Last checked at 30 Jun 2020 13:31
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") | Â |
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DEALINGS IN SECURITIES BY DIRECTOR/PDMR AND PERSONS CLOSELY ASSOCIATED WITH THEM
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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").
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Following the Subscription, the PDMRs outlined below have seen their beneficial interests, directly and indirectly, in the share capital of the Company increase to:
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PDMR | Number of Shares | % of issued share capital |
Bronwyn Corbett* Â | 6,715,432 | 2.124% |
Peter Todd  | 8,437 | 0.003% |
Leon van de Moortele* Â | 2,133,734 | 0.675% |
*Includes unvested LTI share awards
The details of the LTI share award are as follows:Â
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 |
 | ||||
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. | |||||
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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 |
 | ||||
d) | Aggregated information: • Aggregated volume • Volume weighted average price |  As above | ||||
e) | Date of the transaction | Â 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"). | |||||
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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 |
 | ||||
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. | |||||
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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 |
 | ||||
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. | |||||
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 The details of the Subscription are as follows:
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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) |
 | ||||
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. | |||||
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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) |
 | ||||
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. | |||||
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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) |
 | ||||
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. | |||||
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By Order of the Board
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30 June 2020
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FOR FURTHER INFORMATION, PLEASE CONTACT:
Grit Real Estate Income Group Limited | Â |
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 | Â |
James Benjamin | +44 20 7379 5151 |
 | Grit-maitland@maitland.co.uk |
finnCap Ltd - UK Financial Adviser | Â |
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 | Â |
Shamin A. Sookia | +230 402 0894 |
Kesaven Moothoosamy | +230 402 0898 |
 |  |
PSG Capital - JSE Sponsor and Corporate Adviser | Â |
David Tosi | +27 21 887 9602 |
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The Company's LEI is: 21380084LCGHJRS8CN05
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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.
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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*.
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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).
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Further information on the Company is available at http://grit.group/
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* 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.
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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)
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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
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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.
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