TIDMGR1T
RNS Number : 2092O
Grit Real Estate Income Group
05 February 2021
GRIT REAL ESTATE INCOME GROUP LIMITED
(Registered in Guernsey)
(Registration number: 68739)
LSE share code: GR1T
SEM share code: DEL.N0000
ISIN: MU0473N00036 (GG00BMDHST63 effective 11 February 2021)
LEI: 21380084LCGHJRS8CN05 ( 21380084LCGHJRS8CN05 effective 11 February 2021)
("Grit" or the "Company" and, together with its subsidiaries, the "Group" )
MIGRATION OF CORPORATE DOMICILE
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, announces that the Company successfully
migrated its corporate domicile to Guernsey from Mauritius on 4
February 2021 (the "Migration").
The completion of the Migration satisfies one of the key
eligibility requirements for inclusion in the FTSE Indices, which
relates to the nationality of a company and Grit has migrated the
corporate seat of its listed entity, Grit Real Estate Income Group
Limited, primarily to facilitate inclusion in the FTSE Indices in
due course and the increased value Grit expects this to deliver to
the business and growth strategy of the Company and to Grit's
shareholders and wider stakeholders.
The Company's operations, physical head office and domicile of
the main operational company, Grit Services Limited, remain in
Mauritius along with the majority of the Company's staff and its
place of effective management. Grit remains proudly African and
provides access to exciting and growing African markets via its
Premium Listing on the London Stock Exchange ("LSE") and Secondary
Listing on the Stock Exchange of Mauritius Ltd ("SEM"), where it
remains a constituent of the SEM10 Index.
As a result of the Migration, the Company's depository interest
facility on the LSE is no longer required, as the ordinary shares
of nil par value in the Company ("Ordinary Shares") will be
eligible for electronic settlement in CREST. Accordingly, the
agreement by which Link Market Services Trustees Limited is
appointed to act as depository interest services provider will be
terminated and the depository interests cancelled. Shareholders who
currently hold depository interests should note that their
depository interests will automatically be cancelled, and their
CREST accounts will be credited with the same number of Ordinary
Shares.
The Company's share code will remain GR1T on the LSE but will
commence trading at 8.00am (UK) on 11 February 2021 under the new
ISIN: GG00BMDHST63 and new SEDOL: BMDHST6.
As a consequence of the Migration, the SEM approved the
following on 5 February 2021:
(a) the reclassification of the registration of Grit's listing
on the Official Market of the SEM from Chapter 18 to Chapter 15 of
the SEM Listing Rules, i.e. rules applicable to international
issuers; and
(b) the conversion of Grit's primary listing on the Official
Market of the SEM to a secondary listing status.
This announcement follows a number of updates by the Company in
relation to its proposed Migration, most recently on 21 and 29
December 2020, and in addition to the delisting circular dated 11
June 2020.
Bronwyn Corbett, Chief Executive Officer of Grit , said:
"We are pleased to have redomiciled Grit to Guernsey. This
Migration, coupled with our recent transfer to the Premium Segment
of the Official List of the FCA, is expected to facilitate Grit's
inclusion in the FTSE Indices. This, in turn, is anticipated to
help raise Grit's profile with investors, improve liquidity in
Grit's shares and place Grit in an enhanced position to fund its
accretive pipeline of investments."
By Order of the Board
5 February 2021
FOR FURTHER INFORMATION, PLEASE CONTACT :
Grit Real Estate Income Group Limited
Bronwyn Corbett, Chief Executive Officer +230 269 7090
Darren Veenhuis, Chief Strategy Officer
and Investor Relations +44 779 512 3402
Maitland/AMO - Communications Adviser
James Benjamin +44 7747 113 930
Grit-maitland@maitland.co.uk
finnCap Ltd - UK Financial Adviser & Broker
William Marle/Giles Rolls/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
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 net total shareholder return
inclusive of NAV growth of 12.0% p.a.*
The Company currently holds a primary listing on the Main Market
of the London Stock Exchange (LSE: GR1T) and a secondary listing on
the Official Market of the Stock Exchange of Mauritius Ltd (SEM:
DEL.N0000).
Further information on the Company is available at
http://grit.group/
* This is a target only and not a profit forecast and 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)*, Jonathan Crichton(+) , Sir Samuel Esson Jonah(+) ,
Nomzamo Radebe, Catherine McIlraith(+) , David Love(+) , 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 Ltd
Sponsoring broker : Capital Markets Brokers Ltd
SEM authorised representative and sponsor : Perigeum Capital
Ltd
UK Transfer secretary : Link Assets Services Limited
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END
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