Business
Results of General Meeting: Bora and Acacia E...
Results of General Meeting: Bora and Acacia E....
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nGrit Real Estate Income Group (GR1T)\n\n\n\n\n\n\nResults of General Meeting: Bora and Acacia Estate disposals 16-Feb-2024 / 10:00 GMT/BST\n\n\n \n\n \n\nGRIT REAL ESTATE INCOME GROUP LIMITED\n\n(Registered in Guernsey)\n\n(Registration number: 68739)\n\nLSE share code: GR1T\n\nSEM share code (dual currency trading): DEL.N0000 (USD) / DEL.C0000(MUR)\n\nISIN: GG00BMDHST63 \n\nLEI: 21380084LCGHJRS8CN05\n\n\n(“Grit” or the “Company” and, together with its subsidiaries, the \"Group\")\n\n \n\n\n \n\n\nRESULTS OF THE GENERAL MEETING\n\n \n\n\nThe board of Directors of Grit Real Estate Income Group Limited (the \"Board\") is pleased to announce that at the general meeting of the Company (“GM”) held at Unity Building, The Precinct, M2 Junction, B11 Fond du Sac Road, Grand Baie at 1.00 p.m. (MUT) / 9.00 a.m. (GMT) today, Friday, 16 February 2024, all resolutions were passed by the Company’s shareholders. \n\n \n\nBronwyn Knight, CEO of Grit, commented:\n\n“We are pleased to announce 93.87% support for the Bora and Acacia transactions, reaffirming the Board’s strategy of asset recycling at, or close to, book value and reinforces the Group’s audited net asset value at 30 June 2023. The resultant US$48.5 million GREA equity subscription will be used to reduce debt and applied towards development projects that are expected to meaningfully contribute to ESG impact, accelerated NAV growth and fee income generation to the Group, as is contemplated under the Grit 2.0 strategy.”\n\nThe Public Investment Corporation of South Africa (\"PIC\") are a related party in relation to the transaction and did not vote their shares. Adjusting for this, the participation rate was 72.3%. The detailed results of the voting, are as follows:\n\n \n\n\n Resolutions proposed at the GM\n \n \n Votes in favour resolution as a percentage of total number of shares voted at GM \n\n (rounded to 2 decimal place)*\n \n \n Votes against resolution as a percentage of total number of shares voted at GM \n\n (rounded to 2 decimal place)*\n \n \n Number of shares voted at GM\n \n \n Number of shares voted at GM as a percentage of shares in issue\n\n (rounded to 2 decimal place)*\n \n \n Number of shares abstained as a percentage of shares in issue\n\n (rounded to 2 decimal place)*\n \n \n Ordinary R...