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(Sharecast News) - Taylor Maritime Investments announced a proposal by its subsidiary, Grindrod Shipping Holdings, to conduct selective capital reduction on Friday.
The London-listed company said the proposed selective capital reduction would see the cancellation of all shares held by Grindrod shareholders, except for the shares held by Good Falkirk, totalling 3,479,225 shares.
Good Falkirk, a wholly-owned subsidiary of Taylor Maritime, currently held the firm's existing stake in Grindrod.
Under the terms of the capital reduction, each participating Grindrod shareholder would receive $14.25 for each Grindrod share cancelled.
Approval for the selective capital reduction was required by special resolution at an extraordinary general meeting of Grindrod.
Taylor Maritime, Good Falkirk, and their respective concert parties would abstain from voting on the special resolution.
The board said the successful execution of the reduction remained subject to a number of conditions, including the granting of an order by the High Court of Singapore, approval from the Johannesburg Stock Exchange, and authorisation from the Financial Surveillance Department of the South African Reserve Bank.
On the successful completion of the selective capital reduction, Grindrod would become a wholly-owned subsidiary of Taylor Maritime Investments.
At 1250 BST, shares in Taylor Maritime Investments were up 1.27% at 80p.
Reporting by Josh White for Sharecast.com.
