Grit Real Estate Income Group (GR1T)
13-Dec-2024 / 12:30 GMT/BST
GRIT REAL ESTATE INCOME GROUP LIMITED (Registered in Guernsey) (Registration number: 68739) LSE share code: GR1T SEM share codes (dual currency trading): DEL.N0000 (USD) / DEL.C0000 (MUR) ISIN: GG00BMDHST63 LEI: 21380084LCGHJRS8CN05 ("Grit" or the "Company" or the "Group") | |
The board of Directors (the "Board") of Grit is pleased to announce that at the annual general meeting of the Company ("AGM") held at 2:30 p.m. Mauritian time (10:30 a.m. UK time) on Friday, 13 December 2024, all resolutions were passed. The detailed results of the voting are as follows: | Resolutions proposed at the AGM | Votes for resolution as a percentage of total number of shares voted at AGM (rounded to 2 decimal places)* | Votes against resolution as a percentage of total number of shares voted at AGM (rounded to 2 decimal places)* | Number of shares voted at AGM | Number of shares voted at AGM as a percentage of shares in issue (rounded to 2 decimal places)* | Number of shares abstained as a percentage of shares in issue (rounded to 2 decimal places)* | | Ordinary Resolution Number 1 – Receiving and considering the auditors’ report and the Integrated Annual Report and the adoption of the audited annual financial statements | 100.00% | 0.00% | 397,183,006 | 80.22% | 0.67% | | Ordinary Resolution Number 2 – Appointment of MacIntyre Hudson LLP as the statutory auditors of the Company | 100.00% | 0.00% | 397,183,006 | 80.22% | 0.67% | | Ordinary Resolution Number 3 – Re-election of Peter Todd as a Director of the Company | 96.29% | 3.71% | 397,102,335 | 80.21% | 0.68% | | Ordinary Resolution Number 4 – Re-election of Bronwyn Corbett as a Director of the Company | 96.29% | 3.71% | 397,183,006 | 80.22% | 0.67% | | Ordinary Resolution Number 5 – Re-election of Gareth Schnehage as a Director of the Company | 100.00% | 0.00% | 397,102,335 | 80.21% | 0.68% | | Ordinary Resolution Number 6 – Re-election of David Love as a Director of the Company | 99.98% | 0.02% | 397,180,883 | 80.22% | 0.67% | | Ordinary Resolution Number 7 – Re-election of Catherine McIlraith as a Director of the Company | 100.00% | 0.00% | 397,180,883 | 80.22% | 0.67% | | Ordinary Resolution Number 8 – Re-election of Cross Kgosidiile as a Director of the Company | 100.00% | 0.00% | 397,180,883 | 80.22% | 0.67% | | Ordinary Resolution Number 9 – Re-election of Lynette Finlay as a Director of the Company | 100.00% | 0.00% | 397,180,883 | 80.22% | 0.67% | | Ordinary Resolution Number 10 – Election of Nigel Nunoo as a Director of the Company | 100.00% | 0.00% | 397,183,006 | 80.22% | 0.67% | | Ordinary Resolution Number 11 – Approval to grant awards under the LTIP | 89.09% | 10.91% | 397,183,006 | 80.22% | 0.67% | | Ordinary Resolution Number 12 – Remuneration Policy | 69.68% | 30.32% | 397,183,006 | 80.22% | 0.67% | | Ordinary Resolution Number 13 – Non-binding advisory vote on Grit’s implementation report on the remuneration policy | 70.27% | 29.73% | 397,183,006 | 80.22% | 0.67% | | Ordinary Resolution Number 14 – Market Purchase of Own Shares / Share buy back | 95.69% | 4.31% | 397,183,006 | 80.22% | 0.67% | | Special Resolution Number 1 – Authority to issue shares for cash on a non-pre-emptive basis | 95.66% | 4.34% | 397,183,006 | 80.22% | 0.67% | | Special Resolution Number 2 – Authority to sell shares from treasury for cash on a non-preemptive basis | 99.37% | 0.63% | 397,183,006 | 80.22% | 0.67% |
* Percentages are expressed as a proportion of the total votes cast (which does not include votes withheld). Total number of shares in issue as at the date of the AGM was 495,092,339. Engagement with Dissenting Shareholders Shareholders are further advised that, whilst ordinary resolutions number 12 and 13, relating to the remuneration policy and non-binding advisory vote on Grit’s implementation report on the remuneration policy, were supported by the majority of shareholders, the Company does recognise that they were each voted against by 30.32% and 29.73% respectively, of the votes exercised by the Company's shareholders present in person or represented by proxy at the AGM. The executives of Grit have taken this on board and are committed to achieving a greater understanding of the underlying reasons that has seen some shareholders being unable to support these resolutions. The executives of Grit will initiate a consultation with the Company's shareholders including dissenting shareholders on Wednesday, 22 January 2025 at 2 p.m. Mauritian time (10 a.m. UK time) via a telephone conference to further understand their position and perspectives on these resolutions. All shareholders are asked to confirm their participation to the company secretary by e-mail at Grit@intercontinentaltrust.com by no later than close of business on Wednesday, 15 January 2025, who will provide dial-in details for the telephone conference. Shareholders are further invited to forward their concerns/questions on the remuneration policy to the company secretary in writing by close of business on Wednesday, 15 January 2025. An update on the views received from shareholders and actions taken will be published no later than six months after the meeting with the dissenting shareholders. In accordance with Listing Rules 9.6.2 and 9.6.3 of the UK Financial Conduct Authority ("FCA"), a copy of the resolutions passed at the AGM has been submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at the link below: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. By Order of the Board 13 December 2024 FOR FURTHER INFORMATION, PLEASE CONTACT: | Grit Real Estate Income Group Limited | | | Bronwyn Corbett, Chief Executive Officer | +230 269 7090 | | Group Investor Relations | ir@grit.group | | | | | Cavendish Capital Markets Limited - UK Financial Adviser | | | James King / Tunga Chigovanyika / Teddy Whiley (Corporate Finance) | +44 20 7220 5000 | | Justin Zawoda-Martin / Daniel Balabanoff / Pauline Tribe (Sales) | +44 20 3772 4697 | | | | | Perigeum Capital Ltd - SEM Authorised Representative and Sponsor | | | Shamin A. Sookia Darren Chinasamy | +230 402 0894 +230 402 0885 | | | | | | | | Capital Markets Brokers Ltd - Mauritian Sponsoring Broker | | | Elodie Lan Hun Kuen | +230 402 0280 |
NOTES: Grit Real Estate Income Group Limited is the leading pan-African impact real estate company focused on investing in, developing 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 holds its primary listing on the Main Market of the London Stock Exchange (LSE: GR1T and a dual currency trading secondary listing on the Stock Exchange of Mauritius (SEM: DEL.N0000 (USD) / DEL.C0000 (MUR)) Further information on the Company is available at www.grit.group Directors: Peter Todd (Chairman), Bronwyn Corbett (Chief Executive Officer) *, Gareth Schnehage (Chief Financial Officer) *, David Love+, Catherine McIlraith+, Cross Kgosidiile, Lynette Finlay+ and Nigel Nunoo+. (* Executive Director) (+ independent Non-Executive Director) Company secretary: Intercontinental Fund Services Limited Registered office address: PO Box 186, Royal Chambers, St Julian's Avenue, St Peter Port, Guernsey GY1 4HP Registrar and transfer agent (Mauritius): Intercontinental Secretarial Services Limited SEM authorised representative and sponsor: Perigeum Capital Ltd UK Transfer secretary: Link Assets Services Limited Mauritian Sponsoring Broker: Capital Markets Brokers Ltd This notice is issued pursuant to the FCA Listing Rules, SEM Listing Rule 15.24 and the Mauritian Securities Act 2005. The Board of the Company accepts full responsibility for the accuracy of the information contained in this communiqué.
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