Wellard, Australia’s largest live cattle exported received and accepted a proposal on selling the M/V Ocean Swagman for USD 25.2 million to Panama-based Trim Shipping, part of Nova Marine Holdings.
The new purchase comes in contradiction to what the shipping industry already new, keeping in mind that in early July, Wellard sold the M/V Ocean Swagman to Heytesbury Cattle Company for $22m.
Now, Wellard is offered USD 3.2 million higher than the previous offer.
The company stated that
The Nova transaction remains subject to approval of the Nova board, however, Wellard considers that (if approved) it is likely to lead to a superior outcome than the Heytesbury transaction.
The livestock carrier will be delivered to the new buyer between November 1 to December 13, 2019. Wellard explained that the Heytesbury transaction remains on substantially the same terms as previously revealed. If the Nova transaction proceeds, the Heytesbury transaction would not complete, and a break fee may be paid.
According to the company, they are still negotiating a standstill agreement with its noteholders, showing that the company still supports the sale of the Ocean Swagman to either of Nova or Heytesbury.
