Tuesday, December 14, 2021
Grindrod Shipping (GRIN)
Largest Shareholder Selling At A Premium
Grindrod Shipping, originated in South Africa with roots dating back to 1910. The company is based in Singapore, with offices around the world including, London, Durban, Cape Town, Tokyo and Rotterdam. Its primary listing is on Nasdaq and secondary listing on the JSE.
Grindrod Shipping owns and operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk and liquid-bulk vessels across the globe.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Largest shareholder selling at a premium. Remgro LTD, the largest shareholder, has lined up the sale of a 22.6% stake in GRIN held by a subsidiary to Taylor Maritime (TMI) for $77.9 million in cash in a private transaction. The sale of 4.33 million GRIN shares at a price of ~$18.00/share represents a ~18% premium versus the December 10th closing price of $15.26/share and a 33% premium to the September secondary offering by GRIN’s former parent at $13.50/share. The transaction should close in early 1Q2022, not later than February 28th, after TMI closes a pending asset sale for ~$43 million.
Buyer is an income oriented closed end fund. The buyer is Taylor Maritime Investments Limited (TMI), a closed ended investment company listed on the London Stock Exchange (LSE). As of November 25th and prior to the sale of two assets, Taylor owns 27 owned and 5 to be delivered vessels (30 Handys and two Supra). TMI’s strategy includes acquiring assets at below long-term average prices and …
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
