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Wellard's US$22M sale of livestock cargo ship to proceed

Australian meat and livestock distributor Wellard Ltd. said Aug. 20 that it will proceed with the planned sale of its livestock carrier, MV Ocean Swagman, to cattle company Heytesbury Pty. Ltd. for US$22 million.

Heytesbury, which owns 11.42% of Wellard, has completed all conditions precedent, including financing, due diligence and vessel inspection.

The transaction will proceed as planned after another potential buyer, Trim Shipping SA, a unit of Switzerland’s Nova Marine Carriers SA, failed to secure the approval of its board by the deadline on Aug. 19. Trim Shipping was also eyeing the vessel for US$25.2 million.

Wellard said it will now schedule a shareholder meeting to seek approval for the Heytesbury transaction.