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GRIT REAL ESTATE INCOME GROUP LIMITED - Dealings In Securities By Director/PDMR And Persons Closely Associated (PCA) With Them

Release Date: 14/03/2019 14:00
Code(s): GTR     PDF:  
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Dealings In Securities By Director/PDMR And Persons Closely Associated (“PCA”) With Them

(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”)


The board of directors of Grit Real Estate Income Group Limited (the "Board"), a leading pan-African
real estate company focused on investing in and actively managing a diversified portfolio of assets
underpinned by predominantly US$ and Euro denominated long-term leases with high quality
multi-national tenants, has been notified that on 12 March 2019, Bowwood and Main No.117 Proprietary
Limited (“Bowwood and Main”), sold 33,268 ordinary shares held by it in the Company at a price of
R19.50 per share in the open market.

Further to the Company’s announcement dated 8 March 2019 clarifying the sale of shares by Bowwood
and Main, the Board highlights again the below:

•        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 the previous chairman of
•        The sale of shares by Bowwood and Main forms part of a restructure which is expected to result in
         Sandile Nomvete no longer holding an interest in Grit.
•        Sandile Nomvete resigned as director and chairman of the Board of Grit on 13 April 2018 and has
         had no management involvement since that date.
•        The above restructure is not expected to result in any dilution of Bronwyn Corbett’s direct or indirect
         shareholding in the Company.
•        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 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 amounts to 2,573,268 shares.

Further announcements with regards to shareholding changes in Bowwood and Main will be made in
due course.

The Notification of Dealing Form provided in accordance with the requirements of the Market Abuse
Regulation in relation to the transaction listed above is set out below.

1.   Details of PDMR / PCA
a)   Name of PDMR                                           BA Corbett
b)   Name of PCA                                            Bowwood and Main No.117 Proprietary
c)   Relationship of PDMR to PCA                            BA Corbett is a trustee and beneficiary of
                                                            The Corbett Family Trust, the 50%
                                                            shareholder of the PCA and a director of
                                                            the PCA
2.   Reason for the notification
a)   Position / status                                      Chief Executive Officer of the Company
b)   Initial notification / amendment                       Initial notification
3.   Details of the issuer, emission allowance market participant, auction platform, auctioneer
     or auction monitor
a)   Name                                                   Grit Real Estate Income Group Limited
b)   LEI                                                    21380084LCGHJRS8CN05
4.   Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
     each type of transaction; (iii) each date; and (iv) each place where transactions have been
a)   Description of the Financial instrument, type of       Ordinary shares of No Par Value
     Identification code                                    MU0473N00036
b)   Nature of the transaction                              Sale of ordinary shares (On-market)
c)   Price(s) and volume(s)
                                                            Price(s)       Volume(s)        Total(s)
                                                            R19.50         33,268           R648,726
d)   Aggregated information:
      •       Aggregated volume                             As above
      •       Volume weighted average price
e)   Date of the transaction                                12 March 2019
f)   Place of the transaction                               Johannesburg Stock Exchange, Main
                                                            Market (JSE)
g)   Nature and extent of interest in the transaction       Indirect, beneficial
h)   Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the
     Listings Requirements of the JSE Limited and Appendix 6 of the Listing Rules of the Stock
     Exchange of Mauritius Ltd.

By Order of the Board

14 March 2019


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                                                            
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


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

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


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.

Date: 14/03/2019 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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