South Africa’s Grit Real Estate Income Group Limited said it has started the process of listing its shares on the London Stock Exchange.
Grit said the London IPO will be executed via an offer for subscription in the UK and a private placement of its Ordinary Shares in the UK, South Africa and Mauritius.
See below details of the issue:
• The Company will issue up to 250 million new Ordinary Shares pursuant to the Issue.
• The indicative price for the offer has been set at US$1.43 per Ordinary Share which is equivalent to the EPRA Net Asset Value1 per Ordinary Share of US$1.43 as at 31 March 2018.
• The Company’s 214 million existing Ordinary Shares currently trade on the main board of the
Johannesburg Stock Exchange (“JSE”) and the Official Market of the Stock Exchange of
Mauritius Ltd (“SEM”). Application will be made to the UK Listing Authority for the Company’s
existing and to be issued Ordinary Shares to be admitted to the Official List with a standard
listing. Application will also be made for the existing and to be issued Ordinary Shares to be
admitted to trading on the London Stock Exchange’s main market for listed securities.
• Applications will also be made for the Ordinary Shares to be issued pursuant to the Issue to
be admitted to the main board for listed securities of the JSE and to the Official Market of the
SEM.
• The Issue is expected to raise net proceeds of at least US$120 million. The net proceeds of the
Issue will be used to acquire assets in Ghana and Mozambique, in addition to other existing
and new territories, as well as reduce the Group’s overall level of gearing.
• Initial Admission of the Company’s Ordinary Shares to the London Stock Exchange is expected
in July 2018.
• AXYS Corporate Advisory is acting as lead transaction adviser and Perigeum Capital is acting
as the Mauritian transaction adviser. finnCap Limited is acting as UK financial adviser and joint
UK placing agent. Baden Hill, a trading name of Northland Capital Partners Limited and Exotix
Partners LLP are acting as joint UK placing agents. PSG Capital is acting as sponsor and placing
agent in South Africa.
Commenting on today’s announcement, Bronwyn Corbett, Chief Executive Officer, said;
“Our planned listing on the London Stock Exchange will create a compelling opportunity for UK and other equity investors to gain exposure to the African real estate sector, which offers some of the best returns in the global property market. We have a proven track record of generating income from our selective and diversified range of assets, built through our close and detailed understanding of the region’s property investment environment. The listing will support our aim to grow our portfolio further and become the leading real estate owner on the African continent outside South Africa.”
