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Wellard: Sells MV Ocean Shearer for A$89.9M | Fintech InShorts: Latest fintech news, analysis by experts

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Wellard: Sells MV Ocean Shearer for A$89.9M

By Steve Sam

March 27, 2020

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

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