Wellard (ASX:WLD) will sell its remaining livestock vessel, the Ocean Drover, to Turkish agribusiness company, Goktaslar Et-Et Urunleri Yan Sanayi ve Ticaret, for $50 million in cash, according to a Tuesday filing with the Australian bourse.
Wellard expects completion of the sale to occur in July, subject to shareholder approval and other conditions, the filing said. The firm currently has confirmed charters for the vessel until June.
The board plans to return all of the net sales proceeds to shareholders as well as an additional capital return of any surplus cash on hand at the date of completion.
The Ocean Drover is Wellard's only remaining revenue-generating asset. The board will consider the future of the business, including the possibility of delisting from the stock exchange and continuing as a public unlisted company, the filing said.
Wellard's shares surged nearly 99% in recent Tuesday trade and earlier reached a new 52-week high.
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