Wellard founder Mauro Balzarini has cut his ties to the Australian livestock carrier owner.
Balzarini, who was chief executive until last June, said he has sold his family's remaining 12.75% shareholding.
His family company WHG was subject to "key man" restrictions until a debt to Italian financier Banca Intesa Sanpaolo was repaid.
ASX-listed Wellard announced in December that it had sold its largest vessel, the 36,000-gt Ocean Shearer (built 2016), for $53m to Kuwaiti group Al Mawashi, allowing Wellard to extinguish the debt.
The company has a market capitalisation of AUD 23.91m ($15.2m), making Balzarini's former stake worth about AUD 3m.
The stock went to parties involved in WHG to complete an old agreement, Balzarini said.
"It is well known that my interest in Wellard stopped after I was replaced as CEO, with the company liquidating assets and reducing its owned fleet to two ageing vessels since then," he added.
Attention turns to LNG-fuelled carriers
"The transfer of the shares is the final stage in my exit from Wellard and from all Australian interests, and I can now focus my attentions on new ventures, including the design of a new generation of livestock carriers."
TradeWinds reported in March that his plan to build these LNG-powered ships had been delayed by the lockdown in Italy.
Work on the NextSeaWell project had dramatically slowed because of restrictions to stop the spread of coronavirus affecting its operations close to Milan.
"That project has been severely impacted by the Covid-19 outbreak in Italy but we are intending to resume work as soon as possible," the owner said this week.
His family business has its roots in Brescia, in northern Italy.
Balzarini, who now lives in New Zealand, announced the new venture in January, saying the vessels would incorporate technology that ensured cleaner, lower-cost operation and more humane conditions for livestock.
