Wellard Limited (ASX:WLD) Announces Sale of Livestock Vessel
Contract Details
Wellard Limited (ASX:WLD) has announced the signing of a binding contract to sell its livestock vessel, the M/V Ocean Drover, for US$50 million (approximately A$81.2 million). The transaction represents the sale of Wellard’s main undertaking and is subject to shareholder approval under ASX Listing Rule 11.2.
Returns to Shareholders
If the sale is approved by shareholders, Wellard intends to return all net sale proceeds, roughly A$0.15 per share, in addition to any surplus cash available at completion. This decision was made during a Board meeting on 10 January 2025, which also approved the terms of the sale.
Trading Halt and Compliance
Wellard requested a trading halt on 10 January 2025, prior to the announcement due to the price sensitivity of the transaction. The company confirmed that it is in compliance with ASX Listing Rules, and previous communications on the potential sale were consistent with its continuous disclosure obligations.
Executive Comments
Michael Silbert, Company Secretary at Wellard Limited, stated, “Our board is committed to ensuring that shareholders are informed and benefit from the outcomes of our operational strategies.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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