REG - Grit Real Estate Inc - Share buyback and liquidity programme

Grit Real Estate IncomeAnnouncement

28/10/2022 07:00

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RNS Number : 4176E  Grit Real Estate Income Group  28 October 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" and, together with its subsidiaries, the "Group")

 

 

SHARE BUYBACK AND LIQUIDITY MANAGEMENT PROGRAMME

 

 

Grit Real Estate Income Group today announces that finnCap Limited
("finnCap"), the Company's broker, has been mandated to implement a share
repurchase and liquidity management programme for a period of 6 months.
finnCap has been authorised to repurchase Grit ordinary shares on either the
London Stock Exchange or the Stock Exchange of Mauritius ("Shares"), on its
behalf within certain pre-set parameters, between 15 November 2022 and 15 May
2023 (the "Buy-Back Period") and in support of overall trading liquidity.

The Share buyback and liquidity management programme is intended to complement
regular dividend distributions as a further means to returning current year
operational earnings to shareholders and to support liquidity in the trading
of Grit's shares. The combination of the dividends and buybacks will not
exceed distributable earnings for the year generated from operating assets (as
defined in the Company's annual report).

 

The Directors of the Company have confirmed that they are satisfied that all
inside information known to the Directors and the Company up to the date of
this notice has been notified to a Regulated Information Service ("RIS").
Accordingly, the Company is not prohibited from granting this authority to
finnCap under the Corporate Broking Agreement.

Purchases of Shares during the Buy-Back Period shall be subject to the
following overriding restrictions:

i.   the maximum number of Shares acquired shall not, in aggregate, exceed
the authorities granted at the Company's annual general meeting in 2021 and
anticipated to be sought from shareholders at the Company's annual general
meeting in November 2022. In the event that shareholders do not authorise the
Directors to purchase shares in 2022, the share repurchase programme shall
terminate immediately;

ii.  the maximum value of Shares acquired during the Buyback Period shall
not, in aggregate, exceed US$400,000 per calendar month (pro rata for part
months);

iii.  the maximum price paid per Share shall be no more than the higher of:
(i) 105% of the average middle market closing prices of the Shares for the 5
dealing days preceding the date of such purchase; (ii) the last independent
trade price; and (iii) the highest current independent bid for the Shares when
the purchase is carried out;

iv. the price paid per Share shall not be more than the maximum of equivalent
of US$0.52 per share or 95 per cent. Of finnCap's estimate of the net asset
value per Share of the Company at the time of each purchase; and

v.  no purchases of Shares are to be made on any dealing day when the Company
appears on the Disclosure Table published by the Panel on Takeovers and
Mergers.

The Company shall not (i) exercise any influence over how, when or whether
finnCap effects Share repurchases or (ii) change the price or timing of the
Share purchases.

By Order of the Board

 

28 October 2022

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 Grit Real Estate Income Group Limited
 Bronwyn Knight, Chief Executive Officer                           +230 269 7090
 Darren Veenhuis, Investor Relations                               +44 779 512 3402

 H/Advisors Maitland - Communications Advisor
 James Benjamin                                                    +44 7747 113 930 / +44 20 7379 5151
 Alistair de Kare-Silver                                           Grit-maitland@h-advisors.global

 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 woman led
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 http://grit.group/
(http://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 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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