Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping”), a global provider of maritime transportation services predominantly in the drybulk sector, announced that the High Court of the Republic of Singapore has approved the proposed selective capital reduction of the Company (the “Selective Capital Reduction”) pursuant to Section 78G of the Companies Act 1967 of Singapore (the “Companies Act”), by which the Company will reduce the issued share capital of the Company from US$290,193,001, comprising 19,685,590 ordinary shares of the Company (“Shares”), to US$240,614,044 comprising 16,206,365 Shares. The Selective Capital Reduction will be effected by:
- cancelling the amount of US$49,578,956, constituting part of the total paid-up share capital of the Company held by all the shareholders of the Company (except Good Falkirk (MI) Limited) (the “Participating Shareholders”), such Participating Shareholders holding 3,479,225 Shares; and
- cancelling the 3,479,225 Shares constituting the part of the total issued share capital of the Company held by the Participating Shareholders.
The aggregate sum of US$49,578,956 arising from such reduction of the Company’s share capital will be returned to the Participating Shareholders in cash, on the basis of US$14.25 per Share held by each Participating Shareholder so cancelled.
The Selective Capital Reduction will take effect upon lodgement by the Company of the Court Order, together with the other documents as prescribed under the Companies Act, with the Registrar of Companies of Singapore appointed under the Companies Act. For more information, please refer to the circular to the shareholders of the Company, filed with the U.S. Securities and Exchange Commission on May 14, 2024, as supplemented on May 28, 2024.