GRIT REAL ESTATE INCOME GROUP LIMITED - Result Of Placing And Offer For Subscription

Release Date: 30/07/2018 08:00
Code(s): GTR
 
Wrap Text
Result Of Placing And Offer For Subscription

GRIT REAL ESTATE INCOME GROUP LIMITED
(previously known as Mara Delta Property Holdings Limited)
(Registered by continuation in the Republic of Mauritius)
(Registration number: C128881 C1/GBL)
SEM share code: DEL.N0000
JSE share code: GTR
LSE share code: GR1T
ISIN: MU0473N00036
(“Grit” or “the Company”)


             RESULT OF PLACING AND OFFER FOR SUBSCRIPTION

Further to its announcement of 18 July 2018, the Board of Grit is pleased to announce that the Company has raised
gross proceeds of US$132,094,262 pursuant to its Placing and Offer for Subscription of Ordinary Shares.

Application has been made for 306,396,035 Ordinary Shares to be admitted to trading on the Main Market of the London
Stock Exchange ("Admission") being the 214,022,425 Ordinary Shares currently in issue and the 92,373,610 Ordinary
Shares to be issued under the Placing (“Issue Shares”). No applications were received in relation to the Offer for
Subscription. It is expected that Admission will become effective and that unconditional dealings in the Ordinary Shares
will commence on the Main Market of the London Stock Exchange at 8:00 a.m. UK time on Tuesday, 31 July 2018. The
Issue Shares will also be listed on the Official Market of the Stock Exchange of Mauritius Ltd and the Main Board of the
JSE Limited on the same day.

An investment in the Company will enable investors to gain exposure to real estate investment assets in pre-selected
African countries (excluding South Africa), with these assets underpinned by predominantly US$ and Euro denominated
long-term leases with high quality tenants delivering strong and sustainable income. Grit is targeting a US Dollar total
return of approximately 12.00 per cent. per annum and is targeting a dividend in relation to the six months ended 30
June 2018 of approximately 5.9 US$ cents per Share*. Grit has paid eight dividends since its launch in 2014.

Commenting on the result of the fundraising, Bronwyn Corbett, Chief Executive Officer, said: "We are delighted to be
making our debut on the London Stock Exchange and we are proud to be the first London listed pan-African real estate
group. Grit has achieved another key milestone in its development and we look forward to continuing to work with our
new UK based investors in the years to come as we seek to take advantage of the further opportunities for real estate
investment assets in pre-selected African countries. "

Dealing Codes and Total Voting Rights

The dealing codes for the Ordinary Shares are as follows:

 ISIN                                                 MU0473N00036

 SEDOL                                                0473N000

 LSE Ticker                                           GR1T

 JSE share code                                       GTR

 SEM share code                                       DEL.N0000


The total number of Ordinary Shares with voting rights in issue immediately following Admission will be 306,396,035
Ordinary Shares.

The definitions set out in the Prospectus published on 18 July 2018 have, where appropriate, been used in this
announcement.

By order of the Board

30 July 2018

Financial Adviser        Lead Transaction Adviser         Sponsor and placing                     SEM authorised
and Joint UK Placing     and Mauritius Placing            agent in South Africa: PSG Capital      representative, sponsor and
Agent: finnCap           Agent: AXYS                                                              Mauritian transaction adviser: Perigeum Capital


Grit Real Estate Income Group Limited
Bronwyn Corbett, Chief Executive Officer                                              +230 269 7090
Leon van de Moortele, Chief Financial Officer                                         +230 269 7090

finnCap Ltd – Financial Adviser and Joint UK Placing Agent
William Marle / Scott Mathieson / Matthew Radley (Corporate Finance)                  +44 20 7220 5000
Mark Whitfeld (Sales)                                                                 +44 20 3772 4697
Monica Tepes (Research)                                                               +44 20 3772 4698

AXYS Corporate Advisory Limited – Lead Transaction Adviser
Oliver Hare                                                                           +230 405 4000
Jeremy Steane                                                                         +230 405 4000

AXYS Stockbroking Ltd – Mauritius Placing Agent
Melvyn Chung Kai To                                                                   +230 405 4000

Citigate Dewe Rogerson – Financial PR
Jos Bieneman / David Westover / Ellen Wilton                                          +44 20 7638 9571

Perigeum Capital Ltd – SEM authorised representative, sponsor and Mauritian
transaction adviser
Shamin A. Sookia                                                            +230 402 0894
Kesaven Moothoosamy                                                         +230 402 0898

PSG Capital – JSE Sponsor and South Africa Placing Agent
David Tosi                                                                            +27 21 887 9602

Directors: Peter Todd+ (Chairman), Bronwyn Corbett (Chief Executive Officer)*, Leon van de Moortele (Chief Financial
Officer)*, Ian Macleod+, Paul Huberman+, Faith Matshepo More, Nomzamo Radebe and Catherine McIlraith +
(* executive director) (+ independent non-executive director)
Company secretary: Intercontinental Fund Services Limited
Registered address: Level 5, Alexander House, 35 Cybercity, Ebène, 72201, Mauritius
Transfer secretary (South Africa): Computershare Investor Services Proprietary Limited
Registrar and transfer agent (Mauritius): Intercontinental Secretarial Services Limited
Corporate advisor and JSE sponsor: PSG Capital Proprietary Limited
Sponsoring Broker: Axys Stockbroking Ltd
SEM authorised representative and sponsor: Perigeum Capital Ltd

* The dividend and total return targets are targets only and not a profit forecast. There can be no assurance that these
targets will be met and they should not be taken as an indication of the Company's expected or actual future results.
Accordingly, potential investors should not place any reliance on the targets in deciding whether or not to invest in the
Company and should not assume that the Company will make any distributions at all and should decide for themselves
whether or not these targets are reasonable or achievable.


––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
This notice is issued pursuant to the LSE Listing Rules, the JSE Listings Requirements, SEM Listing Rule 11.3 and Rule
5(1) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. The board of directors of the Company
accepts full responsibility for the accuracy of the information contained in this communiqué.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation
596/2014.

Date: 30/07/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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