Grindrod Shipping Holdings Ltd. Announces Pricing of Secondary Offering of Ordinary Shares
September 22 2021 - 7:52PM
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH)
(“Grindrod Shipping” or “Company” or “it” or “we”), a global
provider of maritime transportation services predominately in the
drybulk sector, today announced the pricing of the previously
announced underwritten public secondary offering of 1,841,962
ordinary shares by certain existing shareholders of the Company
(the “Selling Shareholders”) at a public offering price of $13.50
per share, for an aggregate purchase price of $24,866,487. The
Offering is expected to close on September 27, 2021, subject to
customary closing conditions. The Selling Shareholders will receive
all of the proceeds from the Offering. Grindrod Shipping is not
selling any of its ordinary shares in the Offering and will not
receive any proceeds from the Offering.
Jefferies is acting as sole book-running manager
for the Offering. Noble Capital Markets, Inc. is acting as
co-manager for the Offering.
The Offering was made pursuant to the Company’s
existing effective shelf registration statement on Form F-3,
including a base prospectus, filed with the U.S. Securities and
Exchange Commission (the “SEC”) on August 23, 2021 and a related
prospectus supplement for the Offering. Prospective investors
should read the prospectus supplement and base prospectus in that
registration statement and other documents the Company has filed or
will file with the SEC for more complete information about the
Company and the proposed offering. When available, copies of the
prospectus relating to and describing the terms of the proposed
Offering may be obtained from Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New
York, NY 10022, by telephone at (877) 821-7388 or by email at
Prospectus_Department@Jefferies.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that jurisdiction.
About Grindrod Shipping Holdings
Ltd.
Grindrod Shipping operates a fleet of owned and
long-term and short-term chartered in drybulk vessels predominately
in the handysize and supramax/ultramax segments. The drybulk
business, which operates under the brand “Island View Shipping”
(“IVS”), include a Core Fleet of 31 vessels consisting of 15
handysize carriers and 16 supramax/ultramax drybulk carrier. The
Company also owns one medium range product tanker on bareboat
charter. The Company is based in Singapore, with offices in London,
Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed
on NASDAQ under the ticket “GRIN” and on the JSE under the ticker
“GSH.”
Forward-Looking Statements
The statements in this press release that are
not historical facts may be forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe
harbor legislation. The forward-looking statements in this press
release are based upon various assumptions, including, without
limitation, Grindrod Shipping management's examination of
historical trends, data contained in the Company's records and
other data available from third parties. Although the Company
believes that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond the Company's control, the Company cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections. These forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those discussed in the forward-looking statements.
These risks and uncertainties include, among others, those
discussed in Grindrod Shipping's public filings with the SEC.
Except as required by law, 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.
Company Contact:
Martyn Wade / Stephen Griffiths CEO / CFO Grindrod Shipping
Holdings Ltd. 200 Cantonment Road, #03 01 Southpoint Singapore,
089763 Email: ir@grindrodshipping.com Website:
www.grinshipping.com |
Investor Relations /
Media Contact: Nicolas Bornozis / Daniela Guerrero Capital
Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel.:
(212) 6617566 Fax: (212) 6617526 Email:
grindrod@capitallink.com |
By order of the Board 20 September 2021 Sponsor: Grindrod Bank
Limited
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