TIDMGR1T
RNS Number : 8721S
Grit Real Estate Income Group
14 March 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")
DEALINGS IN SECURITIES BY DIRECTOR/PDMR AND PERSONS CLOSELY
ASSOCIATED ("PCA") WITH THEM
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
Grit).
-- 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 Limited
----------------------------------------- ----------------------------------
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 conducted
-----------------------------------------------------------------------------
a) Description of the Financial instrument, Ordinary shares of
type of instrument 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 Indirect, beneficial
transaction
----------------------------------------- ----------------------------------
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
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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