Business
Notice of General Meeting
Notice of General Meeting.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \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\" 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 \n \n \n \n NOTICE OF GENERAL MEETING\n \n \n \n \n \n \n \n \n \n \n \n \n Grit Real Estate Income Group Limited, a leading pan-African impact real estate company, today announces that it will be holding a general meeting of shareholders on 7 October 2022 at 12:00 (Mauritian time) (09:00 UK time) (the \"General Meeting\").\n \n \n \n \n \n The Notice of General Meeting and Form of Proxy were mailed to shareholders or otherwise made available today and the Notice of General Meeting is also available to view and download on the Company's website at\n \n https://grit.group/documents-circulars/\n \n .\n \n \n \n \n \n \n Introduction\n \n \n \n \n \n \n The Board is cognisant that current trading liquidity in Grit's ordinary shares remains sub optimal, and when combined with its attractive valuation at current level, the Board is investigating a formal treasury buyback mechanism that is expected to complement Grit's current dividend policy. Through engagement with its advisors, the Board has determined it optimal that treasury shares can be both bought and sold, subject to certain limitations and dependent on market supply and demand, and that it needs all authorities in place prior to the implementation of such a programme.\n \n \n \n \n \n On 17 June 2021,\n in conjunction with a buy-back authority, Shareholders voted in favour of an authority to issue Ordinary Shares or sell Ordinary Shares from treasury on a non-pre-emptive basis; thereby providing a mechanism to manage liquidity in the Company's traded shares.\n However, at the Company's annual general meeting (\"AGM\") held on 29 November 2021, although the refreshed buyback authority was passed, a special resolution to disapply pre-emption rights on the issue of Ordinary Shares was voted against by 35.15 per cent. of the votes cast by Shareholders represented in person or by proxy at the AGM. Grit's executive management has subsequently cons...