I was able to speak with the analyst at UBS who heads up...

I was able to speak with the analyst at UBS who heads up research into Wellard and was involved in the initial research into its IPO listing.  He was surprised by the drop in share price given Wellard's fundamentals, but could explain a number of factors that were probably contributing to it:

1) Tardiness with reporting to ASX on occasion
2) A few shipping issues (fire, delays)
3) Instos and investors realising capital losses within this financial year
4) Market falsely perceiving a loss of business/reputation associated with Japan's livestock suspension (prior to Wellard's ASX release stating that they had little exposure to Japan)
5) The Greens seeking to phase out live export trade.  If their Prohibition Bill was passed it would end live exports from Australia.

The analyst believed that point 5 is a threat to Wellard's business but is highly unlikely to occur (Bill won't be passed).  However, the analyst acknowledged that (perceived) uncertainty probably exists for investors in Wellard in the present election climate, which may be affect SP.

Speaking only for myself, Wellard still looks good.