Grindrod Shipping Holdings Ltd. Announces Share Repurchases
June 03 2021 - 4:05PM
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH)
(“Grindrod Shipping” or “Company” or “it” or “we”), a global
provider of maritime transportation services predominantly in the
drybulk sector, announced share repurchases.
Pursuant to the Company's previously approved
share repurchase authority granted by shareholders at the last
Annual General Meeting on May 20, 2021, the Company has acquired a
combined total of 33,467 ordinary shares in the open market on
NASDAQ and the JSE over the period from May 26, 2021 to June 1,
2021. The repurchased shares were acquired at an average price per
share over such period of $8.46, or ZAR 116.62 based on an assumed
ZAR/USD exchange rate of 13.79, before costs. The timing and amount
of any repurchases are in the sole discretion of the Company, and
depend on legal requirements, market conditions, stock price,
alternative uses of capital and other factors. Repurchases of
ordinary shares may take place in privately negotiated transactions
and/or open market transactions. The repurchase authority expires
at the next Annual General Meeting, unless renewed or varied or
revoked by the shareholders in a general meeting, and may be
suspended or terminated by the Company at any time without prior
notice.
About Grindrod Shipping Holdings
Ltd.
Grindrod Shipping predominantly owns and
operates a diversified fleet of owned and long-term and short-term
chartered-in drybulk vessels. The drybulk business, which operates
under the brand “Island View Shipping” (“IVS”) includes a fleet of
15 handysize drybulk carriers and 16 supramax/ultramax drybulk
carriers. The Company also owns one medium range product tanker on
bareboat charter. The Company is based in Singapore, with offices
in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod
Shipping is listed on NASDAQ under the ticker “GRIN” and on the JSE
under the ticker “GSH”.
Forward-Looking Statements
The statements in this press release that are
not historical facts may be forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe
harbor legislation. The forward-looking statements in this press
release are based upon various assumptions, including, without
limitation, Grindrod Shipping management's examination of
historical trends, data contained in the Company's records and
other data available from third parties. Although the Company
believes that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond the Company's control, the Company cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections. These forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those discussed in the forward-looking statements.
These risks and uncertainties include, among others, those
discussed in Grindrod Shipping's public filings with the SEC.
Except as required by law, Grindrod Shipping undertakes no
obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of
unanticipated events.
Company Contact:Martyn Wade / Stephen GriffithsCEO
/ CFOGrindrod Shipping Holdings Ltd.200 Cantonment Road, #03-01
SouthpointSingapore, 089763Email:
ir@grindrodshipping.com Website:
www.grinshipping.com |
Investor Relations / Media Contact: Nicolas
Bornozis / Daniela GuerreroCapital Link, Inc. 230 Park Avenue,
Suite 1536 New York, N.Y. 10169 Tel.: (212) 661-7566 Fax: (212)
661-7526 Email: grindrod@capitallink.com |
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