Grit Real Estate Income Group

Major Shareholding Notification • Oct 15, 2019

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RNS Number : 9449P

Grit Real Estate Income Group

15 October 2019

GRIT REAL ESTATE INCOME GROUP LIMITED

(Registered by continuation in the Republic of Mauritius)

(Registration number: C128881 C1/GBL)                                                                           

LSE share code: GR1T

SEM share code: DEL.N0000

JSE share code: GTR

ISIN: MU0473N00036

("Grit" or the "Company")

CORRECTION OF NOTE 17 IN THE RESULTS FOR THE YEAR ENDED 30 JUNE 2019

Shareholders are referred to the results announcement for the year ended 30 June 2019 as published by the Company on 30 September 2019 ("Results") and are advised that Note 17, Reconciliation of basic and headline earnings, contained a restatement relating to the 30 June 2018 headline earnings that was not disclosed as such.

Accordingly, shareholders are advised that Note 17 of the Results has been corrected to reflect the restatement as set out below. All other details in the Results announcement remain unchanged.

17. Reconciliation of basic and headline earnings

	30 June 2019	Restated  30 June 2018
US$'000	US$'000
Basic earnings	28,035	28,562
Fair value adjustments on investment property	(21,363)	(13,762)
Deferred taxation on investment property revaluation	22,349	5,979
Fair value adjustment on other investments	795	757
Fair value adjustment on other financial asset	516	128
Fair value adjustment on derivative financial instruments	6	(25)
Share of fair value adjustment on investment property accounted by associate	(6,921)	(8,858)
Headline earnings attributable to shareholders	23,417	12,781
Weighted average number of shares1	289,612,780	201,200,481
Earnings per share	9.68	14.20
Basic and diluted earnings per share (cents)	9.68	14.20
Headline and diluted headline earnings per share (cents)	8.09	6.35

Restatement of the reconciliation of basic earnings and headline earnings for the year ended 30 June 2018

	Previously reported  30 June 2018 US$'000	Correction 30 June 2018 US$'000	Restated  30 June 2018 US$'000
Basic earnings	28,562	-	28,562
Fair value adjustments on investment property	(13,762)	-	(13,762)
Deferred taxation on investment property revaluation	5,979	-	5,979
Fair value adjustment on other investments	757	-	757
Fair value adjustment on other financial asset	128	-	128
Fair value adjustment on derivative financial instruments	(25)	-	(25)
Share of fair value adjustment on investment property accounted by associate2	8,858	(17,716)	(8,858)
Share-based payment expense3	282	(282)	-
Headline earnings attributable to shareholders	30,779	(17,998)	12,781
Weighted average number of shares1	201,200,481	201,200,481	201,200,481
Earnings per share	14.20		14.20
Basic and diluted earnings per share (cents)	14.20		14.20
Headline and diluted headline earnings per share (cents)	15.30		6.35

Notes

1)     There are no dilutionary instruments in issue

2)     The share of fair value adjustment on investment property accounted by associate has been restated to correct for an amount incorrectly added back in the headline earnings reconciliation for the year ended 30 June 2018

3)     Share-based payment expense incorrectly added back in the headline earnings reconciliation for the year ended 30 June 2018

The Results have been updated to reflect the corrected note and are available on the Company's website at https://grit.group/financial-results/ and on the link below:

https://senspdf.jse.co.za/documents/2019/JSE/ISSE/GTRE/FY2019.pdf.

By order of the Board

15 October 2019

FOR FURTHER INFORMATION, PLEASE CONTACT:

Grit Real Estate Income Group Limited
Bronwyn Corbett, Chief Executive Officer	+230 269 7090
Darren Veenhuis, Head of Investor Relations	+44 779 512 3402
Morne Reinders, Investor Relations	+27 82 480 4541
Maitland/AMO - Communications Adviser
James Benjamin	+44 20 7379 5151
Vikki Kosmalska	[email protected]
Jason Ochere
finnCap Ltd - UK Financial Adviser
William Marle / Scott Mathieson / Matthew Radley (Corporate Finance)	+44 20 7220 5000
Mark Whitfeld (Sales)	+44 20 3772 4697
Monica Tepes (Research)	+44 20 3772 4698
Perigeum Capital Ltd - SEM Authorised Representative and Sponsor
Shamin A. Sookia	+230 402 0894
Kesaven Moothoosamy	+230 402 0898
PSG Capital - JSE Sponsor and Corporate Adviser
David Tosi	+27 21 887 9602

The Company's LEI is: 21380084LCGHJRS8CN05

NOTES:

Grit Real Estate Income Group Limited is a leading pan-African real estate company focused on investing in and actively managing a diversified portfolio of assets in carefully selected African countries (excluding South Africa). These high quality assets are underpinned by predominantly US$ and Euro denominated long-term leases with a wide range of blue-chip multi-national tenant covenants across a diverse range of robust property sectors.

The Company is committed to delivering strong and sustainable income for shareholders, with the potential for income and capital growth. The Company is targeting a net total shareholder return inclusive of NAV growth of 12.0% p.a.*

The Company currently holds primary listings on both the Main Market of the London Stock Exchange (LSE: GR1T) and on the Main Board of the Johannesburg Stock Exchange (JSE: GTR), while its listing on the Official Market of the Stock Exchange of Mauritius Ltd is termed as a secondary listing (SEM: DEL.N0000).

Further information on the Company is available at http://grit.group/ 

*        This is a target only and not a profit forecast and there can be no assurance that it will be met. Any forward-looking statements and the assumptions underlying such statements are the responsibility of the Board of Directors and have not been reviewed or reported on by the Company's external auditors

Directors:

Peter Todd+ (Chairman), Bronwyn Corbett (Chief Executive Officer)*, Leon van de Moortele (Chief Financial Officer)*, Ian Macleod+, Nomzamo Radebe, Catherine McIlraith+, David Love+, Sir Samuel Esson Jonah+, and Bright Laaka (Permanent Alternate Director to Nomzamo Radebe).

(* Executive Director) (+ independent Non-Executive Director)

Company secretary: Intercontinental Fund Services Limited

Registered address: c/o Intercontinental Fund Services Limited, Level 5, Alexander House, 35 Cybercity, Ebène 72201, Mauritius

Transfer secretary (South Africa): Computershare Investor Services Proprietary Limited

Registrar and transfer agent (Mauritius): Intercontinental Secretarial Services Limited

JSE sponsor: PSG Capital Proprietary Limited 

Sponsoring broker: Axys Stockbroking Limited

SEM authorised representative and sponsor: Perigeum Capital Ltd

This notice is issued pursuant to the LSE Listing Rules, JSE Listings Requirements, SEM Listing Rule 11.3 and the Mauritian Securities Act 2005. The board of directors of the Company accepts full responsibility for the accuracy of the information contained in this communiqué.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

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