Grindrod Shipping Holdings Ltd. Announces Despatch of Circular and Notice of Extraordinary General Meeting to Shareholders

SINGAPORE, May 14, 2024 (GLOBE NEWSWIRE) -- Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or “Company” or “we” or “us” or “our”), a global provider of maritime transportation services predominantly in the drybulk sector, today announced that it has despatched a circular (the “Circular”) to the shareholders of the Company (the “Shareholders”) in connection with the proposed selective capital reduction of the Company (the “Selective Capital Reduction”) pursuant to Section 78G of the Companies Act 1967 of Singapore.

Under the terms of the proposed Selective Capital Reduction, on the effective date of the Selective Capital Reduction (the “Effective Date”) all of the ordinary shares of the Company (the “Shares”) held by Shareholders other than Shares held by Good Falkirk (MI) Limited (“GF”) will be cancelled and Shareholders (other than GF) as of the Effective Date will be entitled to receive US$14.25 in cash for each cancelled Share.

The Company will hold an extraordinary general meeting of the Company (the “EGM”) in connection with the proposed Selective Capital Reduction. Notice of the EGM is set out in the Circular. Shareholders as of the record date of May 10, 2024 at 06:00 United States Eastern Daylight Time / 12:00 South Africa Standard Time may vote at the EGM. The EGM will be held on June 20, 2024 at 06:00 United States Eastern Daylight Time / 12:00 South Africa Standard Time / 18:00 Singapore Standard Time, virtually via a live audio-visual webcast and a live audio-only stream. In order to virtually attend the EGM, Shareholders are required to pre-register and may submit questions at the Company’s website www.grinshipping.com/EGMRegistration2024, in each case, by June 17, 2024. The notice of EGM, as set out in the Circular, includes a form of proxy and voting instruction and is available at the Company’s website www.grinshipping.com/Content/EventsPresentationsAndNotices and is also being posted to Shareholders who have made the appropriate election.

In order for Shareholders to cast a vote, a “Form of Proxy and Voting Instruction” must be completed, in each case, no later than 06:00 United States Eastern Daylight Time / 12:00 South Africa Standard Time on June 17, 2024 and submitted as follows:

(i)		by Shareholders whose name is reflected in the Company’s register of members to Continental Stock Transfer & Trust Company via email to [e-mail] or by mail to 1 State Street, 30th Floor, New York, NY 10004-1561;
(ii)		by Shareholders in South Africa to such Shareholder’s respective broker, dealer, securities depository or other intermediary through which their interests are held in South Africa; and
(iii)		by Shareholders outside of South Africa to (a) such Shareholder’s respective broker, dealer, securities depository or other intermediary through which their interests are held, (b) Vote Processing, c/o BROADRIDGE at 51 Mercedes Way, Edgewood, NY 11717, (c) via telephone voting at BROADRIDGE at [phone], or (d) via online voting at PROXYVOTE.COM, which requires the 16-digit Control Number printed on the Voting Instruction Form from Broadridge.

The Circular provides detailed information about the proposed Selective Capital Reduction. Shareholders should carefully read and consider the Circular and its appendices as it contains important information about the EGM, the Selective Capital Reduction and how the Selective Capital Reduction affects Shareholders.