Business
Distribution of circular & Notice of GM
Distribution of circular & Notice of GM.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \nRNS Number : 8920L Grit Real Estate Income Group 11 September 2019 \n\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)\nSEM share code: DEL.N0000\nJSE share code: GTR\nLSE share code: GR1T\nISIN: MU0473N00036\n(\"Grit\" or the \"Company\")\n\n\n \n\n\n\n\n \n\n \n\nDISTRIBUTION OF CIRCULAR AND NOTICE OF GENERAL MEETING\n\n \n\n \nGrit Real Estate Income Group is a leading pan-African real estate company focused on investing in and actively managing a diversified portfolio of quality assets underpinned by predominantly US$ and Euro denominated long-term leases with high quality multi-national tenants.\n \nFurther to the Voluntary Trading Update issued by the Company on 26 June 2019, the board of directors of Grit (\"Directors\" or \"Board\"), following consultation with its advisors, is seeking authority from its shareholders to issue, subject to market conditions, up to 280 million ordinary no par value shares in the issued share capital of Grit (\"Shares\") in connection with a placing, offer for subscription and intermediaries offer of Shares (\"Issue\"). The Issue will require a specific authority to issue shares for cash in terms of the JSE Listings Requirements.\n \nThe Directors are also seeking approval from Shareholders for Sir Samuel Jonah's appointment as a non-executive Director to the Board (\"Board Appointment\") as announced by the Company on 22 February 2019.\n \nCapitalised terms used below and elsewhere in this announcement and that are not otherwise defined, bear the meaning ascribed to them in the Circular.\n \nPIPELINE OF POTENTIAL INVESTMENTS\nGrit is undertaking the proposed Issue to support its strategic objectives, including its growth aspirations, through the conversion of its current and future investment pipeline. The Company also intends to reduce its bank debt in line with the Company's overall gearing target of between 35% to 40% loan to value.\n \nGrit has a significant and growing identified pipeline of attractive potential investment opportunities from existing tenants and other multi-national companies operating across the African continent, predominantly in the industrial, corporate accommodation and hospitality sectors. \n \nAll ...