REG-Grit Real Estate Income Group Results of General Meeting: Bora and Acacia Estate disposals

Grit Real Estate IncomeAnnouncement

16/02/2024 10:00

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   Grit Real Estate Income Group (GR1T)
   Results of General Meeting: Bora and Acacia Estate disposals

   16-Feb-2024 / 10:00 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 GENERAL MEETING

                                        

   The board  of Directors  of Grit  Real Estate  Income Group  Limited  (the
   "Board") is pleased to announce that at the general meeting of the Company
   (“GM”) held at Unity Building, The Precinct, M2 Junction, B11 Fond du  Sac
   Road, Grand Baie at 1.00  p.m. (MUT) / 9.00  a.m. (GMT) today, Friday,  16
   February 2024, all resolutions were passed by the Company’s shareholders.

    

   Bronwyn Knight, CEO of Grit, commented:

   “We are  pleased  to announce  93.87%  support  for the  Bora  and  Acacia
   transactions, reaffirming the Board’s strategy  of asset recycling at,  or
   close to, book value and reinforces the Group’s audited net asset value at
   30 June 2023. The resultant US$48.5 million GREA equity subscription  will
   be used to reduce debt and  applied towards development projects that  are
   expected to meaningfully contribute to ESG impact, accelerated NAV  growth
   and fee income generation to the Group, as is contemplated under the  Grit
   2.0 strategy.”

   The Public Investment Corporation  of South Africa  ("PIC") are a  related
   party in  relation to  the  transaction and  did  not vote  their  shares.
   Adjusting for this, the participation rate was 72.3%. The detailed results
   of the voting, are as follows:

    

                 Votes in    Votes
                 favour      against                  Number of   Number of
                 resolution  resolution               shares      shares
                 as a        as a                     voted at GM abstained
                 percentage  percentage               as a        as a
   Resolutions   of total    of total    Number of    percentage  percentage
   proposed at   number of   number of   shares voted of shares   of shares
   the GM        shares      shares      at GM        in issue    in issue
                 voted at GM voted at GM
                                                      (rounded to (rounded to
                 (rounded to (rounded to              2 decimal   2 decimal
                 2 decimal   2 decimal                place)*     place)*
                 place)*     place)*
   Ordinary
   Resolution
   number 1:

   To approve
   the Bora
   Investment      93.87%       0.00%    283,365,621    57.23%       3.74%
   and authorise
   the Board to
   implement the
   Bora
   Investment

    
   Ordinary
   Resolution
   Number 2:

   To approve
   the DH          93.87%       0.00%    283,365,621    57.23%       3.74%
   Disposal and
   authorise the
   Board to
   implement the
   DH Disposal

    

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

    

   Total number of shares with voting rights  in issue as at the date of  the
   GM was 495,092,339.

    

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

    

   Terms not otherwise defined in  this announcement have the meanings  given
   to them in the Circular issued by Grit on 29 January 2024.

    

   By Order of the Board

    

   16 February 2024

    

    

   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
                                                              
    
   James King/Teddy Whiley (Corporate Finance)               +44 20 7220 0500
   Justin Zawoda-Martin / Daniel Balabanoff / Pauline Tribe  +44 20 3772 4697
   (Sales)
                                                              
   Perigeum Capital Ltd – SEM Authorised Representative and   
   Sponsor
   Shamin A. Sookia                                          +230 402 0894
   Darren Chinasamy                                          +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  2 http://grit.group.

    

   Directors:  Peter  Todd  (Chairman),   Bronwyn  Knight  (Chief   Executive
   Officer)*, Leon van de Moortele  (Chief Financial Officer)*, David  Love+,
   Catherine McIlraith+, Jonathan Crichton+,  Cross Kgosidiile, Nigel  Nunoo+
   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: ROM
   TIDM:          GR1T
   LEI Code:      21380084LCGHJRS8CN05
   Sequence No.:  304371
   EQS News ID:   1839163


    
   End of Announcement EQS News Service

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