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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ocean Wilsons (holdings) Ld | OCN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1,300.00 | 08:10:28 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,300.00 |
| Industry Sector |
|---|
| INDUSTRIAL TRANSPORTATION |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 22/03/2024 | Final | USD | 0.85 | 16/05/2024 | 17/05/2024 | 14/06/2024 |
| 24/03/2023 | Final | USD | 0.7 | 18/05/2023 | 19/05/2023 | 15/06/2023 |
| 30/03/2022 | Final | GBP | 0.560367 | 19/05/2022 | 20/05/2022 | 15/06/2022 |
| 15/03/2021 | Final | GBP | 0.49656 | 13/05/2021 | 14/05/2021 | 04/06/2021 |
| 12/11/2020 | Interim | GBP | 0.301318 | 19/11/2020 | 20/11/2020 | 11/12/2020 |
| 13/03/2020 | Final | GBP | 0.24321 | 07/05/2020 | 11/05/2020 | 05/06/2020 |
| Top Posts |
|---|
Posted at 18/11/2024 02:56 by last of the mohicans Hi xxx,I found this in the Hansa Annual report I guess it answers your question regarding the history "Hansa Investment Company traces its origins back to 1912 when the Alto Paranà Development Company was launched to develop forestry in Brazil. Having become an investment trust company in the late-1940s, the Company became closely associated with the Salomon Family, initially through Sir Walter Salomon, whose family trusts became substantial shareholders. The late-1950s also saw the acquisition of a significant shareholding of Ocean Wilsons Holdings Limited through the issuance of the 'A' non-voting Ordinary shares by the Company's predecessor, Hansa Trust. Over the following decades, the Salomon family helped to build the publicly-owned and independently run investment company we know today, with its focus on delivering reliable long-term asset growth for shareholders. The wider Salomon family remain significant investors in the Company. William Salomon, Sir Walter's son, a director of HICL and Senior Partner of the Company's Portfolio Manager, is interested in 10,347,125 of the shares held by Victualia Limited Partnership, representing 25.9% of the voting share capital. In addition, William Salomon has further interests in the Company's shares; the total interest is detailed in the Directors' Interests section. Other members of the wider Salomon family, who are also descendants of Sir Walter, are interested in a further 12m shares in the Company." -------------------- Hansa own 9,352,770 shares in OCN. -------------------- Now here's the thing I've just worked out ...... The family have the voting rights to @ 55% of HANSA yet they actually only own around 1/6th of its assets. Yes that's right just 1/6th of its assets (40M voting shares + 80M non voting shares in issue). They own lots of the voting shares but very few of the non voting ones. So if we exclude the OCN holding for now HANSA is otherwise worth roughly £320M & so the 2 family's have under £55M invested there. Having that long running strategic review that boosted the share price of OCN shares's also boosted the total value of HANSA on which 1% management fee (as well as director fees) has to be paid, ie 5/6th of the fees are effectively paid by others for the last 2 years & most of 2025 as well now. Now turning to OCN, the 2 families own roughly 26% of OCN & if we add on 1/6th of the 25% of OCN that HANSA own, the 2 families effectively own just over 30% of the company despite having 51%+ of the voting rights. If I exclude the cash for dividends for now, the OCN assets following the sale equate to around $925M or £740M. So the 2 family's effectively have roughly £225M invested in OCN. That's roughly 4 times the amount they have invested in HANSA ! LOTM |
Posted at 16/11/2024 14:54 by last of the mohicans Hi c3479z1,I've not really looked at the Polar Tech fund to be honest. If it has matched the index the past few years then its a pity they didn't discover it earlier. They've sold down the Findlay Park American fund at least 3 times during those 17 years & virtually sold out all of it or most of it at one point before buying a chunk of it back on another occasion. Why did they sell down the stake because the fund was outperforming everything else so much that it was becoming to big a percentage of the portfolio for there liking. It will be hard to get a definitive figure for it because we only get to see 2 glimpse's of the actual holding a year, but I'd be very surprised if the Findlay Park American fund didn't account for well north of $30M of that $54M figure. ------------------ Hi jane deer, See post 1822 from 11th October. The 3 Dividend's paid in 2024 so far are worth R$5.32 per OCN share which means if OCN passed that amount fully on to shareholders the dividend would already be around £0.74-0.75 with Q4 still to be added on. So you'd be looking at roughly £1 for 2024 & then possibly another £0.25 accumulating each quarter in 2025 until completion. After that you'll be lucky to see any annual dividend from what left. They won't be able to pay out what little income comes into the investment fund, because they have so many fees to pay & they need a buffer for bear market situations. No minority OCN shareholder is going to want HANSA shares especially the non-voting ones & Hansa shareholders are going to want a payout themselves from the sale, or they will just vote down any proposals from the 2 familys. So Hansa won't have the cash to buy up OCN unless its in a very convoluted way. HANSA shareholders have been royally scr ewed over, for many years now. Think of it this way OCN pay's fees to Hanseatic for managing the fund, the fund then pays fees to all those other funds it holds as well ( so 2 lots of fees paid). HANSA then pays additional fees to Hanseatic for managing the HANSA trust ! so on 40%+ of the portfolio they are paying 3 lots of management fees a year! talk about having an albatross around your neck! LOTM |
Posted at 13/11/2024 18:13 by last of the mohicans Hi jane deer,You also need to factor in the dividends OCN will receive in 2025. They'll be able to declare dividends for Q1 & Q2 & quite likely Q3 & possibly Q4 depending on how long the confirmation takes. So they will get over $11 per quarter coming in that way. Once Wilson & Sons is sold there will be no constant source of dividends to pay shareholders a dividend from ! another downside to this ill-conceived fiasco. If shareholders hadn't been stupid enough to believe the 2 family's that this was the best thing to do in 2007. Then for the last 17 years shareholders would have received close to double the dividends that they did receive over all that time period. Not only that, the value of the 43% of Wilson & Sons that we no longer own is worth more (even after taxes) than the investment portfolio is worth in total now & that's excluding the value of the investment portfolio as it was back in 2007. Total value destruction all round ..... And if they had simply invested the proceeds in the index they constantly quote but never followed it with the cash, well it wouldn't be $327.9M it would be north of $800M possibly even $1 Billion in value ( if you'd done any savvy exits & re-entries more than that). -------------------- They need to be selling every single holding (not Private Equity ones unless they've matured) that make up less than 0.8% of the portfolio. They are immaterial & even a really good performance by an individual one will make very little difference to the value of the investment portfolio. Findlay Park American fund our biggest holding & the only decent one they've actually uncovered in 17 years, is valued at over $10B & only holds 59 shares in it. Our so called investment fund (of funds effectively) with just $327.9M in it has well over 80 different holdings. Which is simply crazy & sums up Hanseatic & the 2 familys in a nutshell. The proceeds from those sales should be going to a share buy-back in the meantime. OCN should be buying up every share it can below £13. That will outperform any other investment decision there likely to make by miles. LOTM |
Posted at 25/10/2024 10:11 by varies I have been looking again at the terms of OCN's sale of its 56.5% interest in Wilson Sons translating $ into £ at 1.00/1.30 and taking the number of OCN shares as 35.4 million.After deduction of Brazilian tax and other expenses OCN expects to receive at least $593m, say £456m or 1288p per share. Wilson Sons expects to pay dividends of $22m per quarter until the transaction is completed. OCN's share of $22m will be $12.4m, say £9.6m or 27p per share. My understanding is that a dividend has been paid by Wilson Sons recently. It is not unreasonable to hope that part of these dividends will be paid out to OCN shareholders before the transaction is completed. Whilst many longstanding shareholders (of whom l am one) have large contingent liabilities to CGT, the shares at their present level seem to offer a good return to newcomers as the expected proceeds from Wilson Sons and dividends from that source represent about 95% of the present market cap. |
Posted at 21/10/2024 17:51 by last of the mohicans Extrader, a bid for OCN would have been possible, but there would be down sides to it.You have to remember the portfolio has private equity investments in it which are much longer term in duration (usually 5 years plus to maturity) plus there is like $50M + of future commitments to these private equity fund managers that the directors have already agreed to ! So any potential buyer of OCN can't just liquidate the portfolio & walk away with just Wilson & Sons they are going to have a fair chunk of cash tied up for years in the private equity investments & trying to get out early will see significant losses on those investments. Given the terrible overall performance of the private equity investments to date there is a risk that they don't even get there money back holding them to maturity! ------------- I would say a purchase of OCN was less punitive for OCN shareholders because OCN is not selling Wilson & Sons & thus would not be liable to Capital Gains tax in Brazil over the transaction. But each OCN shareholder would then be subject to there own capital gains tax etc (which we are going to be anyway). They could have offered 3 year lone note or such like that would allow shareholders to spread out the gains tax payable but given the amount is down to £3,000 annually for UK Residents now, its not going to be much of a saving. The only thing that can be done is for shareholders to sell (generate losses) elsewhere in there portfolio's over the rest of this tax year & next to offset as much of the Capital gains tax liabilities that they'll have that way. LOTM |
Posted at 17/10/2024 23:00 by last of the mohicans OW Overseas (Investments) Limited 248,664,000 56.47%OCN has 35,363,040 ordinary shares of 20p each So 7 Wilson & Sons shares per OCN would equal = 247,541,280 leaving another 1,122,720 to be shared out, or roughly 7.033 shares in total. The dividend to be received by OCN next Wednesday 23rd October is roughly £0.33 per OCN share or close to £12M, that sum will now be excluded from any offer for the company as the cash has effectively left Wilson & Sons now. Therefore allowing for the shares going ex-dividend on 17th October the Wilson & Sons share price rose over 8% on the potential offer news LOTM |
Posted at 25/8/2024 08:50 by last of the mohicans joedjoed,I think you've got this all wrong. Wilson & Sons share price never fell back as much in terms of the actual quoted share price since the first review announcement a year ago, whereas OCN's price did drift back a lot more. In the meantime the price of the Brazil Real has fallen over 10% to both the $ & £. So the market value of Wilson & Sons now is less than it was before ( a year ago) in $ terms. It didn't rally as much because people have realised that Wilson & Sons have no control or input into what's actually going on. Its OCN who will decide if they will agree a price for there @ 57% interest in the company with a buyer or not. If they agree such a price then those who hold Wilson & Sons shares directly will have the chance to accept the same price for there holding or not. So the Buyer might end up with OCN's @ 57% holding plus say another 20% of acceptors & possibly a big enough rump of shareholders who don't think the offer is good enough & refuse to sell out at that price! Alternatively a buyer if they think OCN are asking to much or want to gain leverage over the situation could enter the market & buy up Wilson & Sons shares there & make an on-market offer for the whole minority 42% interest ! again this might or might not be accept by those other shareholders. --------------- Why do you think there might be a narrowing of the discount? Its more likely to widen given the discount HANSA trades at to its full look through value. The dividend & therefore yield would be much lower than it is now for OCN & who's going to want to invest in that ? HANSA isn't big enough or have enough free cash to buy up OCN even if it wanted to & I doubt many current OCN shareholders would want to own HANSA shares that's for sure. LOTM |
Posted at 24/8/2024 22:29 by last of the mohicans I think some of you are getting a little confused here, the offer if it comes isn't for OCN but for its subsidiary Wilson & Sons.If OCN accepts the offer ( & then OCN shareholders vote to accept it also) Please note it might require 75% shareholder approval rather than just 50%, if its a special resolution etc & Ordinary shareholders should pray that, that is the case as that's about the only time we will have some leverage & power against the 2 controlling family's majority control & thus force them into certain concessions that they normally wouldn't make, like paying out a certain amount of cash per share, share buy-back programs etc, that they have failed to entertain for years now. The last thing us minority shareholders want is for Hanseatic to be involved in any way of managing the assets so that the 2 family's, their decedents, close relatives & there friends can keep drawing off their annual management fees & bonuses so that they all have nice salaries at our expense, while all we get is a terrible performance on the assets. Those here long enough will regret ever agreeing to float 42% of Wilson & Sons in the 1st place in 2007. A move that has cost everyone collectively north of $300M and counting since then. Having OCN still existing & trading at something like a 40% discount to the underlying value (if a transaction does occur) does none of us any good that's for sure. -------------------- As for the value of Wilson & Sons - well most of you don't seem to have grasped the transformation of the business that's occurred in the past 12 month's on the 2 container terminals. They are in a massive growth phase that many of us have waited years to see & this will make a significant difference to the company's bottom line going forward. you've only just caught a glimpse of it so far. The new route at Salvador (Santana) which is only just starting up, looks like it is going to be adding 4,000+ TEU's a month to the numbers alone that's like 15%+ of the monthly number plus the other routes are seeing much more volume to. At RG the new (FIL route) which has been going for under 3 months & its feeder ship have been adding around 6,000 TEU's a month to the numbers (up to 20% of volume)consistently & if the latest weekly visit numbers are maintained that number is going to rise to well north of 8,000 a month. A 2nd new service is just starting up but there is no visibility on it as yet to say what the numbers might be like. But combined if your looking at the annualised numbers we're about to jump from just over 1M TEU's for the year to about 1.3M+ & still rising rapidly & that is after several years of hovering around the 900,000 to 1M annually. RG has not been doing much better than break even for years now because of fixed costs being such a large part of the container terminal business. Its now about to go from under 50% utilisation to over 60% (and if you adjust for the new routes & the flooding at the start of May the real figure is probably very close to 70%). Hence where the surge in profits is coming from. Which in turn boost the value of Wilson & Sons if the same PE multiple is used etc. You also need to remember that Wilson & Sons invested over $1 Billion in the business in just a 5 year period & has had to wait quite some time to start getting a decent return on that money. -------------------- OCN owns 248.644M shares of Wilson & Sons, Friday's closing price of PORT3 was Brazil Real 17.40 with roughly 5.50 to the $ that equals $3.16 which in turn equals £2.41. So that values OCN's holding at £600M That then translates into £16.98 per OCN share. I don't think that price truly reflects where the Wilson & Sons business has got to. I think any offer would have to be north of Real 20 (£19.52 per share) to get the family's interested & I think a year ago the figure of Real 22 (£21.47) was being mentioned. LOTM |
Posted at 24/8/2024 17:16 by meanreverter On page 15 of the interim report, in the consolidated accounts, the equity attributable to the holders of OCN is $587.194m. There are 35,363,040 OCN shares in issue. So the asset value per share is just over $16.60, or about £12.59 at the current exchange rate.It's arguable that the book value of Wilson Sons (WS) is unrealistic, and instead we should consider the market value of the shares. According to Yahoo Finance, the market cap of WS is BRL7.615bn, or $1388.345m. In the consolidated accounts, the asset value of WS attributed to the 43% non-controlling interests is $202.617m. However, the market value of these interests is $597m. Accordingly, by this measure, the value of OCN's 57% stake should be boosted from (57/43) × $202.617m to (57/43) × $597m: that is, we should augment the nominal $587.194m NAV of OCN by $522.787m. This would give OCN a NAV of $1110m, or a per-share value of $31.39, equivalent to £23.80 per OCN share. This looks too high. I have no qualifications in accountancy; so the above calculations should be treated with suspicion, and they may well be wrong. Edit: The 57-to-43 ratio is taken from the 2024 interim report. However, after digging through the 2023 annual report, on page 70, I found the more accurate figures: namely 56.52 to 43.48. Re-doing the above calculations using the more precise ratio reduces the OCN NAV per share by about 1% to £23.55. |
Posted at 01/2/2024 23:36 by last of the mohicans Personally if Wilson & Sons is sold, I don't see a merger between OCN & Hansa Trust happening.Its fraught with complexity. Hansa has 2 different types of shares in issue the voting ones & non-voting ones. The 2 family's control enough of the voting ones to keep control of it. However they don't have a majority ownership of the non-voting ones (There are a total of 40M voting & 80M non voting) At OCN they own just over 51% of it with half of that ownership coming in the form of Hansa. Who would make the offer for the other? It would needs to be priced at a price that the independent directors could justify it as being in the best interests of shareholders to accept (both companies). Hansa NAV currently sits at £427M but the shares trade at a discount of over 40% currently to that valuation & they still don't carryout buy-backs of the A shares which they have the authority to do. Over 27% of that value comes from the OCN holding meaning the rest of the Hansa portfolio is worth £300M max & the OCN % will have increased since the end of Dec to possibly 30% or more now. OCN has a market value of £495M currently for the 35.36M shares in issue, but the current implied NAV is over £23 per share, ie a value of over £800M at the current Wilson & Sons price. So working backwards, the non family shareholders own roughly £400M in OCN. The family own roughly £200M of OCN & Hansa slightly over £200M. That means the cash value of Hansa would be around £500M in total, or over £4 per share. The 2 family own under 30M shares, so I'll assign them £120M to be on the safe side. So the £1.1 Billion we're talking about in total is split into 3 groups the 2 family's have £320M of it, £380M of it belongs to the other Hansa investors & £400M of it belongs to the other OCN shareholders. Leverage wise you'd say its still possible for the family's to still keep control of the empire in a convoluted structure but its going to be extremely difficult to do & the vast majority of shareholders in OCN & Hansa know what's coming. They've seen the years of pathetic Investment performance that Hanseatic have given everyone, they are not going to put up with it, they will want cash so they can get away from them & get decent returns on there money elsewhere. The breakdown of the assets show's that Hansa doesn't have the cash to buy OCN all it could do is offer OCN shareholders shares or a cash/shares combo, but no-one in there right mind is going to take A shares in this day & age & are highly unlikely to take even the voting shares unless there being offered full value for there OCN shares. But in doing that the 2 family's would lose control of Hansa because they only own 25% of OCN compared to our 48% & when that's converted into Hansa A shares there total holding would drop below 50% of the A shares. OCN would have the cash to buy Hansa, but that would definitely fall under the category of invested interest when it comes to the 2 family's & so they wouldn't be in a position to vote on whether to approve such an offer & I'm sure the rest of us would vote to reject such a move & would be asking the directors to step down for wasting our time & money. LOTM |
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