• Sale of last revenue-generating asset, M/V Ocean Drover
• Inability to meet ASX's Chapter 12 listing requirements
• Significant cost savings from delisting

Wellard Ltd (ASX:WLD) has submitted a formal request to the Australian Securities Exchange (ASX) to be removed from the official list of the ASX (Official List) in accordance with ASX Listing Rule 17.11 (Delisting). The principal reason for Delisting is the sale of Wellard's last revenue-generating asset - the livestock vessel 'M/V Ocean Drover' that was successfully completed on 19 August 2025. Shareholders received a capital return of 15 cents-per-share on 28 August 2025. Without a material corporate transaction or business opportunity arising in the short term, the Company will not meet ASX's Chapter 12 requirements. The Board considers the ongoing administrative, compliance and direct costs associated with the Company's ASX listing are disproportionate to the benefits of remaining listed. Delisting will result in significant cost reductions and still allow for a potential future re-compliance event, should a new opportunity arise. The consequences of Delisting include the inability to trade the Company's shares on ASX and the removal of ASX Listing Rule protections, though shareholders will continue to have the protections applicable to public companies under the Corporations Act.