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Audited Abridged Consolidated Financial Statements For The Year Ended 30 June 2017
GRIT REAL ESTATE INCOME GROUP LIMITED
(previously Mara Delta Property Holdings Limited)
(Registered by continuation in the Republic of Mauritius)
(Registration number 128881 C1/GBL)
SEM share code: DEL.N0000
JSE share code: GTR
ISIN: MU0473N00036
("Grit" or "the Company")
AUDITED ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 (the "financial statements")
DIRECTORS' COMMENTARY
NATURE OF THE BUSINESS
Grit is a pan African property income fund focusing on African real estate assets (excluding South Africa),
underpinned by predominantly US Dollar and Euro denominated medium to long term leases with high quality
counterparties delivering sustainable income. Listed in July 2014, the Company holds dual primary listings on the
Stock Exchange of Mauritius ("SEM") and on the main board of the Johannesburg Stock Exchange ("JSE").
The Group's strategy remains to expand its property portfolio throughout targeted countries in Africa, with assets
that will provide sustainable long term, hard currency based income from high quality counterparties with a core
focus on enhancing shareholder value and dividend yield.
REVIEW
The 2017 financial results have shown a solid return with the resilient property portfolio delivering an increase in
distribution of 2.7% on the prior year's result for a total distribution per share of US$12.07 cents per share ("cps")
for 2017.
While the recent successful rights offer and efficient deployment of the proceeds has dominated the 2017
financial year, we should not lose sight of the existing portfolio and other acquisitions completed during the year
and the impact these acquisitions have made in creating a diverse portfolio of assets across a number of
jurisdictions and asset classes. The successful entrance into the Euro based Mauritian hospitality assets and the
continued ability to provide true hard currency based income streams have further de-risked the portfolio through
diversification.
Combined weighted average lease expiry ("WALE") has increased from 5.8 years to 6.4 years at the reporting date.
Following the transfers of the Imperial Warehouse and Beachcomber Hospitality Investment ("BHI") transactions,
in August 2017 WALE currently stands at a healthy 7.8 years. Although WALE has increased substantially as a result
of the new acquisitions, the continuing asset management of the existing portfolio has also borne fruit with the
finalisation of a number of lease renewal negotiations, most notably the Vodacom and KPMG leases in
Mozambique (both with 10 year renewals negotiated). WALE on the existing portfolio has increased from 5.8 years
in June 2016 to 6.1 years at 30 June 2017.
The capital raised from the Rights Issue was utilised to finalise the following (including payments made after year end):
USD m
BHI Transaction (44.4% of three Beachcomber resorts) (EUR5m paid after year-end) 28,7
Vale Accommodation Compound (final payment) (US$4.1m paid after year-end) 18,2
Settlement of the equity revolver facilities 17,7
Cosmopolitan Mall (final payment) 15,7
Imperial Warehouse (final payment) (US$12.0m paid after year-end) 13,1
Anadarko Phase II Construction 6,6
Share Issue Expenses (US$3m paid after year-end) 4,6
Investment in 6.25% of Letlole La Rona Limited (US$3.8m paid after year-end) 3,8
Investment in Gateway Delta Development (initial investment) 2,0
TOTAL CAPITAL DEPLOYED 110,4
The Company has further capital commitments towards BHI of Euro 3.2m (in November 2017 following the
completion of the additional 40 rooms at Le Victoria Hotel and Spa) as well as towards Gateway Delta
Developments based on capital calls following the execution of their seed projects.
The following assets were acquired during the year:
Property Date Transferred Country Sector USD m
Investment
(US$'000)
PROPERTIES
TRANSFERRED
Tamassa Hotel 30-Mar-17 Mauritius Hospitality
43,3
Mall de Tete 01-Mar-17 Mozambique Retail
24,2
Cosmopolitan Mall 30-Jun-17 Zambia Retail
37,1
104,7
ASSETS UNDER
CONSTRUCTION
Anadarko Phase II Construction due to Mozambique Office
complete November 7,6
2017
Anfa Place Construction due to Morocco Retail
Shopping Centre complete November 5,2
2018
12,8
INVESTMENT UNDER TRANSFER
44.4% in 1 December 2016 Mauritius Hospitality
Beachcomber (transfer was 47,4
Hospitality concluded on 11
Investments August 2017)
Imperial 1 December 2016 Kenya Light Industrial
Distribution Centre (transfer was 3,1
concluded on 16
August 2017)
Vale 1 October 2015 Mozambique Corporate
Accommodation (transfer expected 30 accommodation 15,1
Compound September 2017)
65,7
TOTAL
INVESTMENTS IN 183,2
2017
Note 1: $98,7m included in property investments, $37,1m included in investments in associates and
$47,4m included in loans receivable.
Total investment properties have increased from US$295m in 2016 to US$492m in 2017. Post the transfers
concluded in August 2017, total property investments now stands at US$546m.
EVOLUTION OF NAV PER SHARE
The NAV per share from the previous financial year decreased by 7.6% or US$12.33cps from US$163.27cps to
US$150.94cps. This drop in NAV per share was a direct result of the capital raised to grow the portfolio, including
the Rights Offer concluded on the 28 June 2017, which accounted for a drop of US$11.56cps. On a like for like
basis of NAV per share net of distributions for the period and the Rights Offer, NAV per share increased by 2.2%
or US$3.43cps.
Although the net operating income per building is increasing in line with escalations, valuation increases are being
hampered by the macroeconomic climate, particularly in Mozambique. The positive news from Mozambique and
more particularly ENI's capital investment amounting to US$8.4billion, that commenced in June 2017, will provide
the long-awaited impetus for sustainable economic growth in Mozambique, culminating in the monetarisation of
the large gas deposits.
Please see the press announcement for the movement of the NAV per share.
FINANCIAL RESULTS
GRIT achieved an increase in distribution of 2.7% for the financial year, with a full year dividend of US$12.07cps
versus US$11.75cps in 2016. Distributable income increased 42.3% from US$10.63m to US$15.13m
Rental income including associates increased 14%, with such increase being attributable to rental escalations the full year
impact of properties acquired in 2016, as well as the income from both Mall de Tete and the Lux Tamassa resort that transferred
in March 2017. Although vacancies across the portfolio remain low at 3%, the strategic vacancies within Anfa Place Shopping
Centre (in line with the upgrade to the centre) limited the increase in overall revenue. Anfa's reduced rentals impacted rental
income by US$1.0m against 2016.
When comparing monthly rental income on a like for like basis, monthly rental income increased by 28.2%. On further
analysis, existing properties excluding Anfa Place Shopping Centre increased by 4.5% while Anfa Place Shopping Centre
decreased by 9.8%, resulting in total existing properties rentals reducing by 1.1%. New acquisition accounted for an
increase of 29.4%. Properties transferred post year end will increase monthly rental by an additional 30.4%.
Property operating costs including associates increased by 28% with the inclusion of Mall de Tete and Tamassa Resort
in March 2017 and the full year impact of 2016 acquisitions. A contributing factor to the increase in operating costs was
the provision for doubtful debt of US$709k. Provision for doubtful debts comprises mainly of Clear Ocean Hotel and
Resort Limited (US$311k), a tenant in the Barclays House Building in Ebene, Mauritius following the courts granting of a
provisional liquidation order over the tenant post year end.
As a result of the above, total Operating cost percentage (including associated companies) rose by 3.0% to 27.5%.
Although administration expenses increased by 45.2% over the prior year, administration expenses dropped to 1.1% of
total property investments compared to the prior year's 1.3%. The increased staff numbers to manage the increasing
property portfolio, and the costs associated with transferring the head office to Mauritius contributed to the increased
costs. With the Company's active on site management approach to asset and property management in the various
jurisdictions, the Company has attracted a number of highly skilled and experienced staff to manage the portfolio.
The head count of staff has increased from 30 in 2016 to 51 by the end of 2017.
As the investment into BHI (the acquisition of the three Beachcomber assets in Mauritius) in December 2016 was initially
structured as a convertible loan, interest income has increased significantly in 2017. On 11 August 2017, following the
approval by the necessary regulatory authorities, the EUR12.5m loan was converted to equity, resulting in 44.4% of the
shares in BHI being issued to GRIT. Future income on this deal will be recorded under "Share of profits from Associates".
As a result of the stabilized exchange rate between the US Dollar and the Mozambique Metical in December 2016,
realized exchange gains have reduced by 42.7% from the previous year. The Metical versus the USD has improved from
a maximum of MZN78.50 during the year to MZN59.09 by 30 June 2017 and as such has limited our ability to profit from
the strong USD position we have in Mozambique.
FINANCING
As financing is integral to our business model, the Group has continued to develop strong relationships with
financiers. The multi-banked approach adopted by GRIT has resulted in the introduction of new banking
relationships with Bank of China (now our biggest financier), State Bank Mauritius as well as Nedbank.
The total debt by financier is now as follows:
Debt per Financier (US$'000) 2017 2016 Movement
Bank of China 52,1 22.0% - 0.0% 100%
Investec 50,1 21.3% 51,7 31.6% -2%
Standard Bank 48,4 20.4% 60,1 36.7% -19%
State Bank Mauritius 35,7 15.0% - 0.0% 100%
AfrAsia Bank 19,3 8.1% 20,0 12.2% -3%
Rockcastle / Standard Bank 13,0 5.5% 19,0 11.6% -32%
Barclays 7,4 3.1% 7,9 4.8% -6%
Nedbank South Africa 5,7 2.4% - 0.0% 100%
Banco Unico 3,0 1.3% 2,9 1.8% 5%
Housing Finance Corporation 2,0 0.8% 2,0 1.2% 0%
237,4 100.0% 163,6 100.0% 45%
NOTE: Above figures include loans within associated companies
During the year under review, the Company successfully raised debt totalling US$106.5million.
A breakdown of the new debt is as follows:
Debt
Raised
Financier Rate Currency Term Related Property (US$'000)
Bank of China 6 Month Libor + 5.1% USD 5 years Mall de Tete
13,3
Bank of China 6 Month Libor + 4% USD 5 years Makluba/Kafubu Mall
38,9
Standard Bank /
5% Fixed USD 1 month Cosmo Mall
RockCastle Vendor Loan 13,0
Nedbank Limited 3 Month libor + 10.57% USD 1 year Bollore Warehouse
5,6
3 Month euro libor +
State Bank of Mauritius EUR 1 year Beachcomber
3.9% 10,2
State Bank of Mauritius Fixed 3.75% EUR 3 years Tamassa Resort 25,4
106,5
Debt continues to be matched to the underlying cashflows of the assets. The increase in the Euro based assets
has resulted in an increase in the proportion of debt transactions concluded in Euro's.
With the inclusion of the Euro based loans over the period, the Company has continued to reduce the weighted
average cost of debt ("WACD"), despite the 0.48% increase in the US$ three-month Libor, with the weighted
average cost of debt being reduced from 6.22% in 2016 to 5.78% for 2017.
Please refer to press announcement for the further details of the debt expiry profile.
Loan to value at 30 June 2017 reduced to 41.6% from 48.9% in 2016. Following the transfer of the BHI, Imperial
and the Vale Accommodation Compound and the resultant debt being paid out and cash utilised to make the final
payments, loan to value will normalise at c48.8%.
SUBSEQUENT EVENTS
Other than those items mentioned above and contained in SENS announcements, no material event took place
between the 30 June 2017 and the reporting date.
Auditors have also asked that we need to insert the following column headings at the line that states
"Reconciliation of headline earnings and distribution"
OUTLOOK
Whilst the board recognises the complexity and risk in Africa, the Group has positioned itself with a skilled and
experienced management team and platform to capitalise on the significant opportunities on the continent. The
distribution growth forecast to be between 2.5% to 5% in US Dollars.
Any forecast included above has been based on the assumption of stable regional, political and economic
environments as well as a stable global macro-economic environment.
This forecast is the responsibility of the Grit Board and has not been reviewed or reported on by the auditors of
the Company.
HIGHLIGHTS
Target distribution achieved for the year 12.07cps (2016: 11.75cps)
WALE increased from 5.8 years to 7.8 years (post transfers)
WACD at 5.78% (2016: 6.22%)
Portfolio occupancy maintained at 97%
Successfully raised US$156m additional capital
Dividend yield of 8.75% annualised - SEM (10% on the JSE)
Audited for the Audited for
Year ended 30 the Year ended
June 2017 30 June 2016
Consolidated statement of comprehensive income $ $
Gross rental income 24,329,570 20,878,458
Straight-line rental income accrual 1,132,143 2,217,399
Revenue 25,461,713 23,095,857
Share of profits from associates 7,621,227 3,219,866
Property operating expenses (7,170,116) (5,769,024)
Net property income 25,912,824 20,546,699
Other income 3,274,668 2,933,782
Administrative expenses (5,601,436) (3,856,608)
Profit from operations 23,586,056 19,623,873
Acquisition fees and set-up costs (1,166,356) (1,838,800)
Fair value adjustment on investment property 2,936,120 (3,759,543)
Fair value adjustment on financial instruments 103,624 (99,198)
Gain from bargain purchase 957,837 250,515
Foreign currency gains 778,640 2,763,774
Profit before interest and taxation 27,195,921 16,940,621
Interest income 1,993,516 170,158
Finance costs (10,970,561) (9,698,267)
Profit before tax 18,218,879 7,412,512
Current tax expense (32,326) (1,493,959)
Deferred tax expense (454,865) (3,944,764)
Profit after tax 17,731,685 1,973,789
Other comprehensive income
Profit on translation of functional currency 1,065,619 783,491
Total comprehensive income 18,797,304 2,757,280
Reconciliation of basic earnings and headline earnings
Basic earnings 17,731,685 1,973,789
Fair value adjustments on investment property (net of deferred taxation) (2,936,120) 3,759,543
Gain from bargain purchase (957,837) (250,515)
Share of fair value adjustment on investment property accounted by
associate (4,181,163) (1,418,401)
Fair value adjustment on financial instruments (103,624) 99,198
Headline earnings attributable to shareholders 9,552,941 4,163,614
Reconciliation of headline earnings and distribution UNAUDITED UNAUDITED
as at as at
30 June 2017 30 June 2016
Headline earnings attributable to shareholders 9,552,941 4,163,614
Less: Straight line rental income accrual (net of deferred taxation) (939,219) (1,682,107)
Unrealised foreign currency exchange differences 1,209,426 725,284
Acquisition costs of investment property 774,404 990,338
Share in income from associates 1,786,329 1,418,401
Deferred taxation - other 273,057 3,409,472
Setup and merger costs 391,952 848,462
Amortisation of intangible asset 25,786 -
Antecedent dividend 2,220,889 635,547
Profits (retained) /released (166,811) 120,535
Distributable earnings attributable to shareholders 15,128,754 10,629,546
Less: Distribution declared
Interim 6,841,367 5,046,135
Clean-out dividend 5,409,784 -
Final (declared after 30 June) 2,877,603 5,583,411
Distributable earnings attributable to shareholders 15,128,754 10,629,546
Number of shares in issue at interim 111,787,042 81,785,009
Number of shares in issue at quarter/year end 208,514,261 100,061,130
Weighted average number of shares * 110,435,576 81,725,430
Earnings per share
Basic and diluted earnings per share (cents) 16.06 2.42
Headline diluted earnings per share (cents) 8.65 5.09
Audited Audited
As at 30 June As at 30 June
Consolidated statement of financial position 2017 2016
$ $
Assets
Non-current assets
Investment property 351,822,336 248,545,665
Fair value of property portfolio 345,850,499 243,705,971
Straight line rental income accrual 5,971,837 4,839,694
Property, plant and equipment 1,932,521 803,240
Investments in associates 89,049,264 45,945,339
Intangible assets 5,692,190 5,699,199
Related party loans 12,722,604 978,277
Loans receivable 66,740,037 -
Deferred tax 6,174,482 5,984,142
Total non-current assets 534,133,434 307,955,862
Current assets
Current tax receivable 438,831 -
Trade and other receivables 18,656,708 13,750,180
VAT 7,259,812 4,351,286
Cash and cash equivalents 24,666,676 17,771,821
Total current assets 51,022,027 35,873,287
Total assets 585,155,461 343,829,149
Equity and liabilities
Total equity attributable to equity holders
Share capital 319,978,513 171,995,297
Foreign currency translation reserve 1,063,721 (1,898)
Antecedent dividend reserve 1,260,656 635,547
Retained loss (7,578,171) (9,256,498)
Total equity attributable to equity holders 314,724,719 163,372,448
Liabilities
Non-current liabilities
Preference shares 12,840,000 -
Interest-bearing borrowings 187,447,310 127,070,183
Secured finance leases 171,247 -
Deferred tax 898,773 835,646
Total non-current liabilities 201,357,330 127,905,829
Current liabilities
Interest-bearing borrowings 47,959,452 34,548,386
Secured finance leases 44,566 -
Trade and other payables 19,201,998 15,029,156
Related party loans 1,365,000 1,365,000
Withholding tax payable 45,460 33,180
Current tax payable - 1,020,938
Financial instruments 18,724 554,212
Cash and cash equivalents 438,212 -
Total current liabilities 69,073,412 52,550,872
Total liabilities 270,430,742 180,456,701
Total equity and liabilities 585,155,461 343,829,149
Net asset value per share (cents) 150.94 163.27
Net asset value per share (excluding deferred taxation) (cents) 148.41 158.13
Audited for the Audited for
Year ended the Year ended
Consolidated statement of cash flows 30 June 2017 30 June 2016
$ $
Cash generated from operations 15,234,005 19,286,276
Interest received 1,993,516 170,158
Finance costs (9,685,296) (9,241,646)
Taxation paid (1,479,815) (589,490)
Dividends paid (17,649,138) (8,469,704)
Net cash (utilised in) / generated from operating activities (11,496,728) 1,155,594
Net cash utilised in investing activities (177,185,279) (62,116,830)
Net cash generated from financing activities 195,138,650 72,510,166
Net movement in cash and cash equivalents 6,456,643 11,548,930
Cash at the beginning of the year 17,771,821 6,222,891
Total cash at the end of the year 24,228,464 17,771,821
Audited as at 30 Audited as at
Condensed consolidated segmental analysis June 2017 30 June 2016
$ $
Profit for the period before tax
Morocco (204,659) (4,296,926)
Mozambique 17,262,756 12,325,295
Zambia 5,556,569 2,638,296
Kenya 1,171,584 238
Mauritius (5,567,374) (3,254,391)
18,218,876 7,412,512
Total assets
Morocco 117,459,022 114,297,213
Mozambique 185,543,263 148,641,297
Zambia 82,908,395 44,656,394
Kenya 6,446,939 4,529,018
Mauritius 192,797,842 31,705,227
585,155,461 343,829,149
Foreign Retained
Consolidated statement of Share Capital currency Anteceden Earnings/ Total
translation t dividend (Revenue equity
changes in equity reserve reserve deficit) holders
GROUP $ $ $ $ $
Balance as at 1 July 2015 127,958,794 (785,389) - (2,760,583) 124,412,822
Profit for the year - - - 1,973,789 1,973,789
Dividends paid - - - (8,469,704) (8,469,704)
Foreign currency translation
reserve movement - 783,491 - - 783,491
Shares issued 44,830,305 - - - 44,830,305
Share issue expenses (158,255) - - - (158,255)
Transfer from share issues (635,547) - 635,547 - -
Balance as at 30 June 2016 171,995,297 (1,898) 635,547 (9,256,498) 163,372,448
Profit for the year - - - 17,731,685 17,731,685
Dividends paid - - (635,547) (11,892,609) (12,528,156)
Foreign currency translation
reserve movement - 1,065,619 - - 1,065,619
Shares issued 155,534,757 - - - 155,534,757
Share issue expenses (5,330,652) - - - (5,330,652)
Transfer from share issues (2,220,889) - 2,220,889 - -
Clean-out dividend paid - - (960,233) (4,160,749) (5,120,982)
Balance as at 30 June 2017 319,978,513 1,063,721 1,260,656 (7,578,171) 314,724,719
Condensed consolidated
segmental analysis Morocco Mozambique Zambia Kenya Mauritius Total
Geographical location 2017 $
Gross rental income 9,330,159 12,706,936 - - 2,292,475 24,329,570
Straight-line rental income accrual 218,642 747,454 - - 166,047 1,132,143
Property operating expenses (5,399,508) (1,275,642) - - (494,966) (7,170,116)
Income from associate - - 6,428,320 1,192,907 - 7,621,227
Net property rental and related
income 4,149,293 12,178,748 6,428,320 1,192,907 1,963,556 25,912,824
Fair value adjustment on
investment property - 2,875,520 - - 60,600 2,936,120
Investment Property 107,621,203 165,403,264 - - 78,797,869 351,822,336
Investment property at fair value 105,176,046 162,347,914 - - 78,326,539 345,850,499
Straight-line rental income
accrual 2,445,157 3,055,350 - - 471,330 5,971,837
Investment in associates - - 82,607,898 6,441,366 - 89,049,264
Other Assets 9,837,819 20,139,999 - - 113,999,973 144,283,861
Total assets 117,459,022 185,543,263 82,607,898 6,441,366 193,103,912 585,155,461
Total liabilities 57,609,819 56,492,479 - - 156,328,443 270,430,741
Light Accommo
Hospitality Retail Office Industrial dation Corporate Total
Type of property 2017
Gross rental income 882,317 11,574,750 10,791,290 1,081,213 - - 24,329,570
Straight-line rental income accrual - 170,853 961,290 - - - 1,132,143
Property operating expenses - (5,688,733) (1,271,487) (139,981) (69,915) - (7,170,116)
Income from associate - 7,621,227 - - - - 7,621,227
Net property rental and related
income 882,317 13,678,097 10,481093 941,232 (69,915) - 25,912,824
Fair value adjustment on
investment property 714,008 (402,093) 3,983,019 (2,163,000) - - 2,936,120
Investment Property 43,867,765 144,696,142 135,695,053 6,500,000 - 21,063,376 351,822,336
Investment property at fair value 43,867,765 142,151,203 132,268,155 6,500,000 - 21,063,376 345,850,499
Straight-line rental income accrual - 2,544,939 3,426,898 - - - 5,971,837
Investment in associates - 89,049,264 - - - - 89,049,264
Other Assets 48,434,284 15,908,600 9,389,665 556,952 5,191,890 64,802,469 144,283,861
Total assets 92,302,049 249,654,006 145,084,718 7,056,952 5,191,890 85,865,845 585,155,461
Total liabilities 48,823,413 60,845,240 60,957,698 243,003 - 99,561,387 270,430,741
GOING CONCERN
Having considered the Group's budget and cash flow, the directors are of the opinion that the Group has adequate
resources to continue operating for the foreseeable future and that it is appropriate to adopt the going concern
basis in preparing the Group's financial statements. The directors have satisfied themselves that the Group is in a
sound financial position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements.
NOTES
The abridged audited consolidated financial statements for the year ended 30 June 2017 have been prepared in accordance with the
measurement and recognition requirements of International Financial Reporting Standards ("IFRS"), the requirements of IAS 34:
Interim Financial Reporting, the JSE Listings Requirements, the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Accountants Council, the SEM
Listing Rules and the requirements of the Mauritian Companies Act 2001 and the method of computation followed per the abridged
audited financial statements for the year ended 30 June 2017.
The accounting policies applied in the preparation of the abridged audited consolidated financial statements are in terms of IFRS and
are consistent with those accounting policies applied in the preparation of the previous abridged audited consolidated financial statements.
The Group is required to publish financial results for the year ended 30 June 2017 in terms of the Listing Rule 12.14 of the SEM and
JSE Listing Requirements. The directors are not aware of any matters or circumstances arising subsequent to the year ended 30 June
2017 that require any additional disclosure or adjustment to the financial statements. These abridged audited consolidated financial
statements were approved by the board on 20 September 2017.
BDO & Co have issued their unqualified audit opinion on the Group's financial statements for the year ended 30 June 2017. Copies of
the abridged audited consolidated financial statements and the statement of direct and indirect interests of each officer of the
Company, pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007, are available free of
charge, upon request at the Company's registered address. Contact Person: Kesaven Moothoosamy.
FINAL DIVIDEND DECLARATION
Shareholders are advised that dividend number 7 of US$1.38000 cents per share for the two months ended 30 June 2017 has
been approved and declared by the Board of the Company on 20 September 2017. The source of the cash dividend is rental
income and cum-dividend reserve.
Salient dates and times
For shareholders on the Mauritian Register
Announcement of results of cash dividend on JSE and SEM Thursday, 21 September 2017
Announcement of US$ to Rand conversion rate released on SEM website by no
later than 13:00 Tuesday, 10 October 2017
Last date to trade cum dividend Monday, 16 October 2017
Shares trade ex-dividend Tuesday, 17 October 2017
Record date of dividend on SEM Friday, 20 October 2017
Payment date of dividend Thursday, 26 October 2017
Notes
1. All dates and times quoted above are local dates and times in Mauritius. The above dates and times are subject to change.
Any changes will be released on the SEM website.
2. No dematerialisation or rematerialisation of share certificates may take place between Tuesday, 17 October 2017 and Friday,
20 October 2017, both days inclusive.
3. No transfer of shares between sub-registers in Mauritius and South Africa may take place between Tuesday, 10 October 2017
and Friday, 20 October 2017, both days inclusive.
For shareholders on the South African Register
Announcement of results of cash dividend on JSE and SEM Thursday, 21 September 2017
Announcement of US$ to Rand conversion rate released on SENS by no later than
11:00 Tuesday, 10 October 2017
Last date to trade cum dividend Tuesday, 17 October 2017
Shares trade ex-dividend Wednesday, 18 October 2017
Record date of dividend on JSE Friday, 20 October 2017
Payment date of dividend Thursday, 26 October 2017
Notes
1. All dates and times quoted above are local dates and times in South Africa. The above dates and times are subject to change.
Any changes will be released on SENS.
2. No dematerialisation or rematerialisation of share certificates may take place between Wednesday, 18 October 2017 and
Friday, 20 October 2017, both days inclusive
3. No transfer of shares between sub-registers in Mauritius and South Africa may take place between Tuesday, 10 October 2017
and Friday, 20 October 2017, both days inclusive.
4. Shareholders on the South African sub-register will receive dividends in South African Rand, based on the exchange rate to be
obtained by the Company on or before Tuesday, 10 October 2017. A further announcement in this regard will be made on
Tuesday, 10 October 2017.
By order of the board
21 September 2017
JSE sponsor and corporate advisor to Grit
PSG CAPITAL
SEM Authorised Representative and Sponsor to Grit
Perigeum Capital
Directors: Sandile Nomvete (chairman), Bronwyn Corbett*, Peter Todd (lead independent), Chandra Gujadhur, Ian Macleod,
Leon van de Moortele*, Jacqueline van Niekerk and Matshepo More (*executive director)
Company secretary: Intercontinental Fund Services Limited
Registered address: Level 5, Alexander House, 35 Cybercity, Ebène, 72201, Mauritius
Transfer secretary (South Africa): Computershare Investor Services Proprietary Limited
Registrar and transfer agent (Mauritius): Intercontinental Secretarial Services Limited
Corporate advisor and JSE sponsor: PSG Capital Proprietary Limited
Sponsoring Broker: Axys-Group
SEM authorised representative and sponsor: Perigeum Capital Limited
Results released to market
21 September 2017
This communiqué is issued pursuant to SEM Listing Rule 11.3 and 12.14 and section 88 of the Mauritian Securities Act 2005 and the
JSE Listing Requirements. The board accepts full responsibility for the accuracy of the information contained in these abridged
audited consolidated financial statements and this communiqué.
Date: 21/09/2017 01:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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