Grit Real Estate Income Group APDM & GREA conditions precedent met/Equity Update (5036I)
April 19 2022 - 1:01AM
UK Regulatory
TIDMGR1T
RNS Number : 5036I
Grit Real Estate Income Group
19 April 2022
GRIT REAL ESTATE INCOME GROUP LIMITED
(Registered in Guernsey)
(Registration number: 68739)
LSE share code: GR1T
SEM share code: DEL.N0000
ISIN: GG00BMDHST63
LEI: 21380084LCGHJRS8CN05
("Grit" or the "Company" or the "Group")
ALL REMAINING CONDITIONS PRECEDENT HAVE NOW BEEN MET FOR THE
ACQUISITION OF INTERESTS IN GREA AND APDM
and
AN UPDATE ON THE ISSUE OF EQUITY
Grit Real Estate Income Group Limited, a leading pan-African
real estate company focused on investing in, developing and
actively managing a diversified portfolio of assets underpinned by
predominantly US Dollar and Euro denominated long-term leases with
high quality multi-national tenants, notifies that further to the
Company announcement of the Proposed Acquisition on 22 November
2021, and the further update announced on 11 April 2022, all
remaining conditions precedent in relation to the Proposed
Transaction have now been met.
-- Grit has acquired Gateway Partner's 30.58 per cent. interest
in APDM for US$7.59 million paid in cash on 15 April 2022; and
-- Grit has acquired an additional 6.21 per cent. shareholding
in GREA from Gateway Partners at a purchase price of US$13.86
million paid in cash on 15 April 2022.
New Ordinary Shares are being issued at an issue price of
US$0.52 per new Ordinary Share , in relation to the Proposed
Transaction, to Dorado and the GREA Executive Share Trust for Grit
to acquire a further 47.37 per cent. of APDM and 0.1 per cent of
GREA. Admission of the 17,514,481 new Ordinary Shares is now
expected to take place on Wednesday, 20 April 2022, with
commencement of trading expected on the same day. This is an update
from the expected date of Admission of Tuesday, 19 April 2022,
originally announced by the Company on 11 April 2022. All other
information remains unchanged from the announcement made by the
Company on 11 April 2022.
Following the above transactions, Grit has acquired a 77.95 per
cent. controlling interest in APDM and increased its interest in
GREA to 26.29 per cent. with a clear path for Grit to purchase a
controlling shareholding in GREA by December 2022.
Terms not otherwise defined in this announcement have the
meanings given to them in the Prospectus and Circular.
By order of the Board
19 April 2022
FOR FURTHER INFORMATION, PLEASE CONTACT:
Grit Real Estate Income Group Limited
Bronwyn Knight, Chief Executive Officer +230 269 7090
Darren Veenhuis, Chief Strategy Officer
and Investor Relations +44 779 512 3402
Maitland/AMO - Communications Adviser
+44 7747 113 930 / +44
James Benjamin 20 7379 5151
Alistair de Kare-silver Grit-maitland@maitland.co.uk
finnCap Ltd - UK Financial Adviser
William Marle/Teddy Whiley (Corporate Finance) +44 20 7220 5000
Mark Whitfeld/Pauline Tribe (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
Capital Markets Brokers Ltd - Mauritian
Sponsoring Broker
Elodie Lan Hun Kuen +230 402 0280
NOTES:
Grit Real Estate Income Group Limited is the leading pan-African
real estate company focused on investing in, developing 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 holds its primary listing on the Main Market of the
London Stock Exchange (LSE: GR1T) and a secondary listing on the
Stock Exchange of Mauritius (SEM: DEL.N0000).
Further information on the Company is available at
www.grit.group
Directors:
Peter Todd+ (Chairman), Bronwyn Knight (Chief Executive
Officer)*, Leon van de Moortele (Chief Financial Officer)*, David
Love+, Sir Samuel Esson Jonah+, Nomzamo Radebe, Catherine
McIlraith+, Jonathan Crichton+, Cross Kgosidiile and Bright Laaka
(Permanent Alternate Director to Nomzamo Radebe).
(* Executive Director) ((+) independent Non-Executive
Director)
Company secretary : Intercontinental Fund Services Limited
Registered office address : PO Box 186, Royal Chambers, St
Julian's Avenue, St Peter Port, Guernsey GY1 4HP
Registrar and transfer agent (Mauritius) : Intercontinental
Secretarial Services Limited
SEM authorised representative and sponsor : Perigeum Capital
Ltd
UK Transfer secretary : Link Assets Services Limited
Mauritian Sponsoring Broker : Capital Markets Brokers Ltd
This notice is issued pursuant to the FCA Listing Rules and SEM
Listing Rule 15.24 and the Mauritian Securities Act 2005. The Board
of the Company accepts full responsibility for the accuracy of the
information contained in this communiqué.
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