|Shareholders are hereby advised that, at the extraordinary general meeting of shareholders of the Company held Thursday, 6 September 2018, the proposed ordinary resolution, as set out in the notice of extraordinary general meeting circulated to shareholders dated Friday, 17 August 2018, was passed by the requisite majority of shareholders voting in person or by proxy. |
Each ordinary share carries one vote. Details of the results of voting at the extraordinary general meeting are as follows:
*Total number of issued ordinary shares which were present / represented at the extraordinary general meeting: 11 516 106 being 60.41% of the total ordinary shares.
|The following results are the company's maiden interim results since listing rendering them incomparable. Revenue came to USD150.8 million whilst gross profit was USD2.4 million. Loss for the period of R13.5 million was recorded. Furthermore, headline loss per share were 73cps.|
No dividends were declared in the six months ended 30 June 2018.
|GrinShip will release its half year 2018 financial results for the period ended June 30, 2018 on Wednesday, August 29th after market closing in New York and Johannesburg.|
The next day, Thursday, August 30th, 2018 at 8:00 a.m. Eastern Savings Time/ 2:00pm South African Standard Time/ 8:00pm Singapore Time, the Company's management will host a conference call and webcast to discuss the earnings results.
Audio Webcast details
There will be an audio webcast of the conference call, accessible via the internet through the GrinShip website www.grinshipping.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation of the half year results ended June 30, 2018 financial results will be accessible in PDF format 10 minutes prior to the conference call and webcast on the Investor Relations section of our website located at www.grinshipping.com. Participants to the webcast can download the PDF presentation. The conference call will take participants through the slide presentation on the website.
|GrinShip (?the company?) announced its intent to hold an extraordinary general meeting at 14:00 South African Standard Time on 6 September 2018 (?EGM?) to consider and, if thought fit, pass a resolution authorizing the purchase by the company of up to 10% of the company?s outstanding ordinary shares as of the date of the resolution (excluding any ordinary shares which are held as treasury shares as at that date). A Notice of EGM (including a form of proxy), dated as of the date hereof, has been made publicly available for the benefit of the company?s shareholders and can be found at the company?s website at www.grinshipping.com/Content/EventsPresentationsAndNotices. Proxy forms are required to be received, as set out in the Notice of EGM, by 14:00 South African Standard Time on 3 September 2018.|
|The company is the holding company which will acquire the international drybulk and tanker shipping group of Grindrod, whose origins date back to the formation of a shipping and related business in 1910 by Captain John Edward Grindrod. The Company was incorporated in Singapore on 2 November 2017 under the Singapore Companies Act. Grindrod has been involved in various sectors of the shipping and transport industry for more than 100 years. The drybulk business in its current form under the IVS brand dates back to 1976 and was acquired by Grindrod in 1999. The modern day tanker business under the Unicorn brand dates back to 1973 when Grindrod acquired a tanker of approximately 20,000 dwt.|
The separation from the Grindrod Group and separate listing of the Company is being pursued, among other reasons, because it will (i) allow shareholders to identify more clearly the different characteristics of the Grindrod Shipping Business from the other businesses within the Grindrod Group and to value them separately, (ii) allow management of each business to focus solely on that business and pursue their respective strategies, (iii) provide relevant employees of each business stock-based incentives linked solely to his or her employer and (iv) enable each company to elect an appropriately sized Board of Directors comprised of individuals with the skills and sector knowledge relevant to each business.