• Optimal market conditions provide a US$50M sale price
• Highest return for Wellard Shareholders
• Full return of Drover sale proceeds to Shareholders

Wellard Ltd has announced the sale of its remaining livestock vessel, the M/V Ocean Drover, for a sale price of US$50 million. The Wellard Board believes this represents the highest possible value that can be realised for shareholders. The final Memorandum of Agreement for the sale was signed on 4 February 2025, with the buyers having paid a 10% deposit into escrow. Following the sale, Wellard plans to return the full US$50M proceeds to shareholders through a capital return of AUD 15 cents per share. This will be the second return of capital to Wellard shareholders in 2025. With the sale of both the M/V Ocean Ute and the M/V Ocean Drover, Wellard's Board is considering the optimal company structure and any alternatives that will further benefit shareholders. This may include delisting from the ASX, returning surplus funds to shareholders, and continuing as an unlisted public company. Shareholder approval for any strategic restructure is anticipated at the 2025 AGM, once the Drover sale is completed and the proceeds distributed.