

Further information on the Company is available at http://grit.group/

*  These are targets only and not a profit forecast and there can be no assurance that they will be met. Any forward-looking statements and the assumptions underlying such statements are the responsibility of the Board of Directors and have not been reviewed or reported on by the Company's external auditors.

Directors: Peter Todd+ (Chairman), Bronwyn Knight (Chief Executive Officer)*, Leon van de Moortele (Chief Financial Officer)*, David Love+, Sir Samuel Esson Jonah+, Nomzamo Radebe, Catherine McIlraith+, Jonathan Crichton+, Cross Kgosidiile⁺ and Bright Laaka+ (Permanent Alternate Director to Nomzamo Radebe).

(* Executive Director) (+ independent Non-Executive Director)

Company secretary : Intercontinental Fund Services Limited

Registered address : PO Box 186, Royal Chambers, St Julian's Avenue, St Peter Port, Guernsey GY1 4HP

Registrar and transfer agent (Mauritius) : Intercontinental Secretarial Services Limited

UK Transfer secretary : Link Asset Services Limited 

SEM authorised representative and sponsor : Perigeum Capital Ltd

Mauritian sponsoring broker : Capital Markets Brokers Ltd

This notice is issued pursuant to the FCA Listing Rules and SEM Listing Rule 15.24 and the Mauritian Securities Act 2005.  The Board of the Company accepts full responsibility for the accuracy of the information contained in this communiqué.

 

END

 

 

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