Grindrod finalises selective capital reduction
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Grindrod Shipping Holdings Ltd announces declaration and finalisation announcement in respect of the Selective Capital Reduction and the cash distribution
Taylor Maritime Investments Limited, the specialist dry bulk shipping investment company, is pleased to disclose that its subsidiary, Grindrod Shipping Holdings Ltd. ("Grindrod Shipping"), today announced the following updates regarding the Selective Capital Reduction:
Following the receipt of the High Court of the Republic of Singapore's approval on 16 July 2024, the Selective Capital Reduction will take effect upon the lodgement of the Court Order with the Singapore Registrar ("ACRA Lodgements") which is expected to take place on 16 August 2024 (the Effective Date"). Other than the ACRA Lodgements there are no other outstanding conditions to the Selective Capital Reduction becoming effective.
As a result, all of the ordinary shares of Grindrod Shipping held by shareholders, comprising 3,479,225 shares, other than shares held by its subsidiary, Good Falkirk (MI) Limited ("GF"), will be cancelled and Grindrod Shipping will become a wholly owned subsidiary of the Company through GF (which will own 100% of the shares in Grindrod Shipping - up from 82.33%).
Trading of Grindrod Shipping's shares on the Nasdaq will be suspended with effect on and from 15 August 2024 and trading of Grindrod Shipping's shares on the JSE will be suspended with effect on and from 16 August 2024.
The Record Date for the cash distribution is 20 August 2024 with the payment date expected to be 21 August 2024.
Further details can be found in the announcement released today by Grindrod Shipping.
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