Investor sells big chunk of Wellard

Pakistani meat trader Tariq Butt sold more than $1 million of shares in live exporter Wellard over 10 days until February 1.

A notice lodged with the Australian Securities Exchange showed Mr Butt’s Butt Nominees began reducing his 14.4 per cent in the Mauro Balzarini-headed company on January 20.

The million shares sold on the market that day for $227,000 were followed by sales worth $230,000 on January 23 and $151,000 on January 24. Sales totalling $50,000 were made on January 25 and 27.

On Monday, January 30, Mr Butt got rid of 1.7 million shares for $354,000. The flood of stock saw Wellard’s share price drop from before the 21.5¢ on January 19 to 20¢ last Monday.

The sell-down, which reduced Mr Butt’s stake in the company to 13.35 per cent, came after his failed attempt at the inaugural Wellard meeting in November to install Tyron Dennison on the board.

Although that motion failed, Butt Nominees successfully spearheaded a protest vote that culminated in a first strike against the remuneration report.

Since floating in December 2015, Wellard has been blighted by profit downgrades triggered by mechanical problems, shipping delays and high cattle prices.