African real estate company, Grit, to float on London market.

The most intriguing story of the day (July 17th 2018) in London is the announcement by a small and  unknown (in the U.K.) property company called Grit. The plan is to sell up to 250m shares at an indicative price of $1.43 per share, which matches the net asset value per share on the Johannesburg and Mauritian stock exchanges, where Grit listed in 2012.  Sensible. That adds up to $357m. Grit says net proceeds of $120m will be used to invest in Ghana and Mozambique. The rest presumably goes to recapitalise the business and allow shareholders to cash in their holdings. But I’m no expert. There are promises of a 12% return. Tempting. But not if you are a widow or orphan.

Author: Peter Bill

Freelance real estate journalist, based in the UK. Writes for magazines and newspapers. Author of Planet Property, a 260-page book detailing the inner workings of the UK property sector. Editor Building magazine, 1991 and 1996. Editor of the weekly property bible, Estates Gazette, between 1998 and 2009. Weekly columnist on the London Evening Standard City pages, 2007 to 2015.

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