Grindrod Shipping Holdings Ltd. Announces Pricing of Secondary Offering of Ordinary Shares
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) announced the pricing of a secondary public offering of 1,841,962 ordinary shares at $13.50 per share, totaling approximately $24.87 million. The offering, set to close on September 27, 2021, involves existing shareholders as the sellers, and the company will not receive any proceeds. Jefferies is the sole book-running manager, with Noble Capital Markets as co-manager. The offering was conducted under an effective shelf registration filed with the SEC.
- None.
- No proceeds from the offering will be received by Grindrod Shipping, indicating potential reliance on existing shareholders for liquidity.
- The sale of a significant number of shares may lead to shareholder dilution.
SINGAPORE, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or “Company” or “it” or “we”), a global provider of maritime transportation services predominately in the drybulk sector, today announced the pricing of the previously announced underwritten public secondary offering of 1,841,962 ordinary shares by certain existing shareholders of the Company (the “Selling Shareholders”) at a public offering price of
Jefferies is acting as sole book-running manager for the Offering. Noble Capital Markets, Inc. is acting as co-manager for the Offering.
The Offering was made pursuant to the Company’s existing effective shelf registration statement on Form F-3, including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 23, 2021 and a related prospectus supplement for the Offering. Prospective investors should read the prospectus supplement and base prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the proposed offering. When available, copies of the prospectus relating to and describing the terms of the proposed Offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Grindrod Shipping Holdings Ltd.
Grindrod Shipping operates a fleet of owned and long-term and short-term chartered in drybulk vessels predominately in the handysize and supramax/ultramax segments. The drybulk business, which operates under the brand “Island View Shipping” (“IVS”), include a Core Fleet of 31 vessels consisting of 15 handysize carriers and 16 supramax/ultramax drybulk carrier. The Company also owns one medium range product tanker on bareboat charter. The Company is based in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed on NASDAQ under the ticket “GRIN” and on the JSE under the ticker “GSH.”
Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The forward-looking statements in this press release are based upon various assumptions, including, without limitation, Grindrod Shipping management's examination of historical trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, among others, those discussed in Grindrod Shipping's public filings with the SEC. Except as required by law, Grindrod Shipping undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
| Company Contact: Martyn Wade / Stephen Griffiths CEO / CFO Grindrod Shipping Holdings Ltd. 200 Cantonment Road, #03 01 Southpoint Singapore, 089763 Email: ir@grindrodshipping.com Website: www.grinshipping.com | Investor Relations / Media Contact: Nicolas Bornozis / Daniela Guerrero Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel.: (212) 6617566 Fax: (212) 6617526 Email: grindrod@capitallink.com |
By order of the Board 20 September 2021
Sponsor: Grindrod Bank Limited
FAQ
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