The Board of Grit has announced that the company has raised gross proceeds of US$132, 094, 262 pursuant to its placing and offer for subscription of ordinary shares.
Application has been made for 306,396,035 ordinary shares to be admitted to trading on the main market of the London Stock Exchange being the 214,022,425 ordinary shares currently in issue and the 92,373,610 ordinary shares to be issued under the placing. No applications were received in relation to the offer for subscription. It is expected that admission will become effective and that unconditional dealings in ordinary shares will commence on the main market of the London Stock Exchange at 08:00 am, UK time on Tuesday, the 31st of July 2018.
The issue shares will also be listed on the official market of the Stock Exchange of Mauritius Limited and the main board of the JSE Limited on the same day.
An investment in the company will enable investors to gain exposure to real estate investment assets in pre-selected African countries (excluding South Africa), with these assets underpinned by predominantly US$ and Euro denominated long-term leases with high quality tenants, delivering strong and sustainable income.
Grit is targeting a US Dollar total return of approximately 12.00 per cent. per annum and is targeting a dividend in relation to the six months ended 30 June 2018 of approximately 5.9 US$ cents per Share*. Grit has paid eight dividends since its launch in 2014.
Commenting on the result of the fundraising, Bronwyn Corbett, Chief Executive Officer, said: “We are delighted to be making our debut on the London Stock Exchange and we are proud to be the first London listed pan-African real estate. Grit has achieved another key milestone in its development and we look forward to continuing to work with our new UK based investors in the years to come as we seek to take advantage of the further opportunities for real estate investment assets in pre-selected African countries.“