REG-Grit Real Estate Income Group Result of AGM

Grit Real Estate IncomeAnnouncement

18/12/2023 13:45

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  Grit Real Estate Income Group (GR1T)
  Result of AGM

  18-Dec-2023 / 13:38 GMT/BST

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  GRIT REAL ESTATE INCOME GROUP LIMITED

  (Registered in Guernsey)

  (Registration number: 68739)

  LSE share code: GR1T
                                                                              
  SEM share code (dual currency trading): DEL.N0000 (USD) / DEL.C0000(MUR)

  ISIN: GG00BMDHST63

  LEI: 21380084LCGHJRS8CN05

  (“Grit” or the “Company” and, together with its subsidiaries, the "Group")

   

   

                      RESULTS OF THE ANNUAL GENERAL MEETING

                                         

   

  The board of Directors (the  "Board") of Grit is  pleased to announce  that at
  the annual general meeting of the Company ("AGM") held at 1:00  p.m. Mauritian
  time (9:00 a.m. UK time) on Monday,  18th December 2023, all resolutions  were
  passed. The detailed results of the voting are as follows:

   

                         Votes for  Votes
                         resolution against                Number of  Number of
                         as a       resolution             shares     shares
                         percentage as a                   voted at   abstained
                         of total   percentage             AGM as a   as a
                         number of  of total   Number of   percentage percentage
  Resolutions proposed   shares     number of  shares      of shares  of shares
  at the AGM             voted at   shares     voted at    in issue   in issue
                         AGM        voted at   AGM
                                    AGM                    (rounded   (rounded
                         (rounded                          to 2       to 2
                         to 2       (rounded               decimal    decimal
                         decimal    to 2                   places)*   places)*
                         places)*   decimal
                                    places)*
  Ordinary Resolution
  Number 1 – Receiving
  and considering the
  auditors’ report and
  the
                          100.00%     0.00%    416,579,539   84.14%     0.00%
  Integrated Annual
  Report and the
  adoption of the
  audited annual
  financial statements
  Ordinary Resolution
  Number 2 – Appointment
  of
  PricewaterhouseCoopers  100.00%     0.00%    416,581,539   84.14%     0.00%
  LLP as the

  statutory auditors of
  the Company
  Ordinary Resolution
  Number 3 – Re-election
  of Peter Todd as a       99.99%     0.01%    415,431,086   83.91%     0.24%
  Director of the
  Company
  Ordinary Resolution
  Number 4 – Re-election
  of Bronwyn Knight as a   99.60%     0.40%    415,431,086   83.91%     0.24%
  Director of the

  Company
  Ordinary Resolution
  Number 5 – Re-election
  of Catherine McIlraith   99.99%     0.01%    415,431,086   83.91%     0.24%
  as a Director of the

  Company
  Ordinary Resolution
  Number 6 – Re-election
  of David Love as a       99.99%     0.01%    415,431,086   83.91%     0.24%
  Director of the
  Company
  Ordinary Resolution
  Number 7 – Re-election
  of Jonathan Crichton     99.99%     0.01%    415,431,086   83.91%     0.24%
  as a Director of the

  Company
  Ordinary Resolution
  Number 8 – Re-election
  of Cross Kgosidiile as   99.99%     0.01%    415,431,086   83.91%     0.24%
  a Director of the
  Company
  Ordinary Resolution
  Number 9 – Election of
  Lynette Finlay as a      99.99%     0.01%    415,431,086   83.91%     0.24%
  Director of the
  Company
  Ordinary Resolution
  Number 10 –
  Non-binding advisory
  vote on Grit’s           71.40%     28.60%   416,510,039   84.13%     0.02%
  implementation report
  on the remuneration
  policy
  Ordinary Resolution
  Number 11 – Authority    96.16%     3.84%    403,479,970   81.50%     2.65%
  to grant awards under
  the LTIP
  Special Resolution
  Number 1 – Market        96.43%     3.57%    405,502,586   83.92%     0.22%
  Purchase of Own Shares
  / Share buy back
  Special Resolution
  Number 2 – Authority
  to issue shares for
  cash on a                96.15%     3.85%    416,494,939   84.12%     0.02%
  non-pre-emptive

  Basis
  Special Resolution
  Number 3 – Authority
  to sell shares from
  treasury for cash on a   96.42%     3.57%    399,408,536   80.67%     3.47%
  non-preemptive

  Basis

   

   

  *    Percentages are expressed as a proportion of the total votes cast  (which
  does not include votes withheld).

   

  Total number of shares in issue as at the date of the AGM was 495,092,339.

   

  Engagement with Dissenting Shareholders

   

  Shareholders are further advised that,  whilst ordinary resolution number  10,
  relating to the non-binding advisory  vote on Grit’s implementation report  on
  the remuneration policy, was  supported by the  majority of shareholders,  the
  Company does  recognise that  it was  voted  against by  28.60% of  the  votes
  exercised by the Company's  shareholders present in  person or represented  by
  proxy at the AGM.

   

  The executives of Grit have taken this on board and are committed to achieving
  a  greater  understanding  of  the  underlying  reasons  that  has  seen  some
  shareholders being unable to support  this resolution. The executives of  Grit
  will  initiate  a  consultation  with  the  Company's  shareholders  including
  dissenting   shareholders    on    Wednesday,   17    January    2024 at 13.00
  hours Mauritius time (09.00  hours UK time)  via  a  telephone  conference  to
  further understand their position and perspectives on the resolution.

   

  All shareholders  are asked  to  confirm their  participation to  the  company
  secretary by  e-mail  at  1 Grit@intercontinentaltrust.com by  no  later  than
  close of  business on  Wednesday 10  January 2024,  who will  provide  dial-in
  details for  the telephone  conference. Shareholders  are further  invited  to
  forward their concerns/questions  on the  remuneration policy  to the  company
  secretary in writing by close of business on Wednesday, 10 January 2024.

   

  An update on the  views received from shareholders  and actions taken will  be
  published no  later than  six months  after the  meeting with  the  dissenting
  shareholders.

   

  In accordance with Listing Rules 9.6.2 and 9.6.3 of the UK Financial Conduct
  Authority ("FCA"), a copy of the resolutions passed at the AGM has
  been submitted to the FCA via the National Storage Mechanism and will shortly
  be available to the public for inspection at:
    2 https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

   

  By Order of the Board

   

  18 December 2023

   

  FOR FURTHER INFORMATION, PLEASE CONTACT:

  Grit Real Estate Income Group Limited                          
  Bronwyn Knight, Chief Executive Officer                       +230 269 7090
  Darren Veenhuis, Investor Relations                           +44 779 512 3402
                                                                 
  Cavendish Capital Markets Limited – UK Financial Adviser
                                                                 
   
  William Marle/Teddy Whiley (Corporate Finance)                +44 20 7220 5000
  Pauline Tribe (Sales)                                         +44 20 3772 4697
                                                                 
  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 woman  led
  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 dual currency trading secondary listing on the Stock
  Exchange of Mauritius (SEM: DEL.N0000 (USD) / DEL.C0000 (MUR)).

   

  Further information on the Company is available at  3 http://grit.group.

  Directors: Peter Todd (Chairman),  Bronwyn Knight (Chief Executive  Officer)*,
  Leon van de Moortele (Chief Financial Officer)*, David Love+, Sir Samuel Esson
  Jonah+, Catherine McIlraith+, Jonathan Crichton+, Cross Kgosidiile and Lynette
  Finlay+.

  (* Executive Director) (+ independent Non-Executive Director)

  Company secretary: Intercontinental Fund Services Limited

  Registered 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

  UK Transfer secretary: Link Market Services Limited 

  SEM authorised representative and sponsor: Perigeum Capital Ltd

  Mauritian sponsoring broker: Capital Markets Brokers Ltd

   

   

  This notice is  issued pursuant to  the FCA Listing  Rules, SEM Listing  Rules
  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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  Dissemination of a Regulatory Announcement, transmitted by EQS Group.
  The issuer is solely responsible for the content of this announcement.

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   ISIN:          GG00BMDHST63
   Category Code: RAG
   TIDM:          GR1T
   LEI Code:      21380084LCGHJRS8CN05
   Sequence No.:  292683
   EQS News ID:   1799241


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:Grit@intercontinentaltrust.com
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