Heytesbury has been gazumped by a company from Luxembourg after it struck a deal to purchase Wellard’s M/V Ocean Swagman.
A break fee of $US300,000, or of $US600,000 under special undisclosed circumstances, was part of the term sheet.
Wellard said funds from the sale of the vessel would be used primarily to pay down debt
The Nova transaction remains subject to approval of the Nova board.
In April, Wellard sold its Wongan Hills feed mill, and Baldivis pre-export quarantine lease in Western Australia, as well as its Condah pre-export quarantine facility in Victoria, to Ausvision Rural Services.
The company said $17.5 million in free cash flow would be realised from these combined asset sales to Ausvision.
Shares in Wellard were up 2.6 per cent at 10.10am AEST to trade at 4 cents each.