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Grindrod Transport (NASDAQ:GRIN) has entered right into a transaction implementation settlement with Taylor Maritime Investments (TMI) and its subsidiary Good Falkirk (MI).
The settlement supplies for a voluntary conditional money supply to be made by TMI for all the issued bizarre shares within the capital of Grindrod (GRIN).
Pursuant to the supply, GRIN shareholders might be entitled to obtain the supply worth of $21 in money for every share tendered.
As of the expiration time of the supply, the corporate has agreed to declare a particular dividend of$5.00/share to shareholders that maintain shares as of a dividend report date to be decided by the board.
If the circumstances to the supply are usually not glad as of the expiration time, no particular dividend might be paid by the corporate.
If the circumstances are met, GRIN shareholders who’ve validly tendered their shares would subsequently obtain an combination transaction worth of $26/share, valuing the corporate’s present issued and to be issued bizarre share capital at ~$506M on a totally diluted foundation.
The transaction worth represents a 26.8% premium to the final traded worth per share on Aug 26, 2022.
GRIN shares had been up round 1% premarket
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