Grindrod Shipping Holdings Ltd. Ordinary Shares - GRIN STOCK NEWS

Grindrod Shipping Holdings (NASDAQ: GRIN) (JSE: GSH) has announced its intention to voluntarily delist its ordinary shares from the NASDAQ Global Select Market. This decision is connected to the company's proposed Selective Capital Reduction under Singapore law. The delisting process will begin with the filing of Form 25 with the SEC on August 16, 2024, and is expected to be effective before the opening of Nasdaq on August 26, 2024.

As part of the Selective Capital Reduction, all ordinary issued shares, except those held by Good Falkirk (MI) , will be cancelled on August 16, 2024. Participating Shareholders will receive US$14.25 per Participating Share. This move signifies a significant change in Grindrod Shipping's public trading status and capital structure.

Grindrod Shipping Holdings (GRIN) has announced key dates for its Selective Capital Reduction and Cash Distribution. The Selective Capital Reduction will take effect on August 16, 2024, with trading suspended on Nasdaq from August 15 and on JSE from August 16. Participating Shareholders will receive a Cash Distribution of US$14.25 per share. For JSE-listed shares, the distribution will be paid in ZAR at an exchange rate of USD 1: ZAR 18.11500. The payment date is set for August 21, 2024. The company is expected to delist from Nasdaq on August 26 and from JSE on August 30, 2024. South African shareholders are advised on tax implications, with the distribution considered a 'capital distribution' and not subject to dividends tax.

Grindrod Shipping Holdings (NASDAQ: GRIN) (JSE: GSH) has received High Court approval in Singapore for its proposed selective capital reduction. The company will reduce its issued share capital from US$290,193,001 (19,685,590 shares) to US$240,614,044 (16,206,365 shares). This reduction involves cancelling US$49,578,956 of paid-up share capital and 3,479,225 shares held by Participating Shareholders (excluding Good Falkirk (MI) ). Participating Shareholders will receive US$14.25 per cancelled share. The selective capital reduction will take effect upon lodgement of required documents with the Registrar of Companies of Singapore.

On June 20, 2024, Grindrod Shipping Holdings (NASDAQ: GRIN) held an extraordinary general meeting (EGM) to approve a selective capital reduction (SCR) according to Section 78G of the Companies Act 1967 of Singapore. The company plans to reduce its issued share capital from $290,193,001 to $240,614,044 by canceling 3,479,225 shares held by participating shareholders, returning $49,578,956 in cash at $14.25 per share.

Of the 19,685,590 shares issued, 46.067% were present at the EGM. With 95.714% voting in favor, the proposal passed and will now seek approval from the High Court of the Republic of Singapore.

On May 14, 2024, Grindrod Shipping Holdings announced the dispatch of a circular to shareholders regarding a proposed selective capital reduction. Under this proposal, all ordinary shares held by shareholders, excluding those by Good Falkirk (MI) , will be cancelled. Affected shareholders will receive $14.25 per cancelled share. The Extraordinary General Meeting (EGM) to discuss this will be held on June 20, 2024, virtually. Shareholders must pre-register by June 17, 2024, and can vote using a proxy form. Full details are available on the company's website.

Grindrod Shipping Holdings announces a proposed Selective Capital Reduction exercise for Shareholders, offering a cash distribution of US$14.25 per Participating Share. The exercise aims to reduce total issued shares by approximately 17.67%, funded from existing cash reserves. The proposal is conditional on various regulatory approvals and court orders. The initiative provides Participating Shareholders with a premium exit opportunity, offering certainty and avoiding additional costs.

Grindrod Shipping Holdings Ltd. announced its second half and full year 2023 earnings results, showcasing revenues of $201.2 million and $387.1 million respectively. Despite a loss for the period, the company reported adjusted EBITDA of $24.8 million and $64.7 million for the respective periods. Operational highlights include various vessel acquisitions and sales, as well as capital reduction plans.

Grindrod Shipping Holdings Ltd. to release second half and full year 2023 earnings results on February 28, 2024, after market closing. No conference call or webcast planned.

Grindrod Shipping Holdings Ltd. announced completion of several transactions, including exercising purchase option on a supramax bulk carrier, delivering a handysize bulk carrier, completing share capital reduction, entering agreements to charter-in two ultramax drybulk vessels, extending firm charter-in period of a supramax bulk carrier, and entering a contract to sell a handysize bulk carrier. The company also provided financial details and delivery expectations for each transaction.