And more on Wellard woes
After putting a couple of its ships on the market, Wellard is now selling its Beaufort River Meats business. According to The West Australian “The sale is the latest attempt by Wellard to improve its position after a horror past year.” The company, which was valued on the Australian Securities Exchange at $556 million when it listed a year ago, is now worth about $80 million. Investors have apparently “fled the stock” following profit downgrades, which were triggered by mechanical problems in Wellard’s carriers, shipping delays and high cattle prices.
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