TIDMGR1T
RNS Number : 9449P
Grit Real Estate Income Group
15 October 2019
GRIT REAL ESTATE INCOME GROUP LIMITED
(Registered by continuation in the Republic of Mauritius)
(Registration number: C128881 C1/GBL)
LSE share code: GR1T
SEM share code: DEL.N0000
JSE share code: GTR
ISIN: MU0473N00036
("Grit" or the "Company")
CORRECTION OF NOTE 17 IN THE RESULTS FOR THE YEARED 30 JUNE
2019
Shareholders are referred to the results announcement for the
year ended 30 June 2019 as published by the Company on 30 September
2019 ("Results") and are advised that Note 17, Reconciliation of
basic and headline earnings, contained a restatement relating to
the 30 June 2018 headline earnings that was not disclosed as
such.
Accordingly, shareholders are advised that Note 17 of the
Results has been corrected to reflect the restatement as set out
below. All other details in the Results announcement remain
unchanged.
17. Reconciliation of basic and headline earnings
Restated
30 June 2019 30 June 2018
US$'000 US$'000
-------------- --------------
Basic earnings 28,035 28,562
-------------- --------------
Fair value adjustments on
investment property (21,363) (13,762)
-------------- --------------
Deferred taxation on investment
property revaluation 22,349 5,979
-------------- --------------
Fair value adjustment on other
investments 795 757
-------------- --------------
Fair value adjustment on other
financial asset 516 128
-------------- --------------
Fair value adjustment on derivative
financial instruments 6 (25)
-------------- --------------
Share of fair value adjustment
on investment property accounted
by associate (6,921) (8,858)
-------------- --------------
Headline earnings attributable
to shareholders 23,417 12,781
-------------- --------------
Weighted average number of
shares(1) 289,612,780 201,200,481
-------------- --------------
Earnings per share 9.68 14.20
-------------- --------------
Basic and diluted earnings
per share (cents) 9.68 14.20
-------------- --------------
Headline and diluted headline
earnings per share (cents) 8.09 6.35
-------------- --------------
Restatement of the reconciliation of basic earnings and headline
earnings for the year ended 30 June 2018
Previously Correction Restated
reported 30 June 2018 30 June 2018
30 June 2018 US$'000 US$'000
US$'000
Basic earnings 28,562 - 28,562
-------------- -------------- --------------
Fair value adjustments
on investment property (13,762) - (13,762)
-------------- -------------- --------------
Deferred taxation on investment
property revaluation 5,979 - 5,979
-------------- -------------- --------------
Fair value adjustment
on other investments 757 - 757
-------------- -------------- --------------
Fair value adjustment
on other financial asset 128 - 128
-------------- -------------- --------------
Fair value adjustment
on derivative financial
instruments (25) - (25)
-------------- -------------- --------------
Share of fair value adjustment
on investment property
accounted by associate(2) 8,858 (17,716) (8,858)
-------------- -------------- --------------
Share-based payment expense(3) 282 (282) -
-------------- -------------- --------------
Headline earnings attributable
to shareholders 30,779 (17,998) 12,781
-------------- -------------- --------------
Weighted average number
of shares(1) 201,200,481 201,200,481 201,200,481
-------------- -------------- --------------
Earnings per share 14.20 14.20
-------------- -------------- --------------
Basic and diluted earnings
per share (cents) 14.20 14.20
-------------- -------------- --------------
Headline and diluted headline
earnings per share (cents) 15.30 6.35
-------------- -------------- --------------
Notes
1) There are no dilutionary instruments in issue
2) The share of fair value adjustment on investment property
accounted by associate has been restated to correct for an amount
incorrectly added back in the headline earnings reconciliation for
the year ended 30 June 2018
3) Share-based payment expense incorrectly added back in the
headline earnings reconciliation for the year ended 30 June
2018
The Results have been updated to reflect the corrected note and
are available on the Company's website at
https://grit.group/financial-results/ and on the link below:
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/GTRE/FY2019.pdf.
By order of the Board
15 October 2019
FOR FURTHER INFORMATION, PLEASE CONTACT:
Grit Real Estate Income Group Limited
Bronwyn Corbett, Chief Executive Officer +230 269 7090
Darren Veenhuis, Head of Investor Relations +44 779 512 3402
Morne Reinders, Investor Relations +27 82 480 4541
Maitland/AMO - Communications Adviser
James Benjamin +44 20 7379 5151
Vikki Kosmalska Grit-maitland@maitland.co.uk
Jason Ochere
finnCap Ltd - UK Financial Adviser
William Marle / Scott Mathieson / Matthew Radley
(Corporate Finance) +44 20 7220 5000
Mark Whitfeld (Sales) +44 20 3772 4697
Monica Tepes (Research) +44 20 3772 4698
Perigeum Capital Ltd - SEM Authorised Representative
and Sponsor
Shamin A. Sookia +230 402 0894
Kesaven Moothoosamy +230 402 0898
PSG Capital - JSE Sponsor and Corporate Adviser
David Tosi +27 21 887 9602
The Company's LEI is: 21380084LCGHJRS8CN05
NOTES:
Grit Real Estate Income Group Limited is a leading pan-African
real estate company focused on investing in 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 is targeting a net total shareholder return
inclusive of NAV growth of 12.0% p.a.*
The Company currently holds primary listings on both the Main
Market of the London Stock Exchange (LSE: GR1T) and on the Main
Board of the Johannesburg Stock Exchange (JSE: GTR), while its
listing on the Official Market of the Stock Exchange of Mauritius
Ltd is termed as a secondary listing (SEM: DEL.N0000).
Further information on the Company is available at
http://grit.group/
* This is a target only and not a profit forecast and there can
be no assurance that it will be met. Any forward-looking statements
and the assumptions underlying such statements are the
responsibility of the Board of Directors and have not been reviewed
or reported on by the Company's external auditors
Directors:
Peter Todd+ (Chairman), Bronwyn Corbett (Chief Executive
Officer)*, Leon van de Moortele (Chief Financial Officer)*, Ian
Macleod+, Nomzamo Radebe, Catherine McIlraith+, David Love+, Sir
Samuel Esson Jonah+, and Bright Laaka (Permanent Alternate Director
to Nomzamo Radebe).
(* Executive Director) (+ independent Non-Executive
Director)
Company secretary: Intercontinental Fund Services Limited
Registered address: c/o Intercontinental Fund Services Limited,
Level 5, Alexander House, 35 Cybercity, Ebène 72201, Mauritius
Transfer secretary (South Africa): Computershare Investor
Services Proprietary Limited
Registrar and transfer agent (Mauritius): Intercontinental
Secretarial Services Limited
JSE sponsor: PSG Capital Proprietary Limited
Sponsoring broker: Axys Stockbroking Limited
SEM authorised representative and sponsor: Perigeum Capital
Ltd
This notice is issued pursuant to the LSE Listing Rules, JSE
Listings Requirements, SEM Listing Rule 11.3 and the Mauritian
Securities Act 2005. The board of directors of the Company accepts
full responsibility for the accuracy of the information contained
in this communiqué.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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