Business
Clarification: Shares acquired by Grit Share Trust
Clarification: Shares acquired by Grit Share Trust.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \nRNS Number : 2848S Grit Real Estate Income Group 08 March 2019 \n\n\n\n\nGRIT REAL ESTATE INCOME GROUP LIMITED\n(Registered by continuation in the Republic of Mauritius)\n(Registration number: C128881 C1/GBL)\nLSE share code: GR1T\nSEM share code: DEL.N0000\nJSE share code: GTR\nISIN: MU0473N00036\n(\"Grit\" or the \"Company\")\n\n\n\n\n\n\n \n\n \n\n\nCLARIFICATION OF THE PURCHASING OF SHARES BY THE GRIT EXECUTIVE SHARE TRUST AND SHARE SALES BY BOWWOOD AND MAIN\n \n\n \nFurther to the Company's announcement on 27 February 2019 advising shareholders of the intention by the Grit Executive Share Trust (\"Grit Share Trust\") to acquire shares in the Company in the open market in order to satisfy the obligations of the Company's Long-term Incentive Plan Scheme Rules (the \"LTIP Scheme\") and the subsequent acquisition of shares in the Company announced on 1 March 2019 and 7 March 2019, the board of directors of Grit Real Estate Income Group Limited (the \"Board\") provides the following update:\n· The Company engaged with the relevant exchanges and regulators and sought and obtained approvals for the acquisition by the Grit Share Trust of shares pursuant to the LTIP Scheme, which were approved by way of a special resolution at the Company's annual general meeting of shareholders held on 24 November 2017.\n· The Company had sought and received approvals from the Johannesburg Stock Exchange for the sales of shares by the Bowwood and Main No.117 Proprietary Limited (\"Bowwood and Main\") and the part or whole acquisition of such shares by the Grit Share Trust \n· Between 28 February and 6 March 2019, the Grit Share Trust acquired shares in the open market at market value. The shares acquired included shares sold by Bowwood and Main, which were acquired by the Grit Share Trust on an arm's length basis in the open market at market value.\n· Bowwood and Main is an investment vehicle indirectly owned 50% by Bronwyn Corbett (CEO of Grit) and 50% by Sandile Nomvete (one of the original co-founders and previous chairman of Grit). \n· Bronwyn Corbett is defined as a Person Discharging Managerial Responsibilities (\"PDMR\") and Bowwood and Main is defined a person cl...