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Change statement and notice of filing of 2018 annual report on form 20-f with the SEC
GRINDROD SHIPPING HOLDINGS LTD.
ABBREVIATED NAME: GRINSHIP
Registered in Singapore with registration number 201731497H
JSE Share code: GSH
ISIN: SG9999019087
Primary listing on NASDAQ Global Select Market
Secondary listing on the JSE Main Board
CHANGE STATEMENT AND NOTICE OF FILING OF 2018 ANNUAL REPORT ON FORM 20-F WITH THE
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Grindrod Shipping Holdings Ltd. (“Grindrod Shipping” or "Company") filed its Annual Report on Form 20-F for
the year ended 31 December 2018 with the United States Securities and Exchange Commission (“SEC”) on
16 April 2019 (the “Final Results”).
In the Final Results there were no changes to the amounts reflected in the unaudited abridged results for the
year ended 31 December 2018 contained in the announcement released on SENS on 28 February 2019, titled
“2018 Second Half and Full year Financial results” (the “Abridged Results”), other than as shown below.
Year ended December 31, 2018 Year ended December 31, 2017
Abridged Final Abridged Final
Results Results Results Results
Headline Loss (in thousands of U.S. dollars) $(19,512)(5) $(19,512)(5) $(27,096)(1) $(5,331)(1)
Adjusted EBITDA (in thousands of U.S. dollars) $(78)(5) $(78)(5) $8,138(2) $10,747(2)
Diluted loss per share for the period attributable to $(1.04)(3) $(1.08)(3) $(3.19)(5) $(3.19)(5)
ordinary equity holders of the company (in U.S. dollars)
Headline loss per share for the period attributable to $(1.02)(5) $(1.02)(5) $(1.42)(4) $(0.28)(4)
ordinary equity holders of the company (in U.S. dollars)
Diluted headline loss per share for the period $(0.99)(3) $(1.02)(3) $(1.42)(4) $(0.28)(4)
attributable to ordinary equity holders of the company
(in U.S. dollars)
(1) The Headline Loss for the year ended December 31, 2017 includes an adjustment of US$21,765,000 for impairment loss
on joint venture’s ships in the Final Results that was not included in the Abridged Results
(2) The Adjusted EBITDA for the year ended December 31, 2017 includes an adjustment of US$2,609,000 for listing costs in
the Final Results that was not included in the Abridged Results
(3) The diluted loss per share and diluted headline loss per share for the year ended December 31, 2018 were calculated in
the Abridged Results based on 19,806,833 shares, taking into account 743,000 shares potentially to be issued in future
under the Forfeitable Share Plan. In the Final Results for the year ended December 31, 2018, these per share figures were
calculated based on 19,063,833 shares, not taking into account 743,000 shares potentially to be issued in future under the
Forfeitable Share Plan, as doing so has an anti-dilutive effect.
(4) The headline loss per share and diluted headline loss per share for the year ended December 31, 2017 were calculated
in the Abridged Results based on a headline loss of $(27,096,000) and 19,063,833 shares. In the Final Results, the
headline loss per share and diluted headline loss per share for the year ended December 31, 2017 were calculated based
on a headline loss of $(5,331,000), for the reason referred to in note 1 above, and 19,063,833 shares.
(5) There was no change in this item.
The Annual Report on Form 20-F for the year ended 31 December 2018, is available on the Company’s website
at www.grinshipping.com.
About Grindrod Shipping
Grindrod Shipping owns and operates a diversified fleet of owned and long-term and short-term chartered-in
drybulk vessels and product tankers. The drybulk business, which operates under the brand “Island View
Shipping” (IVS) includes a fleet of 18 handysize drybulk carriers and 12 supramax/ultramax drybulk carriers
on the water with five ultramax drybulk carriers under construction in Japan due be delivered in 2019 and 2020.
The tanker business, which operates under the brand “Unicorn Shipping” (Unicorn) includes a fleet of five
medium range product tankers and three small tankers. The Company is based in Singapore, with offices in
London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping has a primary listing on NASDAQ
under the ticker “GRIN” and a secondary listing on the JSE under the ticker “GSH”.
Company Contact: Investor Relations / Media Contact:
Martyn Wade / Stephen Griffiths Nicolas Bornozis / Judit Csepregi
CEO / CFO Capital Link, Inc.
Grindrod Shipping Holdings Ltd. 230 Park Avenue, Suite 1536
200 Cantonment Road, #03-01 Southpoint New York, N.Y. 10169
Singapore, 089763 Tel.: (212) 661-7566
Email: ir@grindrodshipping.com Fax: (212) 661-7526
Website: www.grinshipping.com Email: grindrod@capitallink.com
By order of the Board
17 April 2019
Sponsor: Grindrod Bank Limited
Date: 17/04/2019 04:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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