Grindrod Shipping announces results of extraordinary general meeting

Grindrod Shipping Holdings announced that on June 20, 2024 at 18:00 Singapore Standard time, Grindrod Shipping Holdings Ltd. held an extraordinary general meeting of shareholders to consider approval of the proposed selective capital reduction of the Company pursuant to Section 78G of the Companies Act 1967 of Singapore. As at the record date of the EGM, May 10, 2024 at 06:00 United States Eastern Daylight Time / 12:00 South Africa Standard Time, there were 19,685,590 ordinary shares of the Company in issue. At the EGM, a total of 1,504,373 Shares, representing approximately 46.067% of the Shares entitled to vote, were present virtually or by proxy, constituting a quorum to conduct business. Good Falkirk Limited and its concert parties, which collectively hold 16,419,947 Shares, abstained from voting at the EGM. At the EGM, the following proposal to approve the Selective Capital Reduction was considered: that, pursuant to sections 78G to 78I of the Companies Act and regulation 56 of the constitution of the Company, and contingent upon the approval of the High Court of the Republic of Singapore, the issued share capital of the Company be reduced from $290,193,001 comprising 19,685,590 Shares, to $240,614,044 comprising 16,206,365 Shares, and that such reduction be effected by: cancelling the amount of $49,578,956 constituting part of the total paid-up share capital of the Company held by all the shareholders, such Participating Shareholders holding 3,479,225 Shares; and cancelling the 3,479,225 Shares constituting part of the total issued share capital of the Company held by the Participating Shareholders, and the aggregate sum of US$49,578,956 arising from such reduction of the Company’s share capital to be returned to the Participating Shareholders in cash, on the basis of $14.25 per Share held by each Participating Shareholder so cancelled. The SCR Proposal was approved by a requisite vote of the Company’s shareholders voting at the EGM. The Company intends to promptly submit an application to the High Court of the Republic of Singapore seeking approval of the Selective Capital Reduction. For more information, please refer to the circular to the shareholders of the Company, filed with the U.S. Securities and Exchange Commission on May 14, 2024, as supplemented on May 28, 2024.