US$22m MV Ocean Swagman sale and leaseback agreement with Wellard

November 2019

On 4 July 2019 it was announced Wellard and Heytesbury had entered into an agreement whereby the Ocean Swagman would be sold to Heytesbury Singapore, a subsidiary of Heytesbury Holdings, before being chartered back by Wellard. The Ocean Swagman (launched in 2009) is a technologically advanced, purpose-built livestock carrying vessel, and sailed its maiden voyage in January 2010. The vessel has the capacity to transport approximately 8,000 cattle or 25,000 sheep, or a combination of both.

The transaction was unanimously recommended by the Board, and approved by Shareholders at a general meeting on 25 October 2019.

Heytesbury, headquartered in Perth, West Australia is one of Northern Australia’s leading producers of quality export cattle. It has a herd of over 165,000 cattle on six stations spanning 2.7m hectares, and has been supplying Asian markets for over 30 years.

Wellard is an ASX-listed cattle exporter and vertically integrated agribusiness that connects producers of cattle, sheep and other livestock to customers globally through a vertically integrated supply chain. Heytesbury owns approximately 12% of Wellard shares.