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GRIT REAL ESTATE INCOME GROUP LIMITED - Change Statement to finalize the financial information of the company for the up and coming LSE Listing

Release Date: 29/06/2018 17:45
Code(s): GTR     PDF:  
Wrap Text
Change Statement to finalize the financial information of the company for the up and coming LSE Listing

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" or with its subsidiaries "the Group")


CHANGE STATEMENT TO FINALIZE THE FINANCIAL INFORMATION OF THE COMPANY FOR THE UP AND COMING LSE LISTING


Shareholders are referred to the Company’s financial results announcement released to the market on 13 June 2018, which
included Grit’s third quarter results to 31 March 2018, which included the provisional abridged unaudited consolidated
financial statements for the seven-month period ended 31 January 2018, and the provisional abridged restated historical
financial information of the Company for the years ended 30 June 2015, 30 June 2016 and 30 June 2017. 
The Company has now completed all work in relation to the preparation for the proposed listing on the
London Stock Exchange (“LSE Listing”) and the requirement to present historical financial information for the 3 years
ended 30 June 2017 (“HFI”). 
The HFI will be included in the pathfinder which will be published following the publication of the financial information. 

Shareholders are hereby advised that additional reclassifications and the amendment of an inaccuracy, which impacted
the previously published quarterly results and the accompanying prior period restatements, have been identified in the
process of finalising the HFI.  

Details of all of the changes that have been made to the third quarter results to 31 March 2018 and the accompanying prior
period restatements are set out below.


CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                                                                                                            
                                                                         As previously                                                                           As at    
                                                                              reported          Note 1          Note 2          Note 3          Note 4   31 March 2018  
                                                                                                                                                         (as restated)  
As at    31 March 2018                                                        US$'000         US$'000         US$'000         US$'000         US$'000         US$'000   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Assets                                                                                 
Non-current assets                                                                   -               -               -               -               -               -  
Investment properties                                                          387,718               -               -               -               -         387,718  
Deposits paid on investment properties                                           4,117               -               -               -               -           4,117  
Property, plant and equipment                                                    1,169               -               -               -               -           1,169  
Intangible assets                                                                   33               -               -               -               -              33  
Other investments                                                                3,757           1,096               -               -               -           4,853  
Investments in associates                                                      157,443               -               -         (1,302)               -         156,141  
Related party loans receivable                                                  29,348               -        (29,348)               -             800             800  
Other loans receivable                                                           8,723               -          29,348               -               -          38,071  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total non-current assets                                                       592,308           1,096              -          (1,302)             800         592,902  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current assets                                                                          
Current tax receivable                                                             566               -               -               -               -             566  
Trade and other receivables                                                     35,706               -               -               -               -          35,706  
Related party loans receivable                                                   2,691         (1,096)               -               -           (800)             795  
Other financial asset                                                           16,856               -               -               -               -          16,856  
Derivative financial instruments                                                    25               -               -               -               -              25  
Cash and cash equivalents                                                        9,484               -               -               -               -           9,484  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total current assets                                                            65,328         (1,096)              -               -            (800)          63,432  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total assets                                                                   657,636              -               -          (1,302)              -          656,334  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                       
Equity and liabilities                                                                
Total equity attributable to equity holders                                             
Ordinary share capital                                                         319,979               -               -               -               -         319,979  
Treasury shares reserve                                                       (14,414)               -               -               -               -        (14,414)  
Foreign currency translation reserve                                             5,084               -               -               -               -           5,084  
Antecedent dividend reserve                                                         -                -               -               -               -               -  
Retained loss                                                                 (38,681)               -               -         (1,302)               -        (39,983)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds                                               271,968               -               -         (1,302)                         270,666  
Non-controlling interests                                                      (2,155)               -               -               -               -         (2,155)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity                                                                   269,813              -               -          (1,302)              -          268,511  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                        
Liabilities                                                                          
Non-current liabilities                                                                 
Interest-bearing borrowings                                                    245,809               -               -               -               -         245,809  
Redeemable preference shares                                                    12,840               -               -               -               -          12,840  
Obligations under finance leases                                                   145               -               -               -               -             145  
Related party loans payable                                                          -               -               -               -               -               -  
Deferred tax liability                                                           9,998               -               -               -               -           9,998  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total non-current liabilities                                                  268,792              -               -               -               -          268,792  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current liabilities                                                                     
Interest-bearing borrowings                                                     65,020               -               -               -               -          65,020  
Obligations under finance leases                                                    42               -               -               -               -              42  
Trade and other payables                                                        36,115               -               -               -               -          36,115  
Current tax payable                                                                  -               -               -               -               -               -  
Derivative financial instruments                                                     -               -               -               -               -               -  
Other financial liability                                                       16,950               -               -               -               -          16,950  
Bank overdrafts                                                                    904               -               -               -               -             904  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total current liabilities                                                      119,031              -               -               -               -          119,031  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total liabilities                                                              387,823              -               -               -               -          387,823  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity and liabilities                                                   657,636              -               -          (1,302)              -          656,334  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
The Group invested $1.02 million in an unlisted development company, Gateway Developments Holdings Limited, incorporated in Mauritius, in the period ended 31 January 2018
 as part of its strategy to secure future investment pipeline on the African continent. This balance has been  reclassified to Other investments. 
Note 2
Loans to Ndola Investments Limited, Kitwe Copperbelt Investments Limited and Syngenta Limited have been reclassified to Other loans receivable and interest due has been 
reclassified to Trade and other receivables. 
Note 3
The investment in the associate Beachcomber Hospitality Investments Limited has been adjusted to reflect an accrual for property development costs.  
Note 4 
The loan to Venus Africa Properties (Pty) Limited has been reclassified to Non-current assets.

NAV PER SHARE                                                                                                                             
                                                                         As previously                                    Period ended    
                                                                              reported          Note 1          Note 2   31 March 2018    
                                                                                                                         (as restated)               
--------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         271,968         (1,302)               -         270,666    
Ordinary shares in issue in the period                                     198,573,503               -       1,943,277     200,516,780    
--------------------------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents)                                              137               -               -             135    
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
Note 2
Dilutionary impact of share based payments

EPRA NAV PER SHARE                                                                                                                                       
                                                                         As previously                                                    Period ended   
                                                                              reported          Note 1          Note 2          Note 3   31 March 2018   
                                                                                                                                         (as restated)                
------------------------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         286,005         (1,302)               -           1,247         285,951   
Ordinary shares in issue in the period                                     198,573,503               -       1,943,277               -     200,516,780   
------------------------------------------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents)                                         144               -               -               -             143   
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
Note 2
Dilutionary impact of share based payments
Note 3
Adjustment on deferred taxation on revaluation of investment properties
EPRA NAV per share is calculated in accordance with Best Practise recommendations published by the European Public Real Estate Association in January 2014

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                                                                                                                                        
                                                                        As previously                                                                                                    Period ended           
                                                                             reported          Note 1          Note 2          Note 3          Note 4          Note 5          Note 6   31 March 2018
                                                                                                                                     -                                                   (as restated)
Nine months ended 31 March 2018                                               US$'000         US$'000         US$'000         US$'000         US$'000         US$'000         US$'000         US$'000 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross rental income                                                             23,345               -               -               -               -               -               -          23,345
Straight-line rental income accrual                                              1,063               -               -               -               -               -               -           1,063
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue                                                                         24,408              -               -               -               -               -               -           24,408
Share of profits from associates                                                15,691               -               -         (1,302)               -               -               -          14,389
Property operating expenses                                                    (4,551)               -               -               -               -               -               -         (4,551)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net property income                                                             35,548              -               -          (1,302)               -               -               -          34,246
Other income                                                                      (90)               -               -               -               -               -               -            (90)
Administrative expenses (including corporate structuring costs)                (6,058)         (5,190)             214               -               -               -               -        (11,034)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit from operations                                                          29,400         (5,190)             214         (1,302)               -               -               -          23,122
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition fees and set up costs                                              (5,190)           5,190               -               -               -               -               -               -
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties                                       -               -               -               -               -             308          1,611           1,611
Contractual receipts from vendors of investment properties                           -               -               -               -               -               -           7,788           7,788
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties                             9,091               -               -               -               -             308               -           9,399
Fair value adjustment on other investments                                           -               -               -               -            (92)               -               -            (92)
Fair value adjustment on other financial asset                                       -               -               -               -            (93)               -               -            (93)
Fair value adjustment on derivative financial instruments                        (166)               -               -               -             185               -               -              19
Share based payment expense                                                          -               -           (214)               -               -               -               -           (214)
Gain from bargain purchase on associates                                             -               -               -               -               -               -               -               -
Foreign currency gains / (losses)                                                3,744               -               -               -               -           (308)           (308)           3,436
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit before interest and taxation                                             36,879              -               -          (1,302)              -               -               -           35,577
Interest income                                                                  3,523               -               -               -               -               -               -           3,523
Finance costs                                                                 (14,029)               -               -               -               -               -               -        (14,029)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit for the period before tax                                                26,373              -               -          (1,302)              -               -               -           25,071
Taxation                                                                       (1,125)               -               -               -               -               -               -         (1,125)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit for the period after tax                                                 25,248              -               -          (1,302)              -               -               -           23,946
                                                                                     -               -               -               -               -               -               -               -
Other comprehensive income                                                           -               -               -               -               -               -               -               -
Amounts that may be reclassified to profit and loss:                                 -               -               -               -               -               -               -               -
Profit on translation of foreign operations                                      1,809               -               -               -               -               -               -           1,809
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total comprehensive income                                                      27,057              -               -          (1,302)              -               -               -           25,755
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     -               -               -               -               -               -               -               -
Profit for the period attributable to:                                               -               -               -               -               -               -               -               -
Owners of the parent                                                            26,280               -              -         (1,302)              -              -              -         24,978
Non-controlling interests                                                      (1,032)               -              -              -              -              -              -         (1,032)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                25,248               -               -          (1,302)              -               -               -           23,946
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Administrative expenses (including corporate structuring costs).
Note 2
Share based payments made to Eligible Employees and Share awards in terms of the Long term incentive scheme have been disclosed separately as they are non-cash items.
Note 3
The share of profits from the associate Beachcomber Hospitality Investments Limited has been adjusted to reflect an accrual for property development costs.  
Note 4
In order to provide consistent disclosure, the amounts included in Fair value adjustment of derivative financial instruments has been reclassified to Fair value adjustment of financial assets and 
Fair value adjustments on other investments.
Note 5
In order to provide consistent disclosure, a further adjustment has been made to reclassify foreign currency gains / (losses) recorded within fair value gains on investment property.
Note 6
Contractual receipts from vendors of investment properties Fair value adjustment on investment property has been disclosed separately from Fair value adjustment on investment property

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                                                                
                                                                         As previously                    Period ended     
                                                                              reported          Note 1   31 March 2018     
                                                                                                         (as restated)
RETAINED LOSS                                                                  US$'000         US$'000         US$'000     
----------------------------------------------------------------------------------------------------------------------
Balance As at    30 June 2017                                                (51,177)               -       (51,177)     
Share based payments                                                             243                -            243      
Ordinary dividends paid                                                      (14,028)               -       (14,028)     
Profit for the period                                                         26,280          (1,302)        24,978      
----------------------------------------------------------------------------------------------------------------------
Balance As at    31 March 2018                                               (38,682)        (1,302)       (39,984)     
----------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt. 

CONSOLIDATED STATEMENT OF CASHFLOW                                                                                         
                                                                         As previously                    Period ended     
                                                                              reported          Note 1   31 March 2018     
Nine  months ended 31 March 2018                                               US$'000         US$'000         US$'000     
----------------------------------------------------------------------------------------------------------------------
Cash (utilised in)/generated from operating activities                         (4,138)          22,090          17,952     
Changes in working capital                                                      10,832        (13,794)         (2,962)     
Dividends paid                                                                (14,167)            -           (14,167)     
Net cash utilised in investing activities                                     (85,204)        (21,218)       (106,422)     
Net cash generated from financing activities                                    73,128          16,773          89,901     
----------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents                                     (19,549)           3,851        (15,698)     
----------------------------------------------------------------------------------------------------------------------
Cash at the beginning of the period/year                                        24,228               2          24,230     
Effect of exchange rates                                                             -              48              48     
----------------------------------------------------------------------------------------------------------------------
Total cash at the end of the period/year                                         4,679           3,901           8,580     
----------------------------------------------------------------------------------------------------------------------
Note 1
Printing error in reported cashflow

CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                                                                                                            
                                                                         As previously                                                                           As at      
                                                                              reported          Note 1          Note 2          Note 3          Note 4 31 January 2018  
                                                                                                                                                         (as restated)  
As at    31 January 2018                                                      US$'000         US$'000         US$'000         US$'000         US$'000         US$'000   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Assets                                                                                 
Non-current assets                                                                     
Investment properties                                                          381,873               -               -               -               -         381,873  
Deposits paid on investment properties                                           4,117               -               -               -               -           4,117  
Property, plant and equipment                                                    1,200               -               -               -               -           1,200  
Intangible assets                                                                  605               -               -               -               -             605  
Other investments                                                                4,931               -               -               -               -           4,931  
Investments in associates                                                      157,173               -               -         (1,302)               -         155,871  
Related party loans receivable                                                  30,263               -               -               -        (29,443)             820  
Other loans receivable                                                           9,523               -               -               -          29,340          38,863  
Other financial asset                                                           16,856               -        (16,856)               -               -              -   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total non-current assets                                                       606,541              -         (16,856)         (1,302)           (103)         588,280  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current assets                                                                        
Current tax receivable                                                             547               -               -               -               -             547  
Trade and other receivables                                                     31,661             923               -               -             103          32,687  
Related party loans receivable                                                     625               -               -               -               -             625  
Other financial asset                                                               -                -          16,856               -               -          16,856  
Derivative financial instruments                                                    12               -               -               -               -              12  
Cash and cash equivalents                                                        8,880               -               -               -               -           8,880  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total current assets                                                            41,725             923          16,856              -              103          59,607  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total assets                                                                   648,266             923              -          (1,302)              -          647,887  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                        
Equity and liabilities                                                                
Total equity attributable to equity holders                                            
Ordinary share capital                                                         319,979               -               -               -               -         319,979  
Treasury shares reserve                                                       (14,811)               -               -               -               -        (14,811)  
Foreign currency translation reserve                                             3,652               -               -               -               -           3,652  
Antecedent dividend reserve                                                         -                -               -               -               -               -  
Retained loss                                                                 (28,119)               -               -         (1,302)               -        (29,421)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds                                               280,701              -               -          (1,302)              -          279,399  
Non-controlling interests                                                      (1,908)               -               -               -               -         (1,908)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity                                                                   278,793              -               -          (1,302)              -          277,491  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                        
Liabilities                                                                             
Non-current liabilities                                                                 
Interest-bearing borrowings                                                    225,787               -               -               -               -         225,787  
Redeemable preference shares                                                    12,840               -               -               -               -          12,840  
Obligations under finance leases                                                   153               -               -               -               -             153  
Deferred tax liability                                                           8,697               -               -               -               -           8,697  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total non-current liabilities                                                  247,477              -               -               -               -          247,477  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current liabilities                                                                  -               -               -               -               -               -  
Interest-bearing borrowings                                                     87,996               -               -               -               -          87,996  
Obligations under finance leases                                                    43               -               -               -               -              43  
Trade and other payables                                                        16,025             923               -               -               -          16,948  
Other financial liability                                                       16,950               -               -               -               -          16,950  
Bank overdrafts                                                                    982               -               -               -               -             982  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total current liabilities                                                      121,996             923              -               -               -          122,919  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total liabilities                                                              369,473             923              -               -               -          370,396  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total equity and liabilities                                                   648,266             923              -          (1,302)              -          647,887  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Trade and other receivables with a credit balance have been reclassified to Trade and other payables.
Note 2
The Other financial asset has been reclassified to current assets.
Note 3
The investment in the associate Beachcomber Hospitality Investments Limited has been adjusted to reflect an accrual for property development  costs
Note 4 
Loans to Ndola Investments Limited, Kitwe Copperbelt Investments Limited and Syngenta Limited have been reclassified to Other loans receivable and interest due has been 
reclassified to Trade and other receivables.

NAV per share                                                                                                                             
                                                                         As previously                                    Period ended     
                                                                              reported          Note 1          Note 2 31 January 2018    
                                                                                                                         (as restated)
--------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         280,701         (1,302)               -         279,399    
Ordinary shares in issue in the period                                     198,573,503               -       1,943,277     200,516,780    
--------------------------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents)                                              141               -               -             139    
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
Note 2
Dilutionary impact of share based payments

EPRA NAV per share                                                                                                                                       
                                                                         As previously                                                    Period ended    
                                                                              reported          Note 1          Note 2          Note 3 31 January 2018    
                                                                                                                                         (as restated)
------------------------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         294,763         (1,302)               -           1,236         294,697   
Ordinary shares in issue in the period                                     198,573,503               -       1,943,277               -     200,516,780   
------------------------------------------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents)                                         148               -               -               -             147   
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt.
Note 2
Dilutionary impact of share based payments
Note 3
Adjustment on deferred taxation on revaluation of investment properties

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                                                                                                          
                                                                         As previously                                                                    Period ended   
                                                                              reported          Note 1          Note 2          Note 3          Note 4 31 January 2018  
                                                                                                                                                         (as restated)  
Seven months ended 31 January 2018                                            US$'000         US$'000         US$'000         US$'000         US$'000         US$'000   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross rental income                                                             17,175               -               -               -               -          17,175  
Straight-line rental income accrual                                              1,061               -               -               -               -           1,061  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue                                                                         18,236              -               -               -               -           18,236  
Share of profits from associates                                                13,848               -               -         (1,302)               -          12,546  
Property operating expenses                                                    (3,778)               -               -               -               -         (3,778)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net property income                                                             28,306              -               -          (1,302)              -           27,004  
Other income                                                                        30               -               -               -               -              30  
Administrative expenses (including corporate structuring costs)                (4,474)         (4,867)             214               -            (25)         (9,152)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
 Profit from operations                                                         23,862         (4,867)             214         (1,302)            (25)          17,882  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition fees and set-up costs                                              (4,867)           4,867               -               -               -              -  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties                                   2,279               -               -               -           (668)           1,611  
Contractual receipts from vendors of investment properties                       7,788               -               -               -               -           7,788  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties                            10,067              -               -               -            (668)           9,399  
Fair value adjustment on other investments                                          61               -               -               -               -              61  
Fair value adjustment on other financial asset                                    (93)               -               -               -             (1)            (94)  
Fair value adjustment on derivative financial instruments                           31               -               -               -               -              31  
Share based payment expense                                                          -               -           (214)              -                -           (214)  
Foreign currency gains / (losses)                                                2,797               -               -               -             695           3,491  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit before interest and taxation                                             31,857               -               -          (1,302)              1         30,556  
Interest income                                                                  2,763               -               -               -               -           2,763  
Finance costs                                                                 (10,932)               -               -               -               -        (10,932)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit for the period before tax                                                23,688               -               -          (1,302)              1          22,387  
Taxation                                                                         (151)               -               -               -             (1)           (152)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit for the period after tax                                                 23,537              -                -          (1,302)              -          22,235  
                                                                                     -               -               -               -               -               -  
Other comprehensive income                                                           -               -               -               -               -               -  
Amounts that may be reclassified to profit and loss:                                 -               -               -               -               -               -  
Profit on translation of foreign operations                                        377               -               -               -               -             377  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total comprehensive income                                                      23,914               -               -         (1,302)               -          22,612  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     -               -               -               -               -               -  
Profit for the period attributable to:                                               -               -               -               -               -               -  
Owners of the parent                                                            24,322               -               -         (1,302)               -          23,020  
Non-controlling interests                                                        (785)               -               -               -               -           (785)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                23,537               -               -         (1,302)               -          22,235  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Administrative expenses (including corporate structuring costs).
Note 2
Share based payments made to Eligible Employees and Share awards in terms of the Long term incentive scheme have been disclosed separately as they are non-cash items.
Note 3
The share of profits from the associate Beachcomber Hospitality Investments Limited has been adjusted to reflect an accrual for property development costs.
Note 4
In order to provide consistent disclosure, a further adjustment has been made to reclassify foreign currency gains / (losses) recorded within fair value gains on investment property.

Earnings per share                                                                                                                                       
                                                                         As previously                                                    Period ended    
                                                                              reported          Note 1          Note 2          Note 3 31 January 2018   
                                                                                                                                          (as restated)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Basic earnings (US$'000)                                                        23,538             785               -         (1,302)          23,020   
Weighted average number of ordinary shares in issue in the period*         208,514,261               -     (8,143,122)               -     200,371,139   
  
------------------------------------------------------------------------------------------------------------------------------------------------------
Basic and diluted earnings per ordinary share (US$ cents)                         11.29               -               -               -          11.49   
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments
Note 3
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                                                                                              
                                                                          As previously                   Period ended                                    
                                                                              reported          Note 1 31 January 2018
                                                                                                         (as restated)
RETAINED LOSS                                                                  US$'000         US$'000         US$'000
----------------------------------------------------------------------------------------------------------------------
Balance As at    30 June 2017                                                (51,177)               -       (51,177)
Share based payments                                                             214                -            214 
Ordinary dividends paid                                                       (1,478)               -        (1,478)
Profit for the period                                                         24,322          (1,302)        23,020 
----------------------------------------------------------------------------------------------------------------------
Balance As at    31 January 2018                                             (28,119)        (1,302)       (29,421)
----------------------------------------------------------------------------------------------------------------------
Note 1
The fair value adjustment to investment property within the associates has been removed, as the value increase related to expansion projects funded by debt. 

CONSOLIDATED STATEMENT OF CASHFLOW                                                                                                                                                     
                                                                         As previously                                                                                    Period ended     
                                                                              reported          Note 1          Note 2          Note 3          Note 4          Note 5 31 January 2018 
                                                                                                                                                                         (as restated)
Seven months ended 31 January 2018                                             US$'000         US$'000         US$'000         US$'000         US$'000         US$'000         US$'000 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Cash generated from / (utilised in) operations                                (10,394)             394           7,783           (626)          11,016           (340)           7,833 
Taxation (paid) / recovered                                                      (112)             223               -               -               -               -             111 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash (utilised in) / generated from operating activities                  (10,506)             617           7,783           (626)          11,016           (340)           7,944 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition of investment properties                                          (43,040)            -                  -               -        (11,016)               -        (54,056) 
Acquisition of property, plant and equipment                                     (389)            -                  -               -               -             340            (49) 
Acquisition of intangible assets                                                  (26)              26               -               -               -            -               -    
Acquisition of other investments                                               (3,849)            -                  -               -               -               -         (3,849) 
Net cash outflow on acquisition of associates                                 (62,136)            -                  -          46,398               -               -        (15,738) 
Dividends and interest received from associates                                  4,778            -                  -           1,367               -               -           6,145 
Interest received                                                                1,617            -              1,146               -               -               -           2,763 
Proceeds from disposal of property, plant and equipment                              4            -                  -               -               -               -               4 
Related party loans (advanced) / repaid                                       (19,460)            -                  -          19,002               -               -           (458) 
Other loans (advanced) / repaid                                                 46,609            -                  -        (66,141)               -               -        (19,532) 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash utilised in investing activities                                     (75,892)              26           1,146             626        (11,016)             340        (84,770) 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Proceeds from the issue of ordinary shares                                           
Share issue expenses                                                               
Proceeds from the issue of preference shares                                        
Ordinary dividends paid                                                        (2,878)             139               -               -               -               -         (2,739) 
Proceeds from interest-bearing borrowings                                      121,712            -                  -               -               -               -         121,712 
Settlement of interest-bearing borrowings                                     (49,319)               1               -               -               -               -        (49,318) 
Finance costs paid                                                                -               -            (8,929)               -               -               -         (8,929) 
Settlement of debt structure fees                                                 (32)              32               -               -               -               -            -    
Settlement of obligations under finance leases                                    (20)            -                  -               -               -               -            (20) 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash generated from financing activities                                    69,464             171         (8,929)            -               -               -             60,706 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents                                     (16,934)             814               -               -               -               -        (16,120) 
Cash at beginning of period                                                     24,230               -               -               -               -               -          24,230 
Effect of foreign exchange rates                                                   603           (815)               -               -               -               -           (212) 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total cash and cash equivalents at end of period                                 7,899             (1)               -               -               -               -           7,898 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Reclassification of foreign exchange differences to individual components of the cash flow activities
Note 2
Reclassification of finance cost paid and interest received from operating activities to finance and investing activities
Note 3
Reclassification of investment in associates, loans to related parties and loans receivable
Note 4
Reclassification of deposits paid on investment properties between investing activities and operating activities
Note 5
Reclassification of additions to property, plant and equipment

CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                                                               
                                                                         As previously                      Year ended     
                                                                              reported          Note 1    30 June 2017     
                                                                                     -               -   (as restated)     
As at    30 June 2017                                                         US$'000         US$'000         US$'000      
----------------------------------------------------------------------------------------------------------------------
Assets                                                                                    
Non-current assets                                                                    
Investment properties                                                          307,795               -         307,795     
Deposits paid on investment properties                                          24,440               -          24,440     
Property, plant and equipment                                                    1,290               -           1,290     
Intangible assets                                                                  592               -             592     
Investments in associates                                                       89,016               -          89,016     
Related party loans receivable                                                  10,637         (10,629)              8     
Other loans receivable                                                          56,111          10,629          66,740     
----------------------------------------------------------------------------------------------------------------------
Total non-current assets                                                       489,881              -          489,881     
----------------------------------------------------------------------------------------------------------------------
Current assets                                                                            
Current tax receivable                                                             439               -             439     
Trade and other receivables                                                     22,805               -          22,805     
Related party loans receivable                                                   2,000               -           2,000     
Cash and cash equivalents                                                       24,668               -          24,668     
----------------------------------------------------------------------------------------------------------------------
Total current assets                                                            49,912              -           49,912     
----------------------------------------------------------------------------------------------------------------------
Total assets                                                                   539,793              -          539,793     
----------------------------------------------------------------------------------------------------------------------
                                                                                          
Equity and liabilities                                                                    
Total equity attributable to equity holders                                               
Ordinary share capital                                                         319,979               -         319,979     
Treasury shares reserve                                                       (15,031)               -        (15,031)     
Foreign currency translation reserve                                             3,275               -           3,275     
Antecedent dividend reserve                                                      1,261               -           1,261     
Retained loss                                                                 (51,177)               -        (51,177)     
----------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds                                               258,307              -          258,307     
Non-controlling interests                                                      (1,123)               -         (1,123)     
----------------------------------------------------------------------------------------------------------------------
Total equity                                                                   257,184              -          257,184     
----------------------------------------------------------------------------------------------------------------------
                                                                                           
Liabilities                                                                              
Non-current liabilities                                                                   
Interest-bearing borrowings                                                    185,051               -         185,051     
Redeemable preference shares                                                    12,840               -          12,840     
Obligations under finance leases                                                   171               -             171     
Related party loans payable                                                      1,365               -           1,365     
Deferred tax liability                                                           8,545               -           8,545     
----------------------------------------------------------------------------------------------------------------------
Total non-current liabilities                                                  207,972               -         207,972     
----------------------------------------------------------------------------------------------------------------------
Current liabilities                                                                        
Interest-bearing borrowings                                                     47,959               -          47,959     
Obligations under finance leases                                                    45               -              45     
Trade and other payables                                                        26,176               -          26,176     
Derivative financial instruments                                                    19               -              19     
Bank overdrafts                                                                    438               -             438     
----------------------------------------------------------------------------------------------------------------------
Total current liabilities                                                       74,637              -           74,637     
----------------------------------------------------------------------------------------------------------------------
Total liabilities                                                              282,609              -          282,609     
----------------------------------------------------------------------------------------------------------------------
Total equity and liabilities                                                   539,793              -          539,793     
----------------------------------------------------------------------------------------------------------------------
Note 1 
Loans to Ndola Investments Limited, Kitwe Copperbelt Investments Limited and Syngenta Limited have been reclassified to Other loans receivable.

NAV per share                                                                                                              
                                                                         As previously                    Period ended     
                                                                              reported          Note 1    30 June 2017     
                                                                                                         (as restated)     
----------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         258,306               -         258,307     
Ordinary shares in issue in the period                                     198,420,768       1,943,277     200,364,045     
----------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents)                                              130               -             129     
----------------------------------------------------------------------------------------------------------------------
Note 1
Dilutionary impact of share based payments

EPRA NAV  PER SHARE                                                                                                                       
                                                                         As previously                                    Period ended    
                                                                              reported          Note 1          Note 2    30 June 2017    
                                                                                                                         (as restated)    
--------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         273,225               -           2,071         275,297    
Ordinary shares in issue in the period                                     198,420,768       1,943,277               -     200,364,045    
--------------------------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents)                                         138               -               -             137    
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
Dilutionary impact of share based payments
Note 2
Adjustment on deferred taxation on revaluation of investment properties

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                                                                                           
                                                                         As previously                                                      Year ended   
                                                                              reported          Note 1          Note 2          Note 3    30 June 2017   
                                                                                                                                         (as restated)   
------------------------------------------------------------------------------------------------------------------------------------------------------
For the year ended 30 June 2017                                               US$'000         US$'000         US$'000         US$'000         US$'000    
------------------------------------------------------------------------------------------------------------------------------------------------------
Gross rental income                                                             22,872               -               -               -          22,872   
Straight-line rental income accrual                                              1,132               -               -               -           1,132   
------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue                                                                         24,004               -               -               -          24,004   
Share of profits from associates                                                 6,893               -               -               -           6,893   
Property operating expenses                                                    (7,170)               -               -               -         (7,170)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Net property income                                                             23,727              -               -               -           23,727   
Other income                                                                       254               -               -               -             254   
Administrative expenses (including corporate structuring costs)                (7,006)         (1,027)             133               -         (7,900)   
------------------------------------------------------------------------------------------------------------------------------------------------------
 Profit from operations                                                         16,975         (1,027)             133              -           16,081   
------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition fees and set-up costs                                                (678)           1,027               -           (349)              -   
------------------------------------------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties                                (20,729)               -               -               -        (20,729)   
Contractual receipts from vendors of investment properties                         230               -               -               -             230   
------------------------------------------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties                          (20,499)              -               -               -         (20,499)   
Fair value adjustment on derivative financial instruments                          535               -               -               -             535   
Share based payment expense                                                          -               -           (133)               -           (133)   
Gain from bargain purchase on associates                                           609               -               -             349             958   
Foreign currency gains / (losses)                                                2,081               -               -               -           2,081   
------------------------------------------------------------------------------------------------------------------------------------------------------
Loss before interest and taxation                                                (977)              -               -               -            (977)   
Interest income                                                                  2,059               -               -               -           2,059   
Finance costs                                                                 (11,433)               -               -               -        (11,433)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Loss for the period before tax                                                (10,351)              -               -               -         (10,351)   
Taxation                                                                         2,916               -               -               -           2,916   
------------------------------------------------------------------------------------------------------------------------------------------------------
Loss for the period after tax                                                  (7,435)               -               -               -         (7,435)   
                                                                                     -               -               -               -               -   
Other comprehensive income                                                           -               -               -               -               -   
Amounts that may be reclassified to profit and loss:                                 -               -               -               -               -   
Profit on translation of foreign operations                                      3,045               -               -               -           3,045   
------------------------------------------------------------------------------------------------------------------------------------------------------
Total comprehensive loss                                                       (4,390)              -               -               -          (4,390)   
------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     -               -               -               -               -   
Loss for the period attributable to:                                                 -               -               -               -               -   
Owners of the parent                                                           (6,634)               -               -               -         (6,634)   
Non-controlling interests                                                        (801)               -               -               -           (801)   
------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                               (7,435)              -               -               -          (7,435)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Administrative expenses (including corporate structuring costs).
Note 2
Share based payments made to Eligible Employees and Share awards in terms of the Long term incentive scheme have been disclosed separately as they are non-cash items.
Note 3
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Gain from bargain purchase on associates.

Earnings per share                                                       as previously                                      Year ended
                                                                              reported          Note 1          Note 2    30 June 2017
                                                                                                                         (as restated)
--------------------------------------------------------------------------------------------------------------------------------------
Basic earnings (US$'000)                                                       (7,436)             802               -         (6,634)
Weighted average number of ordinary shares in issue in the period*         110,435,576               -       (640,601)     109,794,974
 
--------------------------------------------------------------------------------------------------------------------------------------
Basic and diluted earnings per ordinary share (US$ cents)                       (6.73)               -               -          (6.04)
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments

CONSOLIDATED STATEMENT OF CASHFLOW       

                                                                         as previously                                                                                      Year ended
                                                                              reported          Note 1          Note 2          Note 3          Note 4          Note 5    30 June 2017                                                                                       -               -               -               -               -               -  
                                                                               US$'000         US$'000         US$'000         US$'000         US$'000         US$'000         US$'000 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Cash generated from / (utilised in) operations                                  28,331        (21,655)          10,048         (4,554)               -               -          12,170 
Taxation (paid) / recovered                                                    (1,488)             788               -               -               -               -           (700) 
VAT on acquisition of investment property recoverable                          (4,554)            -                  -           4,554               -               -            -    
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash (utilised in) / generated from operating activities                    22,289        (20,867)          10,048               -               -               -          11,470 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition of investment properties                                          (85,056)           1,153               -               -          13,001               -        (70,902) 
Acquisition of property, plant and equipment                                   (1,012)             363               -               -               -               -           (649) 
Acquisition of intangible assets                                                  (10)            -                  -               -               -               -            (10) 
Acquisition of other investments                                                  -               -                  -               -               -               -            -    
Net cash outflow on acquisition of associates                                 (15,183)           (207)               -               -               -               -        (15,390) 
Dividends and interest received from associates                                  3,573            -                  -               -               -               -           3,573 
Interest received                                                                 -               -              2,059               -               -               -           2,059 
Proceeds from disposal of property, plant and equipment                           -               -                  -               -               -               -            -    
Related party loans (advanced) / repaid                                        (9,951)            -                  -               -               -           7,943         (2,008) 
Other loans (advanced) / repaid                                               (58,582)           (215)               -               -               -         (7,943)        (66,740) 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash utilised in investing activities                                    (166,221)           1,094           2,059               -          13,001               -       (150,067) 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Proceeds from the issue of ordinary shares                                     110,962           (134)               -               -               -               -         110,828 
Share issue expenses                                                           (5,331)               1               -               -               -               -         (5,330) 
Proceeds from the issue of preference shares                                    12,840            -                  -               -               -               -          12,840 
Ordinary dividends paid                                                       (17,649)             366               -               -               -               -        (17,283) 
Proceeds from interest-bearing borrowings                                      183,934            -                  -               -        (13,001)               -         170,933 
Settlement of interest-bearing borrowings                                    (114,720)               1               -               -               -               -       (114,719) 
Finance costs paid                                                                -               -           (12,107)               -               -               -        (12,107) 
Settlement of debt structure fees                                              (1,960)           1,960               -               -               -               -            -    
Settlement of obligations under finance leases                                    (73)            -                  -               -               -               -            (73) 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash generated from financing activities                                   168,003           2,194        (12,107)            -           (13,001)            -            145,089 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents                                       24,071        (17,579)               -               -               -               -           6,492 
Cash at beginning of period                                                     17,785               -               -               -               -               -          17,785 
Effect of foreign exchange rates                                              (17,626)          17,579               -               -               -               -            (47) 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total cash and cash equivalents at end of period                                24,230            -               -               -               -               -             24,230 
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Reclassification of foreign exchange differences to individual components of the cash flow activities
Note 2
Reclassification of finance cost paid and interest received from operating activities to finance and investing activities
Note 3
Reclassification of vat paid on property acquisition within operating activities
Note 4
Reclassification of vendor finance assumed with the acquisition of Cosmopolitan Mall
Note 5
Reclassification of between related party loan and loans receivable

CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                                                               
                                                                         As previously                      Year ended     
                                                                              Reported       No Change    30 June 2016     
                                                                                                         (as restated)     
As at    30 June 2016                                                         US$'000                -        US$'000      
----------------------------------------------------------------------------------------------------------------------
Assets                                                                                  
Non-current assets                                                                    
Investment properties                                                          239,926               -         239,926     
Deposits paid on investment properties                                           8,620               -           8,620     
Property, plant and equipment                                                      525               -             525     
Intangible assets                                                                  599               -             599     
Investments in associates                                                       45,822               -          45,822     
----------------------------------------------------------------------------------------------------------------------
Total non-current assets                                                       295,492               -         295,492     
----------------------------------------------------------------------------------------------------------------------
Current assets                                                                       -               -               -     
Trade and other receivables                                                     15,327               -          15,327     
Cash and cash equivalents                                                       17,785               -          17,785     
----------------------------------------------------------------------------------------------------------------------
Total current assets                                                            33,112               -          33,112     
----------------------------------------------------------------------------------------------------------------------
Total assets                                                                   328,604               -         328,604     
----------------------------------------------------------------------------------------------------------------------
                                                                                     
Equity and liabilities                                                               
Total equity attributable to equity holders                                             
Ordinary share capital                                                         171,995               -         171,995     
Treasury shares reserve                                                        (5,100)               -         (5,100)     
Foreign currency translation reserve                                               230               -             230     
Antecedent dividend reserve                                                        636               -             636     
Retained loss                                                                 (28,989)               -        (28,989)     
----------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds                                               138,772               -         138,772     
Non-controlling interests                                                        (455)               -           (455)     
----------------------------------------------------------------------------------------------------------------------
Total equity                                                                   138,317               -         138,317     
----------------------------------------------------------------------------------------------------------------------
                                                                                        
Liabilities                                                                              
Non-current liabilities                                                                 
Interest-bearing borrowings                                                    126,633               -         126,633     
Related party loans payable                                                      1,365               -           1,365     
Deferred tax liability                                                          11,458               -          11,458     
----------------------------------------------------------------------------------------------------------------------
Total non-current liabilities                                                  139,456               -         139,456     
----------------------------------------------------------------------------------------------------------------------
Current liabilities                                                                      
Interest-bearing borrowings                                                     34,548               -          34,548     
Trade and other payables                                                        14,700               -          14,700     
Current tax payable                                                              1,029               -           1,029     
Derivative financial instruments                                                   554               -             554     
----------------------------------------------------------------------------------------------------------------------
Total current liabilities                                                       50,831               -          50,831     
----------------------------------------------------------------------------------------------------------------------
Total liabilities                                                              190,287               -         190,287     
----------------------------------------------------------------------------------------------------------------------
Total equity and liabilities                                                   328,604               -         328,604     
----------------------------------------------------------------------------------------------------------------------
                                                                                         
NAV  PER SHARE                                                                                                             
                                                                         As previously                    Period ended     
                                                                              reported          Note 1    30 June 2016     
                                                                                                         (as restated)     
----------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         138,771               -         138,772     
Ordinary shares in issue in the period                                      97,061,130       1,943,277      99,004,407     
----------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents)                                              143               -             140     
----------------------------------------------------------------------------------------------------------------------
Note 1
Dilutionary impact of share based payments

EPRA NAV PER SHARE                                                                                                                        
                                                                         As previously                                  Period endeded    
                                                                              reported          Note 1          Note 2    30 June 2016    
                                                                                                                          (as restated)    
--------------------------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         155,793               -           2,468         158,261    
Ordinary shares in issue in the period                                      97,061,130       1,943,277               -      99,004,407    
--------------------------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents)                                         161               -               -             160    
--------------------------------------------------------------------------------------------------------------------------------------
Note 1
Dilutionary impact of share based payments
Note 2
Adjustment on deferred taxation on revaluation of investment properties

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                                                                                                          
                                                                         As previously                                                                      Year ended  
                                                                              Reported          Note 1          Note 2          Note 3          Note 4    30 June 2016  
                                                                                                                                                         (as restated)  
For the year ended 30 June 2016                                               US$'000         US$'000         US$'000         US$'000         US$'000         US$'000   
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross rental income                                                             19,986               -               -               -               -          19,986  
Straight-line rental income accrual                                              1,901               -               -               -               -           1,901  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Revenue                                                                         21,887              -               -               -               -           21,887  
Share of profits from associates                                                 3,313               -               -               -               -           3,313  
Property operating expenses                                                    (5,623)               -               -               -               -         (5,623)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Net property income                                                             19,577              -               -               -               -           19,577  
Other income                                                                       805               -               -               -               -             805  
Administrative expenses (including corporate structuring costs)                (7,355)         (1,563)           3,235               -               -         (5,683)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit from operations                                                          13,027         (1,563)           3,235              -               -           14,699  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition fees and set-up costs                                              (1,563)           1,563               -               -               -              -  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties                                 (4,625)               -               -               -               -         (4,625)  
Contractual receipts from vendors of investment properties                         892               -               -               -               -             892  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties                           (3,733)               -               -               -               -         (3,733)  
Fair value adjustment on derivative financial instruments                        (554)               -               -               -               -           (554)  
Share based payment expense                                                          -               -         (3,235)               -               -         (3,235)  
Gain from bargain purchase on associates                                           251               -               -               -               -             251  
Foreign currency gains / (losses)                                                4,127               -               -         (9,711)           1,000         (4,584)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Profit before interest and taxation                                             11,555              -                -         (9,711)           1,000           2,844  
Interest income                                                                    170               -               -               -               -             170  
Finance costs                                                                  (9,243)               -               -               -         (1,000)        (10,243)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Loss for the period before tax                                                   2,482               -               -          (9,711)              -         (7,229)  
Taxation                                                                      (20,245)               -               -           9,711               -        (10,534)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Loss for the period after tax                                                 (17,763)               -               -               -               -        (17,763)  
                                                                                     -               -               -               -               -               -  
Other comprehensive income                                                           -               -               -               -               -               -  
Amounts that may be reclassified to profit and loss:                                 -               -               -               -               -               -  
Loss on translation of foreign operations                                        (207)               -               -               -               -           (207)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total comprehensive loss                                                      (17,970)              -               -               -               -         (17,970)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                      
Loss for the period attributable to:                                                
Owners of the parent                                                          (17,962)               -               -               -               -        (17,962)  
Non-controlling interests                                                          199               -               -               -               -             199  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                              (17,763)               -               -               -               -        (17,763)  
----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
In order to provide consistent disclosure, Acquisition costs and corporate setup costs have been reclassified to Administrative expenses (including corporate structuring costs).
Note 2
Share based payments made to Eligible Employees and Share awards in terms of the Long term incentive scheme have been disclosed separately as they are non-cash items.
Note 3
A foreign currency exchange loss recorded within the deferred tax charge has been reclassified to foreign currency gains / (losses).
Note 4
Foreign currency gains on a Mozambique Meticais loan have been reclassified from Finance costs to Foreign currency gains / (losses) to provide for consistent disclosure.

EARNINGS PER SHARE                                                                                                                                       
                                                                         As previously                                Period ended   
                                                                              reported          Note 1      Note 2    30 June 2016   
                                                                                                                     (as restated)   
----------------------------------------------------------------------------------------------------------------------------------
Basic earnings (US$'000)                                                      (17,762)           (200)           -        (17,962)   
Weighted average number of ordinary shares in issue in the period*          81,725,430               -     22,322)      81,603,108   
  
----------------------------------------------------------------------------------------------------------------------------------
Basic and diluted earnings per ordinary share (US$ cents)                       (21.73)              -           -         (22.01)   
----------------------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments

CONSOLIDATED STATEMENT OF CASHFLOW                                                                                                                       
                                                                            previously                                                      Year ended   
                                                                              reported          Note 1          Note 2          Note 3    30 June 2016   
                                                                                                                                         (as restated)   
                                                                               US$'000         US$'000         US$'000         US$'000         US$'000   
------------------------------------------------------------------------------------------------------------------------------------------------------
Cash generated from / (utilised in) operations                                 (7,068)           2,674           9,880         (3,823)           1,663   
Taxation (paid) / recovered                                                      (589)               7               -               -           (582)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash (utilised in) / generated from operating activities                   (7,657)           2,681           9,880         (3,823)           1,081   
------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition of investment properties                                          (36,116)           4,867               -               -        (31,249)   
Acquisition of property, plant and equipment                                     (520)            -                  -               -           (520)   
Acquisition of intangible assets                                                 (593)            -                  -               -           (593)   
Acquisition of other investments                                                  -               -                  -               -            -      
Net cash outflow on acquisition of associates                                 (23,016)            -                  -               -        (23,016)   
Dividends and interest received from associates                                  1,787            -                  -               -           1,787   
Interest received                                                                 -               -                170               -             170   
Proceeds from disposal of property, plant and equipment                           -               -                  -               -            -      
Related party loans (advanced) / repaid                                            399           (175)               -               -             224   
Other loans (advanced) / repaid                                                   -               -                  -               -            -      
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash utilised in investing activities                                     (58,060)           4,693             170            -           (53,197)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Proceeds from the issue of ordinary shares                                      36,872            -                  -           3,823          40,695   
Share issue expenses                                                             (158)            -                  -               -           (158)   
Proceeds from the issue of preference shares                                      -               -                  -               -            -      
Ordinary dividends paid                                                        (8,470)            -                  -               -         (8,470)   
Proceeds from interest-bearing borrowings                                      141,480           1,455               -               -         142,935   
Settlement of interest-bearing borrowings                                    (109,507)           8,336               -               -       (101,171)   
Finance costs paid                                                                -                  -        (10,050)               -        (10,050)   
Settlement of obligations under finance leases                                    -               -                  -               -            -      
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash generated from financing activities                                    60,217           9,791        (10,050)           3,823          63,781   
------------------------------------------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents                                      (5,500)          17,165               -               -          11,665   
Cash at beginning of period                                                      6,224               -               -               -           6,224   
Effect of foreign exchange rates                                                17,061        (17,165)               -               -           (104)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Total cash and cash equivalents at end of period                                17,785               -               -               -          17,785   
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Reclassification of foreign exchange differences to individual components of the cash flow activities
Note 2
Reclassification of finance cost paid and interest received from operating activities to finance and investing activities
Note 3
Reclassification of proceeds from ordinary shares issued during the prior period received in current year

CONSOLIDATED STATEMENT OF FINANCIAL POSITION                                                                               
                                                                          As reviously                      Year ended     
                                                                              reported       No Change    30 June 2015     
                                                                                                         (as restated)     
As at    30 June 2015                                                         US$'000                         US$'000      
----------------------------------------------------------------------------------------------------------------------
Assets                                                                                    
Non-current assets                                                                       
Investment properties                                                          210,391               -         210,391     
Property, plant and equipment                                                       97               -              97     
Intangible assets                                                                    9               -               9     
Related party loans receivable                                                      12               -              12     
----------------------------------------------------------------------------------------------------------------------
Total non-current assets                                                       210,509               -         210,509     
----------------------------------------------------------------------------------------------------------------------
Current assets                                                                       
Trade and other receivables                                                     18,787               -          18,787     
Cash and cash equivalents                                                        6,566               -           6,566     
----------------------------------------------------------------------------------------------------------------------
Total current assets                                                            25,353               -          25,353     
----------------------------------------------------------------------------------------------------------------------
Total assets                                                                   235,862               -         235,862     
----------------------------------------------------------------------------------------------------------------------
                                                                                       
Equity and liabilities                                                                
Total equity attributable to equity holders                                             
Ordinary share capital                                                         127,959               -         127,959     
Foreign currency translation reserve                                               437               -             437     
Retained loss                                                                  (5,792)               -         (5,792)     
----------------------------------------------------------------------------------------------------------------------
Total equity shareholders’ funds                                               122,604               -         122,604     
Non-controlling interests                                                        (710)               -           (710)     
----------------------------------------------------------------------------------------------------------------------
Total equity                                                                   121,894               -         121,894     
----------------------------------------------------------------------------------------------------------------------
                                                                                      
Liabilities                                                                          
Non-current liabilities                                                                
Interest-bearing borrowings                                                     10,491               -          10,491     
Related party loans payable                                                      1,153               -           1,153     
Deferred tax liability                                                           2,427               -           2,427     
----------------------------------------------------------------------------------------------------------------------
Total non-current liabilities                                                   14,071               -          14,071     
----------------------------------------------------------------------------------------------------------------------
Current liabilities                                                                     
Interest-bearing borrowings                                                     91,166               -          91,166     
Trade and other payables                                                         8,251               -           8,251     
Current tax payable                                                                138               -             138     
Bank overdrafts                                                                    342               -             342     
----------------------------------------------------------------------------------------------------------------------
Total current liabilities                                                       99,897               -          99,897     
----------------------------------------------------------------------------------------------------------------------
Total liabilities                                                              113,968               -         113,968     
----------------------------------------------------------------------------------------------------------------------
Total equity and liabilities                                                   235,862               -         235,862     
----------------------------------------------------------------------------------------------------------------------
                                                                                         
                                                                                                       
                                                                            previously                    Period ended     
 NAV  PER SHARE                                                               reported          Note 1    30 June 2015     
                                                                                                         (as restated)     
----------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         122,603               -         122,604     
Ordinary shares in issue in the period                                      73,656,446               -      73,656,446     
----------------------------------------------------------------------------------------------------------------------
Net asset value per share (US$ cents)                                              167               -             167     
----------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments

EPRA NAV  PER SHARE                                                                                                        
                                                                            previously                    Period ended     
                                                                              reported          Note 1    30 June 2015     
                                                                                                         (as restated)
----------------------------------------------------------------------------------------------------------------------
Equity attributable to owners of the company (US$'000)                         123,853           1,124         124,977     
Ordinary shares in issue in the period                                      73,656,446               -      73,656,446     
----------------------------------------------------------------------------------------------------------------------
EPRA Net asset value per share (US$ cents)                                         168               -             170     
----------------------------------------------------------------------------------------------------------------------
Note 1
Adjustment on deferred taxation on revaluation of investment properties

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                                                             
                                                                              As  prev                      Year ended     
                                                                       iously reported          Note 1    30 June 2015     
                                                                                                         (as restated)     
-----------------------------------------------------------------------------------------------------------------------
For the year ended 30 June 2015                                               US$'000         US$'000         US$'000      
-----------------------------------------------------------------------------------------------------------------------
Gross rental income                                                             13,589               -          13,589     
Straight-line rental income accrual                                              2,267               -           2,267     
-----------------------------------------------------------------------------------------------------------------------
Revenue                                                                         15,856               -          15,856     
Property operating expenses                                                    (3,478)               -         (3,478)     
-----------------------------------------------------------------------------------------------------------------------
Net property income                                                             12,378               -          12,378     
Other income                                                                       384               -             384     
Administrative expenses (including corporate structuring costs)                (4,541)           (996)         (5,537)     
-----------------------------------------------------------------------------------------------------------------------
Profit from operations                                                           8,221           (996)           7,225     
-----------------------------------------------------------------------------------------------------------------------
Acquisition fees and set-up costs                                                (996)            996                -     
-----------------------------------------------------------------------------------------------------------------------
Fair value adjustment on investment properties                                   7,889               -           7,889     
Contractual receipts from vendors of investment properties                         329               -             329     
-----------------------------------------------------------------------------------------------------------------------
Total fair value adjustment on investment properties                             8,218               -           8,218     
Foreign currency losses                                                       (12,969)               -        (12,969)     
-----------------------------------------------------------------------------------------------------------------------
Profit before interest and taxation                                              2,474               -           2,474     
Interest income                                                                     91               -              91     
Finance costs                                                                  (3,640)               -         (3,640)     
-----------------------------------------------------------------------------------------------------------------------
Loss for the period before tax                                                 (1,075)               -         (1,075)     
Taxation                                                                       (2,505)               -         (2,505)     
-----------------------------------------------------------------------------------------------------------------------
Loss for the period after tax                                                  (3,580)               -         (3,580)     
                                                                                     -               -               -     
Other comprehensive income                                                           -               -               -     
Amounts that may be reclassified to profit and loss:                                 -               -               -     
Profit on translation of foreign operations                                        384               -             384     
-----------------------------------------------------------------------------------------------------------------------
Total comprehensive loss                                                       (3,196)               -         (3,196)     
-----------------------------------------------------------------------------------------------------------------------
                                                                                     -               -               -     
Loss for the period attributable to:                                                 -               -               -     
Owners of the parent                                                           (2,848)               -          (2,848)     
Non-controlling interests                                                        (732)               -           (732)     
-----------------------------------------------------------------------------------------------------------------------
                                                                               (3,580)              -          (3,580)     
-----------------------------------------------------------------------------------------------------------------------
                                                                                          
Earnings per share                                                                                                         
                                                                         As previoulsy                    Period ended     
                                                                              reported          Note 1    30 June 2015     
-----------------------------------------------------------------------------------------------------------------------
Basic earnings (US$'000)                                                       (3,580)             732         (2,848)     
Weighted average number of ordinary shares in issue in the period*          47,104,850               -      47,104,850     
  
-----------------------------------------------------------------------------------------------------------------------
Basic and diluted earnings per ordinary share (US$ cents)                          (8)               -             (6)     
-----------------------------------------------------------------------------------------------------------------------
Note 1
Non controlling interest due to the consolidation of Freedom Asset Management Limited
Note 2
Dilutionary impact of share based payments

CONSOLIDATED STATEMENT OF CASHFLOW                                                                                                                       
                                                                         As previously                                                      Year ended   
                                                                              reported          Note 1          Note 2          Note 3    30 June 2015   
                                                                                                                                         (as restated)   
                                                                               US$'000         US$'000         US$'000         US$'000         US$'000   
------------------------------------------------------------------------------------------------------------------------------------------------------
Cash generated from / (utilised in) operations                                 (3,686)         (4,180)           3,215             621         (4,532)   
Taxation (paid) / recovered                                                      (171)               -               -               -           (171)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash (utilised in) / generated from operating activities                   (3,857)         (4,180)           3,215             621         (4,703)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Acquisition of investment properties                                         (220,008)           1,346               -               -       (218,662)   
Acquisition of property, plant and equipment                                      -               -                  -           (110)           (110)   
Acquisition of intangible assets                                                  -               -                  -           (511)           (511)   
Acquisition of other investments                                                  -               -                  -               -            -      
Net cash outflow on acquisition of associates                                     -               -                  -               -            -      
Dividends and interest received from associates                                   -               -                  -               -            -      
Interest received                                                                 -               -                 91               -              91   
Proceeds from disposal of property, plant and equipment                           -               -                  -               -            -      
Related party loans (advanced) / repaid                                            264            -                  -               -             264   
Other loans (advanced) / repaid                                                   -               -                  -               -            -      
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash utilised in investing activities                                    (219,744)           1,346              91           (621)       (218,928)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Proceeds from the issue of ordinary shares                                     126,846            (20)               -               -         126,826   
Share issue expenses                                                           (3,610)            -                  -               -         (3,610)   
Proceeds from the issue of preference shares                                      -               -                  -               -            -      
Ordinary dividends paid                                                        (2,963)            -                  -               -         (2,963)   
Proceeds from interest-bearing borrowings                                      132,961            -                  -               -         132,961   
Settlement of interest-bearing borrowings                                     (23,304)           2,854               -               -        (20,450)   
Finance costs paid                                                                -                  -         (3,306)               -         (3,306)   
Settlement of obligations under finance leases                                    -                  -               -               -            -      
------------------------------------------------------------------------------------------------------------------------------------------------------
Net cash generated from financing activities                                   229,930           2,834         (3,306)            -            229,458   
------------------------------------------------------------------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents                                        5,827            -               -               -              5,827   
Cash at beginning of period                                                        649               -               -               -             649   
Effect of foreign exchange rates                                                 (252)               -               -               -           (252)   
------------------------------------------------------------------------------------------------------------------------------------------------------
Total cash and cash equivalents at end of period                                 6,224            -               -               -              6,224   
------------------------------------------------------------------------------------------------------------------------------------------------------
Note 1
Reclassification of foreign exchange differences to individual components of the cash flow activities
Note 2
Reclassification of finance cost paid and interest received from operating activities to finance and investing activities
Note 3
Reclassification as a result of the consolidation of Freedom Asset Management Limited



The  financial information in this announcement was approved by the Board on 29 June 2018.


By order of the Board

29 June 2018

JSE sponsor and corporate advisor to Grit                           SEM authorised representative and sponsor to Grit
PSG CAPITAL                                                         Perigeum Capital

Directors: Peter Todd (chairman), Bronwyn Corbett*, Paul Huberman, Ian Macleod, Leon van de Moortele*,
Nomzamo Radebe, Catherine Mcllraith and Matshepo More (*executive director)
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
Corporate advisor and JSE sponsor: PSG Capital Proprietary Limited
Sponsoring Broker: Axys Stockbroking Ltd
SEM authorised representative and sponsor: Perigeum Capital Ltd

The Board accepts full responsibility for the accuracy of the information contained in this communiqué.
Date: 29/06/2018 05:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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