Wellard (ASX:WLD) said its shareholders approved the sale of its livestock vessel MV Ocean Drover for $50 Million, in a Tuesday meeting, according to a same-day Australian bourse filing.

Shareholders also approved a capital return of AU$0.15 per share from the sale proceeds, the filing said.

The company said over 99.9% of the votes cast by its shareholders at the general scheme meeting were in favor of the sale and the capital return.

Wellard expects the sale to take place in the last week of July and the capital return by Aug. 28.