If you suffered loss from investing in Wellard shares, you may have a claim. Register with ICP to obtain further detailed information than the summary below.
On 20 November 2015 Wellard lodged its prospectus which contained a short 8-month forecast for the balance FY16. This forecast implied gross profit margins would be similar to FY14 and FY15.
In contrast to Wellard’s half year result, on 16 May 2016 (25 days prior to Wellard’s 10 June 2016 announcement), Elders released its half year results for the 6-month period ended 31 March 2016, including:
- a loss of -$2.9m compared to a $4.7m profit in the prior corresponding period; and
- increased competition and higher supply costs continuing to put pressure on earning’s and in particular Vietnam exports.
On 10 June 2016, Wellard revised NPAT guidance lower due to:
- ship scheduling changes; and
- margin compression created by unexpectedly high record cattle prices in Australia.
By this time, Wellard’s stock price had declined by -$0.91 or -65%.
Potential Class Members
Shareholders who purchased shares in Wellard between 20 November 2015 and 31 August 2016.