thanks skaaptjop - i have read it and while i agree with the fundamental analysis.... it is not difficult, but obvious that grindrod shareprice profited from spiked earnings on their IVS and other biz in the boom time a few years ago and that prior to that the share price mirrored their NAV, as it does now. the remgro offer does not change this very much. yes, EPS is adversely affected because earnings have not changed with the injection of capital and resultant increase of shares in circulation (yet?) but NAV per share increases somewhat as a result also. it comes down to exactly why they want the capital and if their rationale and ultimate utilisation of the cash is sound and that the funds are not a veiled bailout of a troubled gearing scenario. confidence and forecast thusfar has consistently been buy/hold. shipping in general is a troubled affair right now, everywhere. this is nothing new and cycles will by definition re[eat themselves. but gnd is no venture cap company. surely longterm the view must be hold. else one may want to divest altogether from the markets.