Grit Real Estate Income Group Result of AGM (0946I)

TIDMGR1T

RNS Number : 0946I

Grit Real Estate Income Group

30 November 2022

 
 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" and, together with its subsidiaries, the "Group" ) 
 

RESULTS OF THE ANNUAL GENERAL MEETING

The board of Directors (the "Board") of Grit is pleased to announce that at the annual general meeting of the Company ("AGM") held at 1:00 p.m. Mauritian time (9:00 a.m. UK time) on Wednesday, 30 November 2022, at 3rd Floor, La Croisette Shopping Centre, Grand Baie, Mauritius, all resolutions were passed. The detailed results of the voting are as follows:

 
                           Votes for          Votes against 
                            resolution         resolution 
                            as a percentage    as a percentage                                       Number of 
                            of total           of total                        Number of shares       shares abstained 
                            number of          number of                        voted at AGM          as a percentage 
                            shares voted       shares voted                     as a percentage       of shares 
                            at AGM             at AGM            Number         of shares in          in issue 
                            (rounded           (rounded           of shares     issue                 (rounded 
 Resolutions proposed       to 2 decimal       to 2 decimal       voted at      (rounded to           to 2 decimal 
  at the AGM                places)*           places)*           AGM           2 decimal places)*    places)* 
 Ordinary resolution 
  number 1: 
  Receiving and 
  considering 
  the auditors' report 
  and the Integrated 
  Annual Report and 
  the adoption of 
  the audited annual 
  financial statements     100.00%            0.00%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 2: 
  Appointment of 
  PricewaterhouseCoopers 
  LLP as the statutory 
  auditors of the 
  Company                  100.00%            0.00%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 3: 
  Re-election of 
  Peter McAllister 
  Todd as Director 
  of the Company           99.93%             0.07%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 4: 
  Re-election of 
  Bronwyn Anne Knight 
  as Director of 
  the Company              99.93%             0.07%              401,940,391   81.18%                0.24% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 5: 
  Re-election of 
  Leon Paul van de 
  Moortele as Director 
  of the Company           99.93%             0.07%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 6: 
  Re-election of 
  Nomzamo Radebe 
  as Director of 
  the Company              99.93%             0.07%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 7: 
  Re-election of 
  Catherine McIlraith 
  as Director of 
  the Company              91.73%             8.27%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 8: 
  Re-election of 
  David Arthur Love 
  as Director of 
  the Company              99.93%             0.07%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 9: 
  Re-election of 
  Samuel Esson Jonah 
  as Director of 
  the Company              91.73%             8.27%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 10: 
  Re-election of 
  Jonathan H.K. Crichton 
  as Director of 
  the Company              99.93%             0.07%              403,054,385   81.41%                0.02% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 11: 
  Re-election of 
  Cross Kgosidiile 
  as Director of 
  the Company              91.14%             8.86%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Ordinary resolution 
  number 12: 
  Non-binding advisory 
  vote on Grit's 
  implementation 
  report on the 
  remuneration 
  policy                   70.22%             29.78%             403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 Special resolution 
  number 1: 
  Market Purchase 
  of Own Shares/Share 
  buy back                 99.99%             0.01%              403,147,314   81.43%                0.00% 
                          -----------------  -----------------  ------------  --------------------  ------------------ 
 

* Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld).

Total number of shares in issue as at the date of the AGM was 495,092,339.

Shareholders are further advised that, whilst ordinary resolution number 12, relating to the non-binding advisory vote on the implementation of the remuneration policy of the Company, was supported by the majority of shareholders, the Company does recognise that it was voted against by 29.78% of the votes exercised by the Company's shareholders present in person or represented by proxy at the AGM.

The executives of Grit have taken this on board and are committed to achieving a greater understanding of the underlying reasons that has seen some shareholders being unable to support these resolutions. The executives of Grit will initiate a consultation with the Company's shareholders including dissenting shareholders on Monday, 5 December 2022 at 3.00 p.m. Mauritius time (11.00 a.m. UK time) via a telephone conference to further understand their position and perspectives on the resolutions.

All shareholders are asked to confirm their participation to the company secretary by e-mail at [e-mail] by no later than close of business on Friday, 2 December 2022, who will provide dial-in details for the telephone conference. Shareholders are further invited to forward their concerns/questions on the remuneration policy to the company secretary in writing by close of business on Friday, 2 December 2022.

In accordance with Listing Rules 9.6.2 and 9.6.3 of the UK Financial Conduct Authority ("FCA"), a copy of the resolutions passed at the A GM has been submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

By Order of the Board

30 November 2022

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
Grit Real Estate Income Group Limited 
Bronwyn Knight, Chief Executive Officer                [phone] 
Darren Veenhuis, Investor Relations                    [phone] 
 
H/Advisors Maitland - Communications Advisor 
                                                       [phone] / +44 
James Benjamin                                          20 7379 5151 
Alistair de Kare-Silver                                [e-mail] 
 
finnCap Ltd - UK Financial Adviser 
William Marle/Teddy Whiley (Corporate Finance)         [phone] 
Mark Whitfeld/Pauline Tribe (Sales)                    [phone] 
Monica Tepes (Research)                                [phone] 
 
Perigeum Capital Ltd - SEM Authorised Representative 
 and Sponsor 
Shamin A. Sookia                                       [phone] 
Kesaven Moothoosamy                                    [phone] 
 
Capital Markets Brokers Ltd - Mauritian 
 Sponsoring Broker 
Elodie Lan Hun Kuen                                    [phone] 
 

NOTES:

Grit Real Estate Income Group Limited is the leading and award-winning pan-African impact 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 http://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 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

UK Transfer secretary : Link Asset Services Limited

SEM authorised representative and sponsor : Perigeum Capital Ltd

Mauritian sponsoring broker : Capital Markets Brokers Ltd

This notice is issued pursuant to the FCA Listing Rules and 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.

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November 30, 2022 07:00 ET (12:00 GMT)