To view the PDF file, sign up for a MySharenet subscription.

GRIT REAL ESTATE INCOME GROUP LIMITED - Correction of Note 17 In The Results For The Year Ended 30 June 2019

Release Date: 15/10/2019 13:30
Code(s): GTR     PDF:  
Wrap Text
Correction of Note 17 In The Results For The Year Ended 30 June 2019

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”)

CORRECTION OF NOTE 17 IN THE RESULTS FOR THE YEAR ENDED 30 JUNE 2019

Shareholders are referred to the results announcement for the year ended 30 June 2019 as published
by the Company on 30 September 2019 (“Results”) and are advised that Note 17, Reconciliation of
basic and headline earnings, contained a restatement relating to the 30 June 2018 headline earnings
that was not disclosed as such.

Accordingly, shareholders are advised that Note 17 of the Results has been corrected to reflect the
restatement as set out below. All other details in the Results announcement remain unchanged.

17. Reconciliation of basic and headline earnings
                                                                                        Restated
                                                              30 June 2019          30 June 2018
                                                                  US$'000                US$'000

 Basic earnings                                                     28,035                 28,562
 Fair value adjustments on investment                              (21,363)               (13,762)
 property                                                          
 Deferred taxation on investment property                           22,349                  5,979
 revaluation                                                       
 Fair value adjustment on other investments                            795                    757
 Fair value adjustment on other financial                              516                    128                                                                 
 asset
 Fair value adjustment on derivative financial                          6                     (25)
 instruments                                                           
 Share of fair value adjustment on investment                      (6,921)                 (8,858)                                                                
 property accounted by associate
 Headline earnings attributable to                                  23,417                 12,781
 shareholders                                                       

 Weighted average number of shares1                            289,612,780            201,200,481
 Earnings per share                                                   9.68                  14.20                                                
 Basic and diluted earnings per share (cents)                         9.68                  14.20
 Headline and diluted headline earnings per                           8.09                   6.35   
 share (cents)                                                                   

Restatement of the reconciliation of basic earnings and headline earnings for the year ended 30
June 2018
                                                Previously          Correction          Restated
                                                  reported        30 June 2018      30 June 2018
                                              30 June 2018             US$’000           US$’000
                                                   US$’000

 Basic earnings                                      28,562                  -             28,562
 Fair value adjustments on investment               (13,762)                 -            (13,762)
 property                                           
 Deferred taxation on investment
 property revaluation                                 5,979                  -              5,979          
 Fair value adjustment on other                         757                  -                757                                                            
 investments
 Fair value adjustment on other                         128                  -                128
 financial asset                                                                
 Fair value adjustment on derivative                    (25)                 -                (25)                                                                 
 financial instruments
 Share of fair value adjustment on                    8,858            (17,716)            (8,858)
 investment property accounted by                               
 associate2
 Share-based payment expense3                           282               (282)                 -
 Headline earnings attributable to                   30,779            (17,998)             12,781
 shareholders                                                              

 Weighted average number of shares1              201,200,481        201,200,481        201,200,481
 Earnings per share                                    14.20                                 14.20
 Basic and diluted earnings per share (cents)          14.20                                 14.20                                                            
 Headline and diluted headline                         15.30                                  6.35                                                              
 earnings per share (cents)

Notes
1)   There are no dilutionary instruments in issue
2)   The share of fair value adjustment on investment property accounted by associate has been restated to correct for an
     amount incorrectly added back in the headline earnings reconciliation for the year ended 30 June 2018
3)   Share-based payment expense incorrectly added back in the headline earnings reconciliation for the year ended 30 June
     2018

The Results have been updated to reflect the corrected note and are available on the Company’s
website at https://grit.group/financial-results/ and on the link below:
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/GTRE/FY2019.pdf.

By order of the Board

15 October 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 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), while its listing
on the Official Market of the Stock Exchange of Mauritius Ltd is termed as a secondary listing (SEM:
DEL.N0000).

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

*    This is a target only and not a profit forecast and there can be no assurance that it will be met. Any forward-looking
     statements and the assumptions underlying such statements are the responsibility of the Board of Directors and have not
     been reviewed or reported on by the Company’s external auditors

Directors:
Peter Todd+ (Chairman), Bronwyn Corbett (Chief Executive Officer)*, Leon van de Moortele (Chief
Financial Officer)*, Ian Macleod+, Nomzamo Radebe, Catherine McIlraith+, David Love+, Sir Samuel
Esson Jonah+, and Bright Laaka (Permanent Alternate Director to Nomzamo 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 LSE Listing Rules, JSE Listings Requirements, SEM Listing Rule
11.3 and the Mauritian Securities Act 2005. The board of directors of the Company accepts full
responsibility for the accuracy of the information contained in this communiqué.

Date: 15/10/2019 01:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story