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Taylor Maritime Investments Limited and Grindrod Shipping Holdings Ltd. Jointly Announce the ...

By Grindrod Shipping Holdings Ltd.; Taylor Maritime Investments Limited - Dec 20, 2022, 03:33 AM ET
Last Updated - Aug 05, 2024, 03:26 AM EDT
GRIN_ship
Computershare Trust Company, N.A., the depositary for the Offer, has advised that, as at 11:59 p.m., New York time, on December 19, 2022, a total of 1,839,787 Shares had been validly tendered pursuant to the Offer during the Subsequent Offering Period, representing approximately 9.45% of the outstanding Shares (including the number of Shares resulting from the valid vesting and settlement in full of the Company Forfeitable Shares)

Taylor Maritime Investments Limited (LON: TMI / TMIP) (“TMI”), an internally managed investment company specializing in the acquisition and chartering of vessels in the handysize and supramax bulk carrier segments of the global shipping sector, and Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH)

SINGAPORE, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Taylor Maritime Investments Limited (LON: TMI / TMIP) (“TMI”), an internally managed investment company specializing in the acquisition and chartering of vessels in the handysize and supramax bulk carrier segments of the global shipping sector, and Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or the “Company”), a global provider of maritime transportation services in the drybulk sector, today jointly announced the expiration of the subsequent offering period (the “Subsequent Offering Period”) of the voluntary conditional cash offer (the “Offer”) made by Good Falkirk (MI) Limited (the “Offeror”), a wholly-owned subsidiary of TMI, for all of the ordinary shares (other than Shares held by the Offeror and Shares held in treasury) in the capital of Grindrod Shipping (“Shares”). The Subsequent Offering Period expired at 11:59 p.m., New York time, on December 19, 2022.

Computershare Trust Company, N.A., the depositary for the Offer, has advised that, as at 11:59 p.m., New York time, on December 19, 2022, a total of 1,839,787 Shares had been validly tendered pursuant to the Offer during the Subsequent Offering Period, representing approximately 9.45% of the outstanding Shares (including the number of Shares resulting from the valid vesting and settlement in full of the Company Forfeitable Shares). All Shares that were validly tendered during the Subsequent Offering Period, on the terms and subject to the conditions and restrictions of the Offer, have been accepted for payment. As at 11:59 p.m., New York time, on December 19, 2022, a total of 16,206,365 Shares are held by the Offeror and its affiliates or have been validly tendered to the Offeror (including the Shares that have been validly tendered during the Subsequent Offering Period), representing 83.23% of the outstanding Shares (including the number of Shares resulting from the valid vesting and settlement in full of the Company Forfeitable Shares).

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At the appropriate time and in accordance with the applicable laws and regulations, the Offeror may cause the Company to delist the Shares from the Nasdaq Global Select Market and the Main Board of the Johannesburg Stock Exchange and terminate the Company’s reporting obligations under the U.S. Securities Exchange Act of 1934, as amended. Delisting and deregistration of the Shares would likely significantly reduce the liquidity and marketability of any Shares that have not been tendered pursuant to the Offer.

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