Shipping company Wellard will sell its last remaining ship for $81 million as it considers delisting from the ASX.
The Ocean Drover, a 176-metre vessel that Wellard says is the world’s second-largest purpose-built livestock carrier, will be sold to a Turkish agribusiness company.
“We believe that this sale represents the highest possible value that can be realised for shareholders from the Ocean Drover in the current market,” said Wellard executive chairman John Klepec.
“Subject to shareholder approval, the sale of the Ocean Drover will bring to an end Wellard's 46-year involvement in the global live export industry.”
The sale is expected to be complete in July. Its profits will be returned to shareholders.
Wellard’s board will also consider delisting the company from the ASX, pending shareholder approval. The company initially listed on the ASX in 2015 for $556 million.
The company’s sole remaining source of potential income will be possible compensation from a pending class action suit.
Wellard said in 2018 that it was focussing on chartering vessels rather than trading livestock, after reporting repeated losses.
It began selling its vessels in 2017, and most recently sold the Ocean Ute in July 2024.
Wellard’s (ASX: WLD) share price doubled after news of the sale. Share prices closed at $0.15, up from a previous close at $0.07. Its market capitalisation is $79.7 million.
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