GRIT REAL ESTATE INCOME GROUP LIMITED (Registered in Guernsey) (Registration number: 68739) LSE share code: GR1T SEM share code (dual currency trading): DEL.N0000 (USD) / DEL.C0000(MUR) ISIN: GG00BMDHST63 LEI: 21380084LCGHJRS8CN05 (“Grit” or the “Company” and, together with its subsidiaries, the "Group")

 

 

RESULTS OF THE ANNUAL GENERAL MEETING

 

 

The board of Directors (the "Board") of Grit is pleased to announce that at the annual general meeting of the Company ("AGM") held at 1:00 p.m. Mauritian time (9:00 a.m. UK time) on Monday, 18th December 2023, 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%	416,579,539	84.14%	0.00%
Ordinary Resolution Number 2 – Appointment of PricewaterhouseCoopers LLP as the statutory auditors of the Company	100.00%	0.00%	416,581,539	84.14%	0.00%
Ordinary Resolution Number 3 – Re-election of Peter Todd as a Director of the Company	99.99%	0.01%	415,431,086	83.91%	0.24%
Ordinary Resolution Number 4 – Re-election of Bronwyn Knight as a Director of the Company	99.60%	0.40%	415,431,086	83.91%	0.24%
Ordinary Resolution Number 5 – Re-election of Catherine McIlraith as a Director of the Company	99.99%	0.01%	415,431,086	83.91%	0.24%
Ordinary Resolution Number 6 – Re-election of David Love as a Director of the Company	99.99%	0.01%	415,431,086	83.91%	0.24%
Ordinary Resolution Number 7 – Re-election of Jonathan Crichton as a Director of the Company	99.99%	0.01%	415,431,086	83.91%	0.24%
Ordinary Resolution Number 8 – Re-election of Cross Kgosidiile as a Director of the Company	99.99%	0.01%	415,431,086	83.91%	0.24%
Ordinary Resolution Number 9 – Election of Lynette Finlay as a Director of the Company	99.99%	0.01%	415,431,086	83.91%	0.24%
Ordinary Resolution Number 10 – Non-binding advisory vote on Grit’s implementation report on the remuneration policy	71.40%	28.60%	416,510,039	84.13%	0.02%
Ordinary Resolution Number 11 – Authority to grant awards under the LTIP	96.16%	3.84%	403,479,970	81.50%	2.65%
Special Resolution Number 1 – Market Purchase of Own Shares / Share buy back	96.43%	3.57%	405,502,586	83.92%	0.22%
Special Resolution Number 2 – Authority to issue shares for cash on a non-pre-emptive Basis	96.15%	3.85%	416,494,939	84.12%	0.02%
Special Resolution Number 3 – Authority to sell shares from treasury for cash on a non-preemptive Basis	96.42%	3.57%	399,408,536	80.67%	3.47%

 

 

*    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 resolution number 10, relating to the non-binding advisory vote on Grit’s implementation report on the remuneration policy, was supported by the majority of shareholders, the Company does recognise that it was voted against by 28.60% 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 this resolution. The executives of Grit will initiate a consultation with the Company's shareholders including dissenting shareholders on Wednesday, 17 January 2024 at 13.00 hours Mauritius time (09.00 hours UK time) via a telephone conference to further understand their position and perspectives on the resolution.

 

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 10 January 2024, 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, 10 January 2024.

 

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:  https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

By Order of the Board

 

18 December 2023

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

Grit Real Estate Income Group Limited
Bronwyn Knight, Chief Executive Officer	+230 269 7090
Darren Veenhuis, Investor Relations	+44 779 512 3402
Cavendish Capital Markets Limited – UK Financial Adviser
William Marle/Teddy Whiley (Corporate Finance)	+44 20 7220 5000
Pauline Tribe (Sales)	+44 20 3772 4697
Perigeum Capital Ltd – SEM Authorised Representative and Sponsor
Shamin A. Sookia	+230 402 0894
Kesaven Moothoosamy	+230 402 0898
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 woman led 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 http://grit.group.

Directors: Peter Todd (Chairman), Bronwyn Knight (Chief Executive Officer)*, Leon van de Moortele (Chief Financial Officer)*, David Love+, Sir Samuel Esson Jonah+, Catherine McIlraith+, Jonathan Crichton+, Cross Kgosidiile and Lynette Finlay+.

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

Company secretary: Intercontinental Fund Services Limited

Registered 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

UK Transfer secretary: Link Market Services Limited 

SEM authorised representative and sponsor: Perigeum Capital Ltd

Mauritian sponsoring broker: Capital Markets Brokers Ltd