Grindrod completes selective capital reduction
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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 that the Selective Capital Reduction became effective upon lodgement of the Court Order with the Singapore Registrar on 16 August 2024.
As a result, all of the ordinary shares of Grindrod Shipping held by shareholders, comprising 3,479,225 shares, other than shares held by TMI's subsidiary, Good Falkirk (MI) Limited ("GF"), have been cancelled and Grindrod Shipping has become a wholly owned subsidiary of the Company through GF (which now owns 100% of the shares in Grindrod Shipping - up from its previous shareholdings of 82.33%). Grindrod Shipping will be delisted from the NASDAQ and JSE.
The Last Day of Trading of Grindrod Shipping's shares on the NASDAQ was on 15 August 2024 and the Last Day of Trading of Grindrod Shipping's shares on the JSE will be on 16 August 2024.
The cash distribution is expected to be paid to Grindrod Shipping's shareholders on 21 August 2024 and, in any event, will be paid no later than 27 August 2024. The Record Date for the cash distribution for JSE purposes is 20 August 2024.
Further details can be found in the announcement released today by Grindrod Shipping.
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