Grit Real Estate Inc - Results of the Open Offer and Placing

Grit Real Estate Income

20/12/2021 06:59

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RNS Number : 1193W  Grit Real Estate Income Group  20 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 Open Offer and Placing

and

Issue of Equity

 

 

Further to Grit's announcement on 22 November 2021, the Board of Grit Real
Estate Income Group Limited, a leading pan-African real estate company focused
on investing in and actively managing a diversified portfolio of assets
underpinned by predominantly US$ and Euro denominated long-term leases with
high quality multi-national tenants, announces that, following completion of
the Open Offer and Placing (the "Issue"), which closed on 16 and 17 December
2021, respectively, the Company will issue an aggregate number of 146,342,312
New Ordinary Shares to Shareholders and Placees on Tuesday, 21 December 2021
at an issue price per New Ordinary Share of US$ 0.52.

 

The issue of an additional 155,027,444 New Ordinary Shares at an issue price
per New Ordinary Share of US$ 0.52 to the Selling Shareholders of Gateway Real
Estate Africa Limited ("GREA") and Africa Property Development Management
Limited ("APDM") as consideration for the sale of their stakes in GREA and
APDM to Grit, will be effected upon the fulfilment or waiver (as applicable)
of the conditions precedent, which conditions must be fulfilled or waived by
no later than 31 March 2022.

 

Peter Todd, Non-Executive Chairman of Grit Real Estate Income Group Limited,
said:

"We are pleased by the success of the Issue, and, on behalf of the Board, I
would like to thank existing and new Shareholders for their support. The
success of the Issue reflects our confidence in both reducing Grit's overall
levels of debt and driving further expansion in our core and expanded
business, which we expect will deliver enhanced value to our Shareholders. 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."

 

Applications have been made with the FCA, the LSE and the SEM for the listing
of the total number of New Ordinary Shares being issued pursuant to the Open
Offer and Placing on the premium segment of the Official List of the FCA and
to be admitted to trading on the Main Market of the LSE and for such New
Ordinary Shares to be admitted to trading on the Official Market of the SEM
with effect from commencement of trading on Tuesday, 21 December 2021
("Admission").

 

Following Admission of the New Ordinary Shares issued pursuant to the Open
Offer and Placing, Grit will have a total of 477,577,858 Ordinary Shares in
issue.

 

Further detail of the Open Offer and Placing results

The Company is issuing 97,185,369 New Ordinary Shares pursuant to the Open
Offer, and 49,156,943 New Ordinary Shares pursuant to the Placing. In total,
the Open Offer and Placing raised US$76,098,002 before the expenses of the
Issue.

 

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

 

20 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 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) - 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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