London Stock Exchange listed Grit has delisted from the JSE.
The company, which listed as Delta International on the JSE in July 2014, was the only real estate income fund on the exchange with an exclusive focus on the African continent, excluding South Africa.
CEO and co-founder Bronwyn Corbett says that Grit are thankful for the platform that the JSE has provided to them during the past six years and it has enabled the company to attract the attention of both South African and international institutional investors. “We are excited about the opportunities this presents in delivering against our investment mandate” she says.
“We are encouraged by the overwhelmingly positive vote of support from eligible shareholders for the delisting, with 99.81% voting to approve the delisting. Moreover, the vast majority of these shareholders have opted to retain their shares and move their holdings to either the London Stock Exchange (LSE) or the Stock Exchange of Mauritius (SEM. Finally, we would like to thank our outgoing JSE sponsor, PSG Capital, for their contributions to the Grit journey over the past years.”
The company held primary listings on both the LSE and the JSE as well as a secondary listing on the SEM, cited poor trading liquidity in its JSE shares, complexities of being listed on three exchanges and a considerable administrative cost burden as the motivation for delisting.
Grit will maintain its secondary listing in Mauritius, an investment grade country.
The de-listing from the JSE is one of the first steps to Grit applying for a Premium segment listing in London, which is internationally regarded as the gold standard for corporate governance. A Premium Listing is also a significant component of the eligibility criteria for inclusion in the main FTSE Index series, which could further improve liquidity.