Wellard close to $37m sale of Ocean Swagman

Zach RelphCountryman
MV Ocean Swagman could be sold for $37 million.
Camera IconMV Ocean Swagman could be sold for $37 million.

Live exporter Wellard is edging towards a deal to offload one of its vessels, agreeing to a more than $37 million proposal from a Nova Marine Holdings subsidiary.

The John Klepec-headed company told shareholders this morning it had accepted a proposal from Nova’s Panama-based arm Trim Shipping to buy the M/V Ocean Swagman for $US25.2 million ($37.2 million).

However, the transactions still remains subject to approval from Nova’s board.

The announcement comes after Wellard last week revealed it was “actively negotiating with another party” on a deal that could “lead to a superior proposal” after negotiations with the Holmes a Court family’s private firm Heytesbury Holdings hit a snag.

Heytesbury initially offered $US22 million for the livestock carrier, but requested an extension to the July 29 deadline for its formal due diligence.

Heytesbury had also proposed amendments to the terms of the initial transaction.

Wellard’s shares were up 2.6 per cent at 4¢ at 8.40am.

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