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GRIT REAL ESTATE INCOME GROUP LIMITED - Clarification Of The Purchasing Of Shares By The Grit Executive Share Trust And Share Sales By Bowwood And Main

Release Date: 08/03/2019 07:05
Code(s): GTR     PDF:  
 
Wrap Text
Clarification Of The Purchasing Of Shares By The Grit Executive Share Trust And Share Sales By Bowwood And Main

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

CLARIFICATION OF THE PURCHASING OF SHARES BY THE GRIT EXECUTIVE SHARE TRUST AND SHARE SALES BY BOWWOOD AND MAIN

Further to the Company’s announcement on 27 February 2019 advising shareholders of the intention
by the Grit Executive Share Trust (“Grit Share Trust”) to acquire shares in the Company in the open
market in order to satisfy the obligations of the Company’s Long-term Incentive Plan Scheme Rules
(the “LTIP Scheme”) and the subsequent acquisition of shares in the Company announced on
1 March 2019 and 7 March 2019, the board of directors of Grit Real Estate Income Group Limited
(the "Board") provides the following update:

•     The Company engaged with the relevant exchanges and regulators and sought and obtained
      approvals for the acquisition by the Grit Share Trust of shares pursuant to the LTIP Scheme, which
      were approved by way of a special resolution at the Company’s annual general meeting of
      shareholders held on 24 November 2017.
•     The Company had sought and received approvals from the Johannesburg Stock Exchange for the
      sales of shares by the Bowwood and Main No.117 Proprietary Limited (“Bowwood and Main”) and
      the part or whole acquisition of such shares by the Grit Share Trust
•     Between 28 February and 6 March 2019, the Grit Share Trust acquired shares in the open market
      at market value. The shares acquired included shares sold by Bowwood and Main, which were
      acquired by the Grit Share Trust on an arm’s length basis in the open market at market value.
•     Bowwood and Main is an investment vehicle indirectly owned 50% by Bronwyn Corbett
      (CEO of Grit) and 50% by Sandile Nomvete (one of the original co-founders and previous chairman
      of Grit).
•     Bronwyn Corbett is defined as a Person Discharging Managerial Responsibilities (“PDMR”) and
      Bowwood and Main is defined a person closely associated with them (“PCA”) for the purposes of
      the Market Abuse Regulation.
•     The sale of shares by Bowwood and Main forms part of a restructure of the Company’s
      management shareholding in Grit, which is expected to ultimately result in Sandile Nomvete no
      longer holding any interest in Grit via Bowwood and Main.
•     The above restructure is not expected to result in any dilution of Bronwyn Corbett’s direct or indirect
      shareholding in the Company .
•     Sandile Nomvete’s shareholding in Grit is being exited as since his resignation as director and
      Chairman of the Board of GRIT on 13 April 2018, he has not been involved in the management of
      Grit.
•     Bowwood and Main originally subscribed for 5,746,061 shares in Grit on the date of initial listing of
      the Company in July 2014, of which 2,873,030 of the shares were indirectly owned by Bronwyn
      Corbett (via Bowwood and Main) and 2,873,031 were indirectly owned by Sandile Nomvete
      (via Bowwood and Main).
•     To date, the total shares sold by Bowwood and Main amount to 2,540,000 shares.

By Order of the Board

8 March 2019

FOR FURTHER INFORMATION, PLEASE CONTACT:

Grit Real Estate Income Group Limited
Bronwyn Corbett, Chief Executive Officer                                          +230 269 7090
Darren Veenhuis, Head of Investor Relations                                       +44 779 512 3402
Morne Reinders, Investor Relations                                                +27 82 480 4541

Maitland/AMO – Communications Adviser
James Benjamin                                                                    +44 20 7379 5151
Vikki Kosmalska                                                                   Grit-maitland@maitland.co.uk
Jason Ochere

finnCap Ltd – UK Financial Adviser
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

Perigeum Capital Ltd – SEM Authorised Representative and Sponsor
Shamin A. Sookia                                                                  +230 402 0894
Kesaven Moothoosamy                                                               +230 402 0898

PSG Capital – JSE Sponsor and Corporate Adviser
David Tosi                                                                        +27 21 887 9602

The Company’s LEI is: 21380084LCGHJRS8CN05

NOTES:

Grit Real Estate Income Group Limited is a leading pan-African real estate company focused on
investing in and actively managing a diversified portfolio of assets in carefully selected African countries
(excluding South Africa). These high-quality assets are underpinned by predominantly US$ and Euro
denominated long-term leases with a wide range of blue-chip multi-national tenant covenants across a
diverse range of robust property sectors.

The Company is committed to delivering strong and sustainable income for shareholders, with the
potential for income and capital growth. The Company is targeting an annual dividend yield in USD of
8%+ and a net total shareholder return inclusive of NAV growth of 12.0%+ p.a.*

The Company currently holds primary listings on both the Main Market of the London Stock Exchange
(LSE: GR1T) and on the Main Board of the Johannesburg Stock Exchange (JSE: GTR), with a
secondary listing on the Official Market of the Stock Exchange of Mauritius (SEM: DEL.N0000).

Further information on the Company is available at http://grit.group/

*These are targets only and not a profit forecast and there can be no assurance that they will be met.

Directors:

Peter Todd+ (Chairman), Bronwyn Corbett (Chief Executive Officer)*, Leon van de Moortele (Chief
Financial Officer)*, Ian Macleod+, Matshepo More, Nomzamo Radebe, Catherine McIlraith+, David
Love+, Sir Samuel Esson Jonah+ and Bright Laaka (Permanent Alternate Director to Nomzano Radebe).
(* Executive Director) (+ independent Non-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

JSE sponsor: PSG Capital Proprietary Limited

Sponsoring broker: Axys Stockbroking Limited

SEM authorised representative and sponsor: Perigeum Capital Ltd

This notice is issued pursuant to the JSE Listings Requirements, LSE Listing Rules, Article 19 of MAR,
SEM Listing Rule 11.3 and the Mauritian Securities Act 2005. The Board accepts full responsibility for
the accuracy of the information contained in this communiqué.

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