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Grindrod Shipping Holdings Ltd. Announces Fleet Updates and Further Share Repurchases

Grindrod Shipping Holdings Ltd., a global provider of maritime transportation services in the drybulk and product tanker sectors, announced a number of transactions relating to its fleet and further share repurchases.

The prevailing charter agreement for our long-term bareboat chartered-out 2016-built Medium Range eco tanker, Matuku, includes a fixed period ending May 2020, with extension options in favor of the charterer. The Company and the existing charterer of the Matuku have mutually agreed to extend the period of the existing bareboat charter for a further two years until May 2022 at an increased charter rate.

The prevailing charter in agreement for our long-term chartered-in 2015-built Japanese eco supramax vessel, IVS Augusta, includes a fixed period ending March 2020, with extension options covering a further two years at pre-determined charter rates and a purchase option on either the IVS Augusta or its sistership the IVS Pinehurst, which is also on charter to the Company. We have elected to not exercise our right to extend the charter or exercise the purchase option on IVS Augusta. As a result, we expect the vessel to redeliver to her owners during the 1Q 2020. We retain the purchase option on the IVS Pinehurst.

Image: Grindrod Shipping Holdings

Pursuant to the Company’s previously approved share repurchase authority granted by shareholders at the last Annual General Meeting on May 29, 2019, the Company has acquired ordinary shares in the open market in addition to those detailed in our previous announcement on December 2, 2019. Over the period from and including November 30, 2019 through and including December 11, 2019 a combined total of 66,398 ordinary shares has been acquired on NASDAQ and the JSE. The repurchased shares were acquired at an average price per share over such period of $6.79, or ZAR 99.61 based on an indicative ZAR/USD exchange rate of 14.68, before costs.

As a result a combined total of 299,641 ordinary shares has been acquired on NASDAQ and the JSE over the period from the end of the second fiscal quarter through and including December 11, 2019 at an average price per share over such period of $6.62, or ZAR 97.13 based on an indicative ZAR/USD exchange rate of 14.68, 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, and may be suspended or terminated by the Company at any time without prior notice.
Source: Grindrod Shipping Holdings

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