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Grit Real Estate Income Group Limited (Grit) announced on 29 July 2022 an extension to the long stop date for Phase 2 of its acquisition of a controlling interest in Gateway Real Estate Africa Limited (GREA). The completion date for this phase was extended from 31 July 2022 to 31 August 2022. Phase 2 involves Grit increasing its direct interest in GREA from 26.29% to 35.01%.
| Date | 29 Jul 2022 |
| Time | 13:33:04 |
| Category | Miscellaneous |
| ID | 3044U |
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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")
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EXTENSION TO CONCLUSION OF PHASE 2 OF GRIT'S ACQUISITION OF A CONTROLLING INTEREST IN GATEWAY REAL ESTATE AFRICA LIMITED
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, today announces an extension of the long stop date of 31 July 2022 to 31 August 2022 for the completion of phase 2 of the acquisition of a controlling interest in Gateway Real Estate Africa Limited ("GREA") (the "Acquisition"), in order to satisfy the closing procedures.
An update to the Proposed Acquisition was published by Grit on 11 April 2022 (link here) and the three phases to Grit acquiring a controlling interest in GREA were summarised as follows:
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Phase 1 (15 April 2022) |
Grit acquired a 77.95 per cent. controlling stake in Africa Property Development Managers Limited ("APDM"), the external manager of GREA and lifted its direct interest in GREA from 19.98 per cent. to 26.29 per cent. |
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Phase 2 (Extended to 31 August 2022) |
Grit further lifts its interest in GREA from 26.29 per cent. to 35.01 per cent. |
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Phase 3 (15 Dec 2022) |
Grit has the option to acquire the remaining 13.61 per cent. interest in GREA and an additional 1 per cent. of APDM owned by Gateway Africa Real Estate Limited ("Gateway Partners") settled in either cash or issuance of new Grit shares at US$0.52 per Grit ordinary share. If exercised, this would increase Grit's direct shareholding in GREA to 48.62 per cent. and in APDM to 78.95 per cent.
Furthermore, Grit's total (direct and indirect) shareholding in GREA would increase to 51.66 per cent. following the issue of APDM's 10.0 per cent. free carry in GREA, which is to be issued to APDM upon the achievement of minimum performance requirements, measured and issued at year five or year seven from GREA's inception or upon on a defined exit event, which the Option exercise is expected to be. GREA's year five anniversary from inception is in December 2022. |
By order of the Board
29 July 2022
FOR FURTHER INFORMATION, PLEASE CONTACT:
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Grit Real Estate Income Group Limited |
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Bronwyn Knight, Chief Executive Officer |
+230 269 7090 |
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Darren Veenhuis, Chief Strategy Officer and Investor Relations |
+44 779 512 3402 |
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Maitland/AMO - Communications Adviser |
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James Benjamin |
+44 7747 113 930 / +44 20 7379 5151 |
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Alistair de Kare-Silver |
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finnCap Ltd - UK Financial Adviser |
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William Marle/Teddy Whiley (Corporate Finance) |
+44 20 7220 5000 |
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Mark Whitfeld/Pauline Tribe (Sales) |
+44 20 3772 4697 |
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Monica Tepes (Research) |
+44 20 3772 4698 |
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Perigeum Capital Ltd - SEM Authorised Representative and Sponsor |
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Shamin A. Sookia |
+230 402 0894 |
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Kesaven Moothoosamy |
+230 402 0898 |
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Capital Markets Brokers Ltd - Mauritian Sponsoring Broker |
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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, 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.