Wellard: Sells MV Ocean Shearer for A$89.9M
- Wellard (WLD) has sold its MV Ocean Shearer for almost $90M to help reduce debts to a manageable level
- When the term sheet was signed the company was going to receive AUD$77.8M but has now received AUD$89.9M
- Of the money received, Wellard used just over $69M for to reduce its debt to $28.7M
- The remaining $20 million will be kept as cash for operations
- The company will now focus exclusively on maximising earnings and profits from its MV Ocean Driver, MV Ocean Ute
- Wellard shares have skyrocketed 41.7 per cent and are trading for 5.1 cents at 3:26 pm AEDT
