GRIN - Grindrod Shipping: Major Shareholder's Takeover Attempt Successful Stock Will Likely Delist Soon
2024-07-01 11:56:02 ET
Summary
- The Selective Capital Reduction plan was approved by the Extraordinary General Meeting and Grindrod shareholders will likely receive 14.25 USD per share after the Singaporean High Court approves the decisions.
- Taylor Maritime Investments will likely become the sole shareholder and Grindrod shares will be delisted from NASDAQ and JSE.
- The best option, in my opinion, for current shareholders is to wait Singaporean High Court's approval of the decisions and receive 14.25 USD per share.
Introduction
Grindrod Shipping Holdings Ltd. ( GRIN ) is a dry bulk shipowner that primarily owns and operates smaller-sized geared vessels. The fleet contains a total of 18 directly owned vessels, out of which 11 are Handysized and 7 are Supramax vessels. In addition to the directly owned fleet, the company has chartered 6 Supramax vessels that it recharters to Grindrod's clients. Geared vessels are typically used for cargoes moving between smaller ports with limited loading infrastructure. The main cargoes for Handy and Supramax vessels are so-called "minor" commodities: crops, soybeans, grain, steel products, lumber, and fertilizers....
Grindrod Shipping: Major Shareholder's Takeover Attempt Successful, Stock Will Likely Delist Soon