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Grindrod Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
Ordinary share code: GND and ISIN: ZAE000072328
Preference share code: GNDP and ISIN: ZAE000071106
(“Grindrod” or “the Company”)
FINALISATION OF THE DISPOSAL OF 100% OF THE ISSUED ORDINARY SHARE CAPITAL OF
GRINDROD FINANCIAL HOLDINGS LIMITED (“GFH”) AND 100% OF THE PREFERENCE SHARES
ISSUED BY GRINDROD BANK LIMITED (“GRINDROD BANK”) AND CHANGE TO THE BOARD OF
DIRECTORS OF GRINDROD LIMITED
Finalisation of the disposal of 100% of the issued ordinary share capital of GFH and 100% of the
preference shares issued by Grindrod Bank
Shareholders are referred to the announcement released on the Stock Exchange News Service (“SENS”)
on 26 May 2022 in which they were advised that the Company had reached agreement with African Bank
Limited in terms of which:
• Grindrod will dispose of 100% of the issued ordinary share capital of GFH; and
• Grindrod will dispose of 100% of the preference shares issued by Grindrod Bank (together, the
“Disposal”).
Shareholders are further referred to the announcement released on SENS on 23 August 2022, confirming
that all the ordinary resolutions proposed at the general meeting, as set out in the circular distributed on
Friday 22 July 2022 and being necessary in order to approve and implement the Disposal, were passed
by the requisite majority of votes.
The board of directors of Grindrod is pleased to confirm that all conditions precedent to the Disposal have
been fulfilled on 7 October 2022 and that the effective date of the Disposal will be 1 November 2022.
Change to the Grindrod Limited board of directors
In compliance with paragraph 3.59(a) of the Listings Requirements of the JSE Limited, shareholders are
hereby advised that Mr David Polkinghorne has tendered his resignation from the Grindrod board of
directors with effect from 1 November 2022 as a consequence of the Disposal. The Company extends its
appreciation to David for his many years of service and valuable contribution and wishes him well in his
future endeavours. David will continue to serve on the Grindrod Bank board of directors.
Durban
10 October 2022
Exclusive financial adviser and transaction sponsor to Grindrod Limited
Rand Merchant Bank
(A division of FirstRand Bank Limited)
Legal advisor to Grindrod Limited
Edward Nathan Sonnenbergs Incorporated (ENSafrica)
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
