Director/PDMR and PCA

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")

 

 

The board of directors (the "Board") of Grit Real Estate Income Group Limited, 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 about share dealings and announces the awarding of Long Term Incentive ("LTI") share awards to Persons Discharging Managerial Responsibilities ("PDMRs") pursuant to the terms of the Company's Long Term Incentive Plan ("LTIP").

The value of the LTI share awards will be calculated as the amount by which the price of the Company's ordinary shares has increased above the grant price of US$89 cents per Grit ordinary share adjusted for dividends paid and imputed interest between the grant date and the vesting date. The LTI share awards vest after a period of 5 years subject to the satisfaction of specific conditions, including performance criteria, as set out in the rules of the LTIP and summarised in the Company's 2019 annual report.

In addition, the Company has been notified that on 30 June 2020, Persons Closely Associated ("PCAs") with certain PDMRs of the Company, as outlined below, have subscribed for equity in Wahoo International Feeder Company Limited ("WIFC"),  which directly owns 50,623 Grit ordinary shares (the "Subscription").

 

Following the Subscription, the PDMRs outlined below have seen their beneficial interests, directly and indirectly, in the share capital of the Company increase to: 

 

PDMR	Number of Shares	% of issued share capital
Bronwyn Corbett*	6,715,432	2.124%
Peter Todd	8,437	0.003%
Leon van de Moortele*	2,133,734	0.675%

*Includes unvested LTI share awards

The details of the LTI share award are as follows: 

1.	Details of PDMR / PCA
a)	Name of PDMR	Bronwyn Corbett
b)	Name of PCA	N/A
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, type of instrument   Identification code	LTI share awards   MU0473N00036
b)	Nature of the transaction	Grant of LTI share awards
c)	Deemed price and volume	Grant price Number of ordinary shares US$89 cps 1,280,906
d)	Aggregated information: •           Aggregated volume •           Volume weighted average price	As above
e)	Date of the transaction	29 June 2020
f)	Place of the transaction	Outside a trading venue (off-market)
g)	Nature and extent of interest in the transaction	Indirect, beneficial
h)	Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements and Appendix 6 of the Listing Rules of the Stock Exchange of Mauritius Ltd.

 

 

1.	Details of PDMR / PCA
a)	Name of PDMR	Leon van de Moortele
b)	Name of PCA	N/A
2.	Reason for the notification
a)	Position / status	Chief Financial 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, type of instrument   Identification code	LTI share awards   MU0473N00036
b)	Nature of the transaction	Grant of LTI share awards
c)	Deemed price and volume	Grant price Number of ordinary shares US$89 cps 924,897
d)	Aggregated information: •           Aggregated volume •           Volume weighted average price	As above
e)	Date of the transaction	29 June 2020
f)	Place of the transaction	Outside a trading venue (off-market)
g)	Nature and extent of interest in the transaction	Indirect, beneficial
h)	Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements and Appendix 6 of the Listing Rules of the Stock Exchange of Mauritius Ltd ("SEM").

 

1.	Details of PDMR / PCA
a)	Name of PDMR	Moira Van Der Westhuizen
b)	Name of PCA	N/A
2.	Reason for the notification
a)	Position / status	Chief Operating 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, type of instrument   Identification code	LTI share awards    MU0473N00036
b)	Nature of the transaction	Grant of LTI share awards
c)	Deemed price and volume	Grant price Number of ordinary shares US$89 cps 372,923
d)	Aggregated information: •           Aggregated volume •           Volume weighted average price	As above
e)	Date of the transaction	29 June 2020
f)	Place of the transaction	Outside a trading venue (off-market)
g)	Nature and extent of interest in the transaction	Indirect, beneficial
h)	Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements and Appendix 6 of the Listing Rules of the SEM.

 

1.	Details of PDMR / PCA
a)	Name of PDMR	Jacobus Van Zyl
b)	Name of PCA	N/A
2.	Reason for the notification
a)	Position / status	Group Treasury Manager 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, type of instrument       Identification code	LTI share awards       MU0473N00036
b)	Nature of the transaction	Grant of LTI share awards
c)	Deemed price and volume	Grant price Number of ordinary shares US$89 cps 287,329
d)	Aggregated information: •           Aggregated volume •           Volume weighted average price	As above
e)	Date of the transaction	29June 2020
f)	Place of the transaction	Outside a trading venue (off-market)
g)	Nature and extent of interest in the transaction	Indirect, beneficial
h)	Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements and Appendix 6 of the Listing Rules of the SEM.

 

 The details of the Subscription are as follows:

 

1.	Details of PDMR / PCA
a)	Name of PDMR	Bronwyn Corbett
b)	Name of PCA	Kenzlex Trust
c)	Relationship of PDMR to PCA	Bronwyn Corbett is the settlor of Kenzlex Trust
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, type of instrument   Identification code	Ordinary shares of No Par Value     MU0473N00036
b)	Nature of the transaction	Acquisition of beneficial ownership
c)	Deemed Price(s) and volume(s)	Price Number of shares US$73 cps 8,437
d)	Aggregated information: •              Aggregated volume •              Volume weighted average price	As above
e)	Date of the transaction	30 June 2020
f)	Place of the transaction	Outside a trading venue (off-market)
g)	Nature and extent of interest in the transaction	Indirect, beneficial
h)	Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements and Appendix 6 of the Listing Rules of the SEM.

 

 

1.	Details of PDMR / PCA
a)	Name of PDMR	Peter Todd
b)	Name of PCA	Sea View Trust
c)	Relationship of PDMR to PCA	Peter Todd is the settlor of the Sea View Trust
2.	Reason for the notification
a)	Position / status	Chairman 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, type of instrument   Identification code	Ordinary shares of No Par Value     MU0473N00036
b)	Nature of the transaction	Acquisition of beneficial ownership
c)	Deemed Price(s) and volume(s)	Price Number of shares US$73 cps 8,437
d)	Aggregated information: •              Aggregated volume •              Volume weighted average price	As above
e)	Date of the transaction	30 June 2020
f)	Place of the transaction	Outside a trading venue (off-market)
g)	Nature and extent of interest in the transaction	Indirect, beneficial
h)	Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements and Appendix 6 of the Listing Rules of the SEM.

 

 

1.	Details of PDMR / PCA
a)	Name of PDMR	Leon van de Moortele
b)	Name of PCA	Cuckoos Nest Trust
c)	Relationship of PDMR to PCA	Leon van de Moortele is the settlor of Cuckoos Nest Trust
2.	Reason for the notification
a)	Position / status	Chief Financial 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, type of instrument   Identification code	Ordinary shares of No Par Value     MU0473N00036
b)	Nature of the transaction	Acquisition of beneficial ownership
c)	Deemed Price(s) and volume(s)	Price Number of shares US$73 cps 8,437
d)	Aggregated information: •              Aggregated volume •              Volume weighted average price	As above
e)	Date of the transaction	30 June 2020
f)	Place of the transaction	Outside a trading venue (off-market)
g)	Nature and extent of interest in the transaction	Indirect, beneficial
h)	Clearance to deal in these securities was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements and Appendix 6 of the Listing Rules of the SEM.

 

By Order of the Board

 

30 June 2020

 

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
	[email protected]
finnCap Ltd - UK Financial Adviser
William Marle / 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 a net total shareholder return inclusive of net asset value growth of 12.0% per annum*.

 

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), while its listing on the Official Market of the SEM is termed as a secondary listing (SEM: DEL.N0000).

 

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

 

*       These are targets only and are not a profit forecast, there can be no assurance that it will be met. Any forward-looking statements and the assumptions underlying such statements are the responsibility of the board of directors and have not been reviewed or reported on by the Company's external auditors.

 

Directors:

Peter Todd⁺ (Chairman), Bronwyn Corbett (Chief Executive Officer)*, Leon van de Moortele (Chief Financial Officer)*, Nomzamo Radebe, Catherine McIlraith⁺, David Love⁺, Sir Samuel Esson Jonah⁺ and Bright Laaka (Permanent Alternate Director to Nomzamo Radebe).

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

 

Company secretary: Intercontinental Fund Services Limited

Registered office address: 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

UK Transfer secretary: Link Asset Services

JSE sponsor: PSG Capital Proprietary 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.