Grit Real Estate Income Group Director/PDMR Shareholding (1793S)

TIDMGR1T

RNS Number : 1793S

Grit Real Estate Income Group

07 March 2019

 
 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") 
 

DEALINGS IN SECURITIES BY DIRECTOR/PDMR AND PERSONS CLOSELY ASSOCIATED ("PCA") WITH THEM

The board of directors of Grit Real Estate Income Group Limited (the "Board"), 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 that on 6 March 2019, Bowwood and Main No.117 Proprietary Limited, an investment vehicle jointly controlled by Bronwyn Corbett, Grit's CEO, sold 2,464,520 ordinary shares held by it in the Company at a price of R19.50 per share.

The Notification of Dealing Form provided in accordance with the requirements of the Market Abuse Regulation in relation to the transaction listed above is set out below.

 
 1.   Details of PDMR / PCA 
 a)   Name of PDMR                               BA Corbett 
     -----------------------------------------  ------------------------------------- 
 b)   Name of PCA                                Bowwood and Main No.117 
                                                  Proprietary Limited 
     -----------------------------------------  ------------------------------------- 
 c)   Relationship of PDMR to PCA                BA Corbett is a trustee 
                                                  and beneficiary of 
                                                  The Corbett Family 
                                                  Trust, the 50% shareholder 
                                                  of the PCA and a director 
                                                  of the PCA 
     -----------------------------------------  ------------------------------------- 
 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,   Ordinary shares of 
       type of instrument                         No Par Value 
 
       Identification code 
                                                  MU0473N00036 
     -----------------------------------------  ------------------------------------- 
 b)   Nature of the transaction                  Sale of ordinary shares 
                                                  (On-market) 
     -----------------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)                      Price(s)   Volume(s)   Total(s) 
                                                   R19.50     2,464,520   R48,058,140 
                                                             ----------  ------------ 
     -----------------------------------------  ------------------------------------- 
 d)   Aggregated information: 
       -- Aggregated volume                        As above 
       -- Volume weighted average price 
     -----------------------------------------  ------------------------------------- 
 e)   Date of the transaction                    06 March 2019 
     -----------------------------------------  ------------------------------------- 
 f)   Place of the transaction                   Johannesburg Stock 
                                                  Exchange, Main Market 
                                                  (JSE) 
     -----------------------------------------  ------------------------------------- 
 g)   Nature and extent of interest in the       Indirect, beneficial 
       transaction 
     -----------------------------------------  ------------------------------------- 
 h)   Clearance to deal in these securities was obtained in accordance 
       with paragraph 3.66 of the Listings Requirements of the JSE 
       Limited and Appendix 6 of the Listing Rules of the Stock 
       Exchange of Mauritius Ltd. 
     -------------------------------------------------------------------------------- 
 

By Order of the Board

7 March 2019

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
Grit Real Estate Income Group Limited 
Bronwyn Corbett, Chief Executive Officer               [phone] 
Darren Veenhuis, Head of Investor Relations            [phone] 
Morne Reinders, Investor Relations                     [phone] 
 
Maitland/AMO - Communications Adviser 
James Benjamin                                         [phone] 
Vikki Kosmalska                                        [e-mail] 
Jason Ochere 
 
finnCap Ltd - UK Financial Adviser 
William Marle / Scott Mathieson / Matthew Radley 
 (Corporate Finance)                                   [phone] 
Mark Whitfeld (Sales)                                  [phone] 
Monica Tepes (Research)                                [phone] 
 
Perigeum Capital Ltd - SEM Authorised Representative 
 and Sponsor 
Shamin A. Sookia                                       [phone] 
Kesaven Moothoosamy                                    [phone] 
 
PSG Capital - JSE Sponsor and Corporate Adviser 
David Tosi                                             [phone] 
 

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 an annual dividend yield in USD of 8%+ and a net total shareholder return inclusive of NAV growth of 12.0%+ p.a.*

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), with a secondary listing on the Official Market of the Stock Exchange of Mauritius (SEM: DEL.N0000).

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

*These are targets only and not a profit forecast and there can be no assurance that they will be met.

Directors:

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

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

Company secretary: Intercontinental Fund Services Limited

Registered address: c/o Intercontinental Fund Services Limited, 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

JSE sponsor: PSG Capital Proprietary Limited

Sponsoring broker: Axys Stockbroking 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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March 07, 2019 05:10 ET (10:10 GMT)