REG - Grit Real Estate Inc - APDM & GREA conditions precedent met/Equity Update

Grit Real Estate IncomeAnnouncement

19/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220419:nRSS5036Ia&default-theme=true

RNS Number : 5036I  Grit Real Estate Income Group  19 April 2022

 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" or the "Group")

 

ALL REMAINING CONDITIONS PRECEDENT HAVE NOW BEEN MET FOR THE ACQUISITION OF
INTERESTS IN GREA AND APDM

and

AN UPDATE ON THE ISSUE OF EQUITY

 

 

Grit Real Estate Income Group Limited, a leading pan-African real estate
company focused on investing in, developing and actively managing a
diversified portfolio of assets underpinned by predominantly US Dollar and
Euro denominated long-term leases with high quality multi-national tenants,
notifies that further to the Company announcement of the Proposed Acquisition
on 22 November 2021, and the further update announced on 11 April 2022, all
remaining conditions precedent in relation to the Proposed Transaction have
now been met.

·      Grit has acquired Gateway Partner's 30.58 per cent. interest in
APDM for US$7.59 million paid in cash on 15 April 2022; and

·      Grit has acquired an additional 6.21 per cent. shareholding in
GREA from Gateway Partners at a purchase price of US$13.86 million paid in
cash on 15 April 2022.

 

New Ordinary Shares are being issued at an issue price of US$0.52 per new
Ordinary Share, in relation to the Proposed Transaction, to Dorado and the
GREA Executive Share Trust for Grit to acquire a further 47.37 per cent. of
APDM and 0.1 per cent of GREA. Admission of the 17,514,481 new Ordinary Shares
is now expected to take place on Wednesday, 20 April 2022, with commencement
of trading expected on the same day. This is an update from the expected date
of Admission of Tuesday, 19 April 2022, originally announced by the Company on
11 April 2022. All other information remains unchanged from the announcement
made by the Company on 11 April 2022.

 

Following the above transactions, Grit has acquired a 77.95 per cent.
controlling interest in APDM and increased its interest in GREA to 26.29 per
cent. with a clear path for Grit to purchase a controlling shareholding in
GREA by December 2022.

 

Terms not otherwise defined in this announcement have the meanings given to
them in the Prospectus and Circular.

By order of the Board

19 April 2022

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 / +44 20 7379 5151
 Alistair de Kare-silver                                           Grit-maitland@maitland.co.uk

 finnCap Ltd - UK Financial Adviser
 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

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

 Capital Markets Brokers Ltd - Mauritian Sponsoring Broker
 Elodie Lan Hun Kuen                                               +230 402 0280

NOTES:

Grit Real Estate Income Group Limited is the leading pan-African real estate
company focused on investing in, developing 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 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 www.grit.group

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 office 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

SEM authorised representative and sponsor: Perigeum Capital Ltd

UK Transfer secretary: Link Assets Services Limited

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCIPMMTMTJBTPT