Business
Deemed Disposal & Announcement in BHI
Deemed Disposal & Announcement in BHI.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n GRIT REAL ESTATE INCOME GROUP LIMITED\n \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\"\n and, together with its subsidiaries, the \"Group\"\n )\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n DEEMED DISPOSAL IN BEACHCOMBER HOSPITALITY INVESTEMENTS LTD (\"BHI\") AND\n \n \n CAUTIONARY ANNOUNCEMENT REGARDING A FURTHER EXIT BY GRIT OF ITS REMAINING INTERESTS IN BHI\n \n \n \n \n \n \n \n \n \n \n The board of Directors (the \"Board\") of Grit Real Estate Income Group Limited, a leading and\n award-winning\n pan-African impact 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,\n today announces a deemed disposal of 17.32% and the potential further exit by Grit of its remaining interests in\n BHI,\n an associate owning three hotels in Mauritius.\n \n \n \n \n \n BHI was set up as a business venture between New Mauritius Hotels Limited (\"NMH\") and Grit. The hospitality property company currently owns three 4-star hotels in the North of Mauritius, namely Victoria Beachcomber, Mauricia Beachcomber and Cannonier Beachcomber, operated by NMH under the Beachcomber brand.\n \n \n \n \n \n Following a successful 2022 trading performance, including the collection of all remaining Covid period back rentals, BHI recently declared a dividend whereby Grit received EUR14.5 million (US Dollar 15.18 million) in cash and NMH elected to receive a scrip dividend. This deemed disposal has resulted in Grit's interests in BHI being diluted from 44.4% to 27.1% as at 31 December 2022.\n \n \n \n \n \n To facilitate Grit's potential exit of its remaining interests in BHI, the Board has today\n signed a Merger Agreement detailing a scheme of arrangement (the \"Scheme\")\n to merge Grit's wholly owned subsidiary Leisure Property Northern (Mauritius) Limited (\"LPNL\"), through which it owns its interest in BHI, with and into BHI. BHI simultaneously proposes issuing preference shares, offered by way of a public offer and list...