Business
APDM & GREA conditions precedent met/Equity Update
APDM & GREA conditions precedent met/Equity Update.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 5036I\n Grit Real Estate Income Group\n 19 April 2022\n \n \n \n \n \n \n \n GRIT REAL ESTATE INCOME GROUP LIMITED\n \n \n (Registered in Guernsey)\n \n \n (Registration number: 68739)\n \n \n LSE share code: GR1T\n \n \n SEM share code: DEL.N0000\n \n \n ISIN: GG00BMDHST63\n \n \n LEI: 21380084LCGHJRS8CN05\n \n \n (\"Grit\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ALL REMAINING CONDITIONS PRECEDENT HAVE NOW BEEN MET FOR THE ACQUISITION OF INTERESTS IN GREA AND APDM\n \n \n and\n \n \n AN UPDATE ON THE ISSUE OF EQUITY\n \n \n \n \n \n \n \n \n \n Grit Real Estate Income Group Limited, a leading pan-African real estate company focused on investing in, developing and actively managing a diversified portfolio of assets underpinned by predominantly US Dollar and Euro denominated long-term leases with high quality multi-national tenants, notifies that further to the Company announcement of the Proposed Acquisition \n on 22 November 2021, and the further update announced on 11 April 2022, all remaining conditions precedent in relation to the Proposed Transaction have now been met.\n \n \n · \n Grit has acquired Gateway Partner's 30.58 per cent. interest in APDM for US$7.59 million paid in cash on 15 April 2022; and\n \n \n · \n Grit has acquired an additional 6.21 per cent. shareholding in GREA from Gateway Partners at a purchase price of US$13.86 million paid in cash on 15 April 2022.\n \n \n \n \n \n New Ordinary Shares are being issued \n at an issue price of US$0.52 per new Ordinary Share\n , in relation to the Proposed Transaction, to Dorado and the \n GREA Executive Share Trust\n for Grit to acquire a further 47.37 per cent. of APDM and 0.1 per cent of GREA. Admission of the 17,514,481 new Ordinary Shares is now expected to take place on Wednesday, 20 April 2022, with commencement of trading expected on the same day. This is an update from the expected date of Admission of Tuesday, 19 April 2022, originally announced by the Company on 11 April 2022. All other information remains unchanged from the announcement made by the Company on 11 April 2022.\n \n \n \n \n \n Following the above transactions, Grit has acquired a 77.95 per cent. controlling interest in APDM and increased its interest in GREA to 26.2...