Ann: Wellard Successful in International Arbitration, page-33

1. I own about 6% of WLD at less than current market price, way less than NAV, and a ridiculous discount to the company’s franchise value.

2. WLD has insurance. The company was clear that it is not allowed to disclose this publicly but that it holds insurances that would be expected of a public company. Why would anyone sue a tiny company that isn’t insured? You are probably correct - the insurer is probably funding the defense (because the insurer thinks WLD will win)

3. WLD has proven that it is quite capable with Court actions - Kelpie deposit recovery in the bank (kerching) and they won the South American action (money may flow at some stage).

4. WLD has almost no debt, high quality ships (that are increasingly more expensive to build), great management, and a rapidly expanding market.

5. I could be wrong.