Botswana Development Corporation Limited and ZEP-RE (PTA Reinsurance Company) make t offer to acquire Grit Real Estate Income Group Limited (JSE:GTR) on June 11, 2020. The consideration of ZAR 14.9 per Share, payable in cash to the Shareholders on the JSE Register who validly accept the Offer. The Offer will be funded by the Botswana Development Corporation Limited and ZEP-RE (PTA Reinsurance Company) out of their own cash resources.

Under the terms of the offer Botswana Development Corporation Limited will acquire 2 million shares and ZEP-RE (PTA Reinsurance Company) will acquire 5 million shares of Grit Real Estate Income Group Limited. The board of Grit Real Estate Income Group Limited has considered the terms and conditions of the Offer and is unanimously of the opinion that the terms and conditions of the Offer are fair to Shareholders on the JSE Register. The Grit Board recommends that Shareholders on the JSE Register vote in favour of the resolutions to be proposed at the general meeting.

The offer becomes Unconditional and Grit Real Estate Income Group Limited will Delist from the JSE. The Delisting requires the approval of Shareholders on the JSE Register. The Offer will open for acceptances on July 3, 2020 and closed on July 24, 2020.

The implementation of the Offer and the payment of the Offer Consideration is subject to the fulfilment of the conditions precedent that are : Botswana Development Corporation and ZEP-RE (PTA Reinsurance Company) provide Grit with confirmation of funding for the Offer, the resolution set out in the notice of general meeting have been passed by the shareholders by July 17, 2020 and JSE approves the Delisting by July 24, 2020. Botswana Development Corporation Limited, ZEP-RE (PTA Reinsurance Company) and Grit Real Estate Income Group Limited may mutually agree to extend the date of fulfilment of any of the conditions precedent to the Offer by up to 60 days. There have been no material changes in the financial or trading positions of the Grit Real Estate Income Group Limited and its Subsidiaries.

PSG Capital (Pty) Limited, Perigeum Capital Ltd, FinnCap Ltd. acted as financial advisor and Mazars Corporate Finance (Pty) Limited acted as fairness opinion provider to Grit Real Estate Income Group Limited. Intercontinental Fund Services Limited acted as company Secretary to Grit Real Estate Income Group Limited in the transaction. Intercontinental Secretarial Services Ltd acted as the registrar and transfer agent to Grit Real Estate.