Grit Real Estate Inc - Results of the General Meeting

Grit Real Estate Income

14/12/2021 11:30

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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  Votes against the resolution as a percentage of total number of shares voted  Number of shares voted at GM  Number of shares voted at GM as a percentage of shares in issue  Number of shares abstained as a percentage of shares in issue
                                                                                voted at GM                                                                  at GM

                                                                                                           (rounded to 2 decimal places)*                                   (rounded to 2 decimal places)*
                                                                                (rounded to 2 decimal places)*                                               (rounded to 2 decimal places)*
 Ordinary resolution number 1:                                                  68.17%                                                                       31.82%                                                                        272,163,435                   82.17%                                                           0.01%

 To approve the Proposed Acquisition and authorise the Directors to implement
 the Proposed Acquisition

 

*     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
(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                                         +230 269 7090
 Darren Veenhuis, Chief Strategy Officer and Investor Relations                  +44 779 512 3402

 Maitland/AMO - Communications Adviser
 James Benjamin                                                                  +44 7747 113 930
                                                                                 Grit-maitland@maitland.co.uk (mailto:Grit-maitland@maitland.co.uk)

 finnCap Ltd - Sponsor, Sole Global Coordinator and Joint Bookrunner
 William Marle / Teddy Whiley (Corporate Finance)                                +44 20 7220 5000
 Mark Whitfeld / Pauline Tribe (Sales)                                           +44 20 3772 4697
 Monica Tepes (Research)                                                         +44 20 3772 4698

 Platform 3 - Corporate Adviser
 Oliver Hare, Managing Partner                                                   oliver.hare@platform3.org (mailto:oliver.hare@platform3.org)

 Perigeum Capital Ltd - SEM Authorised Representative and Sponsor and Mauritian
 Transaction Adviser and Placing Agent
 Shamin A. Sookia                                                                +230 402 0894
 Kesaven Moothoosamy                                                             +230 402 0898

 Baden Hill (a trading name of Northland Capital Partners) - Joint Bookrunner

 Roy Campbell                                                                    rcampbell@badenhill.northlandcp.co.uk
                                                                                 (mailto:rcampbell@badenhill.northlandcp.co.uk)
 Matthew Wakefield                                                               mwakefield@badenhill.northlandcp.co.uk
                                                                                 (mailto:mwakefield@badenhill.northlandcp.co.uk)

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/
(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.

 

 

 

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