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Share Buyback
GRIT REAL ESTATE INCOME GROUP LIMITED
(previously known as Mara Delta Property Holdings Limited)
(Registered by continuation in the Republic of Mauritius)
(Registration number: C128881 C1/GBL)
SEM share code: DEL.N0000
JSE share code: GTR
ISIN: MU0473N00036
(“Grit” or the “Company”)
SHARE BUYBACK
1. Introduction
Shareholders of Grit (“Shareholders”) are referred to the announcement published on 19 December 2017,
advising that the Board of Grit passed a resolution on 18 December 2017, authorising the repurchase of up to
1,750,000 shares in the Company (“Buyback shares”) representing 0.84% of the total issued shares of Grit as
at the last practicable date, being 31 January 2018 (“Buyback”).
2. Rationale for the Buyback and Board’s recommendation
It is the Board’s view that Buyback shares repurchased at a discount to their net asset value is an efficient use
of Grit’s cash. In the absence of any other mitigating factors, the Buyback is generally expected to be value
enhancing and will benefit the Shareholders as a whole given that the pricing at which the Buyback will be
effected is less than the intrinsic value of those shares, with the result that the net asset value per share post
the Buyback will be increased accordingly.
3. Buyback Period
The timetable from the opening till the closing of the Buyback operation is as follows:
Commencement date of Buyback 6 March 2018
Closing date of Buyback 17 June 2018
The above dates may be subject to change.
Any changes will be announced on the website of the Stock Exchange of Mauritius Ltd (“SEM”) and on the Stock
Exchange News Service (“SENS”) of the Johannesburg Stock Exchange (“JSE”). In accordance with the
Securities (Purchase of Own Shares) Rules 2008 (“Buyback Rules”), because the Buyback will be less than
5% of the Shares in issue as at the last practicable date, the Company may terminate the Buyback at any time,
irrespective of whether any or all of the Buyback shares have been repurchased, which termination will be
announced on the SEM website and on SENS.
4. Buyback price
The Buyback will be undertaken subject to the availability of Shares at the JSE Buyback Price for Shares held
on the South African Register and at the SEM Buyback Price for Shares held on the Mauritian Register during
the Buyback Period, and that those shares so purchased shall be cancelled.
The Buyback will be undertaken at a price which is maximum 10% below the net asset value per share of the
Company at the time of repurchase and not more than 5% above the weighted average of the market value of
the shares for the five business days immediately preceding the date that the repurchase is effected on the SEM
and on the JSE.
5. Explanatory statement
An explanatory statement providing Shareholders with the relevant information relating to the Buyback was
posted to Shareholders today, 2 March 2018, and is available on the Company’s website.
The Company has primary listings on both the Official Market of the SEM and the Main Board of the JSE.
By order of the Board
2 March 2018
JSE sponsor: PSG Capital
SEM authorised representative and sponsor
Directors: Sandile Nomvete (chairman), Bronwyn Corbett*, Peter Todd (lead independent), Chandra Gujadhur,
Ian Macleod, Leon van de Moortele*, Matshepo More, Nomzamo Radebe, Catherine Mcllraith and Maheshwar
Doorgakant# (*executive director) (#alternate to Mr Gujadhur)
Company secretary: Intercontinental Fund Services Limited
Registered address: c/o Intercontinental Fund Services Limited, 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
JSE sponsor: PSG Capital Proprietary Limited
Sponsoring Broker: Axys Stockbrokering Limited
SEM authorised representative and sponsor: Perigeum Capital Ltd
This notice is issued pursuant to the JSE Listings Requirements, SEM Listing Rule 11.3 and Rule 5(1) of the
Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. The Board of directors of the Company
accepts full responsibility for the accuracy of the information contained in this communiqué.
Date: 02/03/2018 01:00:00 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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