Cattle king Jack Burton steps down from board and sells Yeeda Pastoral Company shares

Prominent Kimberley pastoralist Jack Burton has pocketed nearly $19 million after selling his family’s shares in the Yeeda Pastoral Company to another shareholder. Mr Burton has also stepped down from the Yeeda board in recent weeks, ending his links to the cattle juggernaut he helped create and build over the past two decades. According to documents lodged with the financial regulator, Mr Burton’s Kilto Station was paid $18.94m after selling his shares to Twenty Two Dragons, a company owned by Hong Kong-based ADM Capital. Mr Burton resigned from his managing director and chief executive posts at a Yeeda board of directors’ meeting in November last year. At the time, Mr Burton said it was time for his family to seek new pastures and devote its full energy to growing other northern pastoral businesses. Mr Burton could not be contacted this week. Yeeda chairman Mervyn Key said Mr Burton had completed the sale of his shares in Yeeda Pastoral Company to Twenty Two Dragons. Mr Key said in addition to Mr Burton divesting his shareholding in Yeeda for a net amount that covered outstanding debts, he also stepped off the Yeeda board. “The transaction was subject to State and Federal government approvals,” Mr Key said. “Completion of the transaction took longer than expected, in part because of delays experienced by all foreign investment transactions into Australia this year.” Yeeda has six cattle stations spanning 1.2 million hectares across the Kimberley. As well as running 75,000 head of cattle on its stations, Yeeda owns and operates Kimberley Meat Company, which processes 250 head of cattle a day, mostly for export markets. As part of the terms of Mr Burton’s resignation, Yeeda ended its lease of Mr Burton’s Kilto Station, effective early 2020. Yeeda appointed Anthony Wilkes as its new chief executive in February.