To view the PDF file, sign up for a MySharenet subscription.

GRINDROD LIMITED - Voluntary Announcement Regarding the Proposed Disposal of Certain Assets to African Bank

Release Date: 23/10/2024 12:32
Code(s): GND GNDP     PDF:  
Wrap Text
Voluntary Announcement Regarding the Proposed Disposal of Certain Assets to African Bank

GRINDROD LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1966/009846/06)
Ordinary share code: GND and ISIN: ZAE000072328
Preference share code: GNDP and ISIN: ZAE000071106
("Grindrod" or the "Group")


VOLUNTARY ANNOUNCEMENT REGARDING THE PROPOSED DISPOSAL OF CERTAIN ASSETS TO
AFRICAN BANK


Shareholders are advised that on 22 October 2024, GFS Holdings Proprietary Limited (the "Seller"), a wholly-owned
subsidiary of Grindrod, reached agreement with African Bank Limited (the "Purchaser"), in terms of which the Seller
will dispose of:

•    various loans made to The Royal Shaka Property Group Proprietary Limited, the trustees for the time being
     of the Selwa Trust and Ushukela Milling Proprietary Limited (the "Loans"), in respect of the development of
     certain properties on the KwaZulu-Natal North Coast (the "Properties");

•    the security that the Seller holds in respect of the Loans, including but not limited to mortgage bonds over the
     Properties;

•    profit share agreements, in terms of which the Seller would share in the profit on the sale or development of
     the Properties; and

•    the Seller's 19% interest in each of Trevally Group Proprietary Limited and Sherpa Trade and Invest 31
     Proprietary Limited, being entities involved in the business of developing properties on the Kwa-Zulu Natal
     North Coast,

as one indivisible transaction (the "Disposal") for a cash consideration of R500 million (the "Disposal
Consideration"). It is intended that the Disposal Consideration will be used for the restructuring of the Group's
balance sheet and the expansion projects being undertaken in the freight services business.

The Disposal is subject to the fulfilment or waiver of a number of suspensive conditions, by no later than 31
December 2024, or such other date as agreed between the Seller and the Purchaser, and will become effective on
the 5th business day following the day on which the last of the suspensive conditions is duly fulfilled or waived
("Closing Date").

The Disposal is aligned with Grindrod's strategy to disinvest from assets which do not form part of its core business.


23 October 2024

Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Legal Adviser to Grindrod Limited
Edward Nathan Sonnenbergs Incorporated

Date: 23-10-2024 12:32:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.