SINGAPORE, Oct. 12, 2022 (GLOBE NEWSWIRE) — Grindrod Shipping Holdings Ltd. GRIN GSH (“Grindrod Shipping” or “company” or “we” or “us” or “our“), a global provider of maritime transportation services primarily in the dry bulk sector, announced today that we have entered into a transaction implementation agreement (the “Implementation Agreement“), dated 11 October 2022, under the company, Taylor Maritime Investments Limited (“TMI“) and Good Falkirk (MI) Limited, a wholly owned subsidiary of TMI (the “Offerer“), which provides for a voluntary contingent cash offer (the “offer“), which the Bidder holds for all ordinary shares issued (the “shares“) in the capital of the company (with the exception of the shares held by the bidder and the treasury shares) (the “offer shares“).
Under the terms of the Offer, the Company’s shareholders (“Grindrod Shareholders“) entitled to receive the Offer Price of $21.00 in cash for each Share offered under the Offer. Subject to the terms of the Implementation Agreement, subject to the conditions of settlement of the Offer (or waiver, to the extent permitted) at the Expiration Time of the Offering, the Company has agreed to declare and pay a special dividend of $5.00 per share (“special dividend“) to Grindrod Shareholders holding Shares as of a dividend record date to be determined by the Board of Directors. If the terms of the Offer at the expiration date of the Offer (as such expiration may be extended), subject to the rules of the Johannesburg Stock Exchange (the “JSE“), no special dividend will be paid by the Company. If the terms of the Offer are satisfied in accordance with the terms of the Offer and the Implementation Agreement at the expiration date of the Offer (such as such expiration may be extended), Grindrod shareholders who have validly tendered their shares pursuant to the terms of the Offer (and not withdrawn) (and the…
