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Disposal of Grindrod's entire shareholding in Grindrod Shipping
GRINDROD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
Share code: GND and GNDP
ISIN: ZAE000072328 and ZAE000071106
("Grindrod" or the “Company")
DISPOSAL OF GRINDROD’S ENTIRE SHAREHOLDING IN GRINDROD SHIPPING
1. Introduction
Grindrod shareholders are hereby advised that the Company has agreed to dispose of its entire direct and indirect
shareholding (“Disposal”) in Grindrod Shipping Holdings Ltd. (“Grindrod Shipping”), being 1 841 962 Grindrod
Shipping ordinary shares (“Sale Shares”), following an underwritten public offering (“Offering”).
The Sale Shares amount to c. 9.6% of Grindrod Shipping’s total issued share capital.
2. Rationale for the Disposal and use of proceeds
Grindrod has communicated its commitment to dispose of investments that are non-core to its business, which
includes Grindrod’s investment in Grindrod Shipping. The Disposal is expected to result in an improved capital
allocation reflective of the Company’s strategy.
3. Information on Grindrod Shipping
Grindrod Shipping, which originated in South Africa with roots dating back to 1910, is an international shipping
company that owns, charters-in and operates a fleet of drybulk carriers and owns one medium range product tanker.
The company is based in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. It has a
primary listing on Nasdaq, with a secondary listing on the JSE Limited’s (“JSE”) Main Board.
4. The Offering
Jefferies LLC acted as the sole book-running manager for the Offering. Noble Capital Markets, Inc. acted as the co-
manager for the Offering.
5. Results of the Disposal
The Sale Shares were sold at a gross price of USD 13.50 (ZAR 199.94)¹ per Sale Share (“Sale Price”), raising total
gross proceeds of USD 24.87 million (ZAR 368.27 million)¹. The Sale Price represents a discount of 14% to the
Grindrod Shipping closing price of USD15.70 per share on Nasdaq on 22 September 2021.
Accordingly, the Company’s interest in Grindrod Shipping has been reduced from c. 9.6%% to 0%. Settlement of
the Disposal is expected to occur on or about 27 September 2021.
6. Financial information
The value of the net assets and profit attributable to the assets that are the subject of the Disposal were
R287.9 million and R186.2 million, respectively (“Financial Information”), as at and for the six months ended
30 June 2021, respectively. The Financial Information has been extracted from Grindrod’s unaudited condensed
consolidated interim results for the six months ended 30 June 2021 (“Interim Results”). The accounting policies
used in the preparation of the Interim Results are in terms of International Financial Reporting Standards and are
consistent with those of the annual financial statements for the year ended 31 December 2020. The Interim Results
are the responsibility of the board of directors of Grindrod.
7. Categorisation
In terms of the JSE Listings Requirements, the Disposal is classified as a Category 2 transaction for Grindrod, which
requires an announcement.
Durban
23 September 2021
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
1. Converted at USD/ZAR 14.81 on 22 September 2021 (source: Bloomberg)
Date: 23-09-2021 07:19:00
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