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Voluntary Delisting From NASDAQ Global Select Market
GRINDROD SHIPPING HOLDINGS LTD.
ABBREVIATED NAME: GRINSHIP
Registered in Singapore with registration number 201731497H
JSE Share code: GSH
ISIN: SG9999019087
Primary listing on NASDAQ Global Select Market
Secondary listing on the JSE Main Board
Grindrod Shipping Holdings Ltd. Announces Voluntary Delisting From NASDAQ Global Select Market
Singapore, August 6, 2024: - 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 open 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
By Order of the Board
6 August 2024
Sponsor: African Bank Limited (Business and Commercial Banking Division)
Date: 06-08-2024 12:00:00
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