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Correction of Note 17 In The Results For The Year Ended 30 June 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 YEAR ENDED 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 (21,363) (13,762)
property
Deferred taxation on investment property 22,349 5,979
revaluation
Fair value adjustment on other investments 795 757
Fair value adjustment on other financial 516 128
asset
Fair value adjustment on derivative financial 6 (25)
instruments
Share of fair value adjustment on investment (6,921) (8,858)
property accounted by associate
Headline earnings attributable to 23,417 12,781
shareholders
Weighted average number of shares1 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 8.09 6.35
share (cents)
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 (13,762) - (13,762)
property
Deferred taxation on investment
property revaluation 5,979 - 5,979
Fair value adjustment on other 757 - 757
investments
Fair value adjustment on other 128 - 128
financial asset
Fair value adjustment on derivative (25) - (25)
financial instruments
Share of fair value adjustment on 8,858 (17,716) (8,858)
investment property accounted by
associate2
Share-based payment expense3 282 (282) -
Headline earnings attributable to 30,779 (17,998) 12,781
shareholders
Weighted average number of shares1 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 15.30 6.35
earnings per share (cents)
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.
Date: 15/10/2019 01:30:00
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