Grindrod Shipping Holdings Ltd. Announces Declaration and Finalisation Announcement in Respect of the Selective Capital Reduction and the Cash Distribution

Core Viewpoint - Grindrod Shipping Holdings Ltd. has received approval from the High Court of Singapore for a Selective Capital Reduction, allowing participating shareholders to receive a cash distribution of US$14.25 per share [2][11]. Group 1: Selective Capital Reduction Details - The effective date for the Selective Capital Reduction is set for August 16, 2024, with trading on Nasdaq suspended from August 15, 2024 [3][14]. - Shareholders on the JSE will also be eligible for the cash distribution, which will be converted to South African Rand at an exchange rate of USD 1: ZAR 18.11500, equating to 25,813.875 South African cents per share [15][19]. - The payment of the cash distribution will occur following the effective date, with specific trading and record dates outlined for both Nasdaq and JSE [5][18]. Group 2: Trading Suspension and Delisting - Trading of shares on the JSE will be suspended starting August 16, 2024, and the company is expected to be delisted from NASDAQ on August 26, 2024 [4][6]. - No repositioning of shares between the JSE and the U.S. register will be permitted from August 15 to August 20, 2024 [18]. Group 3: Additional Information for Shareholders - The cash distribution is classified as a "capital distribution" and is not subject to withholding tax in Singapore [19]. - South African shareholders are advised to consult tax advisors regarding the implications of the capital distribution, particularly concerning capital gains tax [19].