Grindrod Shipping Says The Previously Announced Selective Capital Reduction Became Effective Pursuant To Section 78G Of The Companies Act Of 1967 Of Singapore
Portfolio Pulse from Benzinga Newsdesk
Grindrod Shipping announced that its previously declared Selective Capital Reduction has become effective. All issued ordinary shares, except those held by Good Falkirk (MI) Limited, have been canceled. A cash distribution of $14.25 per share will be paid to participating shareholders by August 27, 2024.
August 16, 2024 | 9:33 am
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Grindrod Shipping's Selective Capital Reduction has become effective, canceling all issued ordinary shares except those held by Good Falkirk (MI) Limited. A cash distribution of $14.25 per share will be paid to participating shareholders by August 27, 2024.
The Selective Capital Reduction and subsequent cash distribution are significant corporate actions that will impact the stock price. The cancellation of shares reduces the number of shares outstanding, which could positively affect the stock price. The cash distribution provides immediate value to shareholders.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100