Grindrod Shipping Holdings Ltd. Announces Voluntary Delisting from Nasdaq Global Select Market
August 06 2024 - 5:30AM
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH)
(“
Grindrod Shipping” or
“
Company”), a global provider of maritime
transportation services predominantly in the drybulk sector, today
announced its intention to voluntarily delist its ordinary shares
from the NASDAQ Global Select Market (“
Nasdaq”),
in connection with its proposed Selective Capital Reduction
pursuant to Section 78G of the Companies Act of 1967 of Singapore
(the “
Selective Capital Reduction”). The Company
refers to the circular issued to shareholders of the Company (the
“
Circular”) and its previous press release issued
on July 19, 2024. Capitalised terms not otherwise defined in this
Announcement (the “
Announcement”) shall have the
meanings ascribed to them in the Circular.
The Selective Capital Reduction will take effect
upon the lodgment of the Court Order on August 16, 2024, at which
time all ordinary issued shares held by shareholders of the
Company, except for those held by Good Falkirk (MI) Limited (the
“Shares”), will be cancelled. In accordance with
the rules of the Securities and Exchange Commission and Nasdaq, the
Company has provided written notice to Nasdaq of its intent to
delist the Shares.
Pursuant to the Selective Capital Reduction,
each Participating Shareholder will receive US$14.25 per
Participating Share.
The Company intends to file a Form 25 with the
Securities and Exchange Commission on August 16, 2024 to effect the
delisting. The delisting will be effective before the opening of
Nasdaq on August 26, 2024. The Company reserves the right to delay
the filing of the Form 25.
About Grindrod Shipping
Grindrod Shipping predominantly owns and
operates a diversified fleet of owned and long-term and short-term
chartered-in drybulk vessels. The drybulk business, which operates
under the brand “Island View Shipping” (“IVS”)
includes a core fleet of handysize and supramax/ultramax drybulk
carriers. The Company is based in Singapore, with offices in
London, Durban and Rotterdam. Grindrod Shipping is listed on NASDAQ
under the ticker “GRIN” and on the JSE under the ticker “GSH”.
Forward-Looking Statements
This announcement contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act 1995 with respect to Grindrod Shipping’s financial
condition, results of operations, cash flows, business strategies,
operating efficiencies, competitive position, growth opportunities,
plans and objectives of management, or other matters. These
forward-looking statements, including, among others, those relating
to our future business prospects, revenues and income, are
necessarily estimates and involve a number of risks and
uncertainties that could cause actual results to differ materially
from those suggested by the forward-looking statements.
Accordingly, these forward-looking statements should be considered
in light of various important factors, including those set forth
below. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based on the information available to, and the expectations and
assumptions deemed reasonable by Grindrod Shipping at the time
these statements were made. Although Grindrod Shipping believes
that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations
will prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of Grindrod
Shipping. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Important factors
that could cause actual results to differ materially from estimates
or projections contained in the forward-looking statements include,
without limitation, Grindrod Shipping’s future operating or
financial results; the strength of world economies, including, in
particular, in China and the rest of the Asia-Pacific region;
cyclicality of the drybulk industry, including general drybulk
shipping market conditions and trends, including fluctuations in
charter hire rates and vessel values; changes in supply and demand
in the drybulk shipping industry, including the market for Grindrod
Shipping’s vessels; changes in the value of Grindrod Shipping’s
vessels; changes in Grindrod Shipping’s business strategy and
expected capital spending or operating expenses, including
drydocking, surveys, upgrades and insurance costs; competition
within the drybulk industry; seasonal fluctuations within the
drybulk industry; Grindrod Shipping’s ability to employ Grindrod
Shipping’s vessels in the spot market and Grindrod Shipping’s
ability to enter into time charters after Grindrod Shipping’s
current charters expire; general economic conditions and conditions
in the coal industry; Grindrod Shipping’s ability to satisfy the
technical, health, safety and compliance standards of Grindrod
Shipping’s customers; the failure of counterparties to Grindrod
Shipping’s contracts to fully perform their obligations with
Grindrod Shipping; Grindrod Shipping’s ability to execute Grindrod
Shipping’s growth strategy; international political conditions,
including additional tariffs imposed by China and the United
States; potential disruption of shipping routes due to weather,
accidents, political events, natural disasters or other
catastrophic events; vessel breakdowns; corruption, piracy,
military conflicts, political instability and terrorism in
locations where we may operate, including the conflict between
Russia and Ukraine; fluctuations in interest rates and foreign
exchange rates and changes in the method pursuant to which the
Secured Overnight Financing Rate and other benchmark rates are
determined; changes in the costs associated with owning and
operating Grindrod Shipping’s vessels; changes in, and Grindrod
Shipping’s compliance with, governmental, tax, environmental,
health and safety regulations; potential liability from pending or
future litigation; Grindrod Shipping’s ability to procure or have
access to financing, Grindrod Shipping’s liquidity and the adequacy
of cash flows for Grindrod Shipping’s operations; the continued
borrowing availability under Grindrod Shipping’s debt agreements
and compliance with the covenants contained therein; Grindrod
Shipping’s ability to fund future capital expenditures and
investments in the construction, acquisition and refurbishment of
Grindrod Shipping’s vessels; Grindrod Shipping’s dependence on key
personnel; Grindrod Shipping’s expectations regarding the
availability of vessel acquisitions and Grindrod Shipping’s ability
to buy and sell vessels and to charter-in vessels as planned or at
prices we deem satisfactory; adequacy of Grindrod Shipping’s
insurance coverage; effects of new technological innovation and
advances in vessel design; and the other factors set out in “Item
3. Key Information-Risk Factors” in Grindrod Shipping’s Annual
Report on Form 20-F for the year ended December 31, 2023 filed with
the Securities and Exchange Commission on March 27, 2024. 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 except as required by
law.
Company Contact: |
Investor Relations / Media Contact: |
Edward Buttery CEO |
|
Grindrod Shipping Holdings
Ltd. |
Grindrod Shipping Holdings
Ltd. |
1 Temasek Avenue, #10-02
Millenia Tower |
1 Temasek Avenue, #10-02
Millenia Tower |
Singapore, 039192 |
Singapore, 039192 |
Email:
ir@grindrodshipping.com |
Email:
ir@grindrodshipping.com |
Website:
www.grinshipping.com |
Website:
www.grinshipping.com |
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