Grindrod Shipping announces despatch of circular
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The Board of Taylor Maritime Investments Limited, the listed specialist dry bulk shipping investment company, is pleased to announce that its subsidiary, Grindrod Shipping Holdings Ltd. ("Grindrod Shipping"), today announced that it has despatched a circular (the "Circular") to its shareholders in connection with the proposed selective capital reduction (the "Selective Capital Reduction") pursuant to Section 78G of the Companies Act 1967 of Singapore.
Under the terms of the Selective Capital Reduction, on the effective date, all of the ordinary shares of Grindrod Shipping held by shareholders, comprising 3,479,225 shares, other than shares held by the Company's subsidiary, Good Falkirk (MI) Limited ("GF"), will be cancelled and each participating shareholder will be entitled to receive US$14.25 for each Grindrod Shipping share that is cancelled.
Grindrod Shipping will be holding an extraordinary general meeting to approve the proposed Selective Capital Reduction by way of a special resolution. Notice of such meeting is set out in the Circular which will be held on 20 June, 2024. The Company, GF and their respective concert parties will abstain and not vote on the special resolution relating to the Selective Capital Reduction.
The implementation of the Selective Capital Reduction will also be dependent on the approval of the High Court of the Republic of Singapore.
If the Selective Capital Reduction is approved, Grindrod Shipping will become a wholly owned subsidiary of the Company through its subsidiary GF (which will own 100% of the shares - up from 82.33%) and Grindrod Shipping will be delisted from the NASDAQ and JSE.
Further details can be found in the announcement released by Grindrod Shipping.
For further information, please contact: Taylor Maritime Investments Limited Edward Buttery Camilla Pierrepont IR@tminvestments.com Jefferies International Limited Stuart Klein Gaudi Le Roux +44 20 7029 8000 Apex Group Matt Falla +44 (0) 203 530 3107
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