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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
|
|
|---|---|---|---|---|
| 5.00 | 0.36% | 1,380.00 | 16:35:05 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,420.00 | 1,370.00 | 1,420.00 | 1,380.00 | 1,375.00 |
| Industry Sector |
|---|
| INDUSTRIAL TRANSPORTATION |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 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 |
| 15/03/2019 | Final | GBP | 0.538544 | 09/05/2019 | 10/05/2019 | 07/06/2019 |
| Top Posts |
|---|
Posted at 24/3/2024 21:43 by last of the mohicans Livingston20,Point 4) I have no idea what you're talking about .... "Having checked the performance graphs ‘20 year long suffering shareholders of OCN’ have seen their investment rise close to x10 without counting the dividends so haven’t done too bad overall!!" What have you checked ? Investment rise x10 The share price was over £14 per OCN share in 2011. The Investment portfolio as I highlighted the other day was worth $275M+ back in 2007 In other words the last 13 years have been of nothing but the destruction of long-term shareholder value. If they had either stuck with fully owning Wilson & Sons & not sold off the stake in 2007 or Invested the cash raised in the index instead. OCN itself would be worth an additional $250M (by still owning all of Wilson & Sons) & the dividends paid to shareholders over the years much higher. Or an additional $500M+ by having the cash invested in the index & not paying out $50M to Hanseatic over the years & all the other significant managerial fees on private equity & listed funds that have lower fees. 3) Can't happen I explained why several month's ago (because of the structure of Hansa A & B shares) & what Hansa would be worth compared to the value of OCN held by the minority shareholders. LOTM |
Posted at 22/3/2024 11:27 by varies c3479zThe performance of the investment portfolio over the last many years has indeed been disappointing compared with most indices but it has been managed with an emphasis on protection against risk. I believe that this policy dates back to the days when the Brazilian currency had to be adjusted every month against the US$. I have been a shareholder even longer than you, so it seems, having bought my shares at under 50p in the 1970s. OCN has paid dividends almost every year and l suggest that if you take into account the dividends you have received during your many years of being a shareholder, you will find that this has proved a not unsatisfactory investment. With hindsight l wish l had sold my shares at £14 ten years ago and bought them back at half the price later but we could all be millionnaires if allowed to job backwards. It is rather surprising that we are told nothing about the "strategic review" except that it continues. I rather expected an announcement with these results that it had been concluded and that OCN would retain its present form. |
Posted at 22/3/2024 04:22 by last of the mohicans Wilson & Sons said nothing at all about the OCN strategic Review in the results announcement!They are paying a 3rd dividend for 2023 of R$0.17 per share on top of the R$0.46 distributed to date. So that is R$0.63 per share for the year. Therefore with just over 7 Wilson & Sons to each OCN share that will come to just over R$4.41 per share to us which is very close to $0.90 when the exchange rate is roughly R$5.00 to the $. 4th quarter results look rather weird to be honest Container terminal profitability shot up, Towage increased in line with what you'd expect & yet there was no increase on profit compared to Q4 2022 & marginally down on Q3 2023 ! Due to accounting changes & the payment of one of the dividends affecting income in the quarter! Not sure what OCN are going to say now .............. LOTM |
Posted at 14/3/2024 01:36 by last of the mohicans So how will the investment portfolio have performed in the 2nd half of 2023 ?It only gained $12.7M in the 1st half of 2023 compared to the loss of $50M for the whole of 2022. As I have said on multiple occasions, Hanseatic are not worth employing they are useless to say the least, fund selection over the years has been abysmal other than them finding Findlay Park American Fund (FPAF) which has consistently performed well. Unfortunately at times Hanseatic has sold down part of this FPAF holding possibly because it has become such a heavyweight in the portfolio compared to all the other rubbish round about it. If they hadn't sold it down it would probably have made up around 17% of the overall fund at the end of 2021 compared to the actual holding at that time of 11.2% ($39.264M) FPAF didn't have a good 2022 that's for sure losing 22.4% of it's value during that time (1900.9 to 1474.3 from the FPAF website). The OCN holding dropped in value to just $24,154M that's a massive drop of 38.48% so for at least the 3rd time in our history Hanseatic has sold a significant chunk of the FPAF holding around $8.75M in value this time round. During the 1st half of 2023 FPAF regained in value (from 1474.3 to 1708.5) that's 15.88%. In the portfolio it only gained in value to $27.754 or 14.9% so another very small sale might have taken place in between. In the 2nd half of 2023 FPAF increased in value (from 1708.5 to 1898.6) to virtually the same price it was at the end of 2021 a gain of 28.78% on the year (1900.9). So instead of OCN recovering virtually all of what would have been the FPAF losses of $8.8M in 2022 (out of that $50M total loss) we're going to find out that the recovery was far less than that amount next week at around $7M. So far in the 1st 2 months of 2024 FPAF has risen further to 2016.7 an increase of 6.22% on the December number (1898.6). That would have translated into a gain of over $2M on the 2021 valuation, but sadly we'll be seeing a lot less than that amount of gain. Hanseatic's card is marked - The OCN directors have cost OCN shareholders $300M+ over the years with this pathetic portfolio of mutton dressed up as lamb. Get it sold & invest the money in the index instead or happy for 15% of it to stay in FPAF & the rest in the index. Yes the directors of OCN should get a slightly increased fee for doing this but the annual savings will amount to $5M in the fees saved that go to Hanseatic & those running all these under performing funds. I'm also looking out for any slight of hand regarding the Wilson & Sons dividends that have already been payed to OCN but not passed on to us yet & how they might have been used to prop-up the investment performance at the tail end of 2023. GLA LOTM |
Posted at 26/2/2024 20:46 by last of the mohicans Hi Mirabeau,Well a couple of points for you to pick-up on ...... Wilson & Sons have already paid out 2 dividends for the current year (to end Dec 2023) Which OCN haven't passed on to their shareholders yet. Each OCN share effectively owns just over 7 Wilson & Sons shares (currently priced at over 17 Real per share with just under 5 Real to the $, so 120 Real in total or a value of $24 per OCN share simply for its Wilson & Sons holding onto which you need to add the value of the Investment portfolio) . Wilson & Sons had a very good 4th Quarter in business terms which will show up in the financial results on 21st March. They will also no doubt announce another dividend at the same time. On 22nd March when OCN makes its annual results known, it will announce a dividend in excess of the $0.70 your expecting, I'd say the number is more likely to be around $0.90 per share. You also haven't highlighted how poorly the Investment (fund management) side of the business has performed for many years now. Nor the fact that 2 family's control over 51% of Ocean Wilsons, making everyone else minority shareholders. Important points for your followers whoever they maybe to know, yet missed in your narrative. LOTM |
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 |
Posted at 20/1/2024 23:11 by last of the mohicans Hi Livingstone20,From the announcement ...... Rio de Janeiro, 17 January 2024 – Wilson Sons S.A. (B3 Ticker: PORT3) (“Wilson Sons” or “Company” i. Shareholders will receive Dividends in the total amount of R$0.13453976 per common share issued by the Company ("Shares"), which is equivalent to R$59,196,001.01 on this date; -------------- This blows a large part of your reasoning in your post 1640 out of the water, as the dividend is for the period to 30th September. Which isn't the date they'll be existing should a deal be agreed. The first interim dividend in a long time was declared & paid in Dec 2022. This payment is just a few weeks later than that calendar wise & follows the much bigger payment that occurred on 20th October ( ie 3 month's ago). That October payment was substantial & is already in OCN's separate bank account. So I doubt they were or are in any rush/need to get less than 40% of the amount they got just 3 months ago. PUGUGLY, The dividends are declared in Brazilian Real & the $ exchange rate hasn't varied that much in the last 6 to 9 months. LOTM |
Posted at 19/11/2023 11:40 by last of the mohicans riskvsreward,You mean Hansa trust. First of all - it isn't OCN that's possibly being taken over its it's subsidiary Wilson & Sons. Second there is no guarantee whatsoever that were this sale to occur that OCN will pay that money out to its shareholders in the short to medium term. That's up to the 2 families to decide & they may want to continue OCN as a sort of investment trust (which virtually all minority shareholders wouldn't want to happen but have no say over) 3rd, lots of investors over the years have looked at OCN and then at Hansa Trust's holding & thought Hansa was the better route to go because of the significant discount that it trades at to NAV. The problem with that, is you expose yourself to a couple of problems! A) 60% or so of the fund invests in the same things that the OCN portfolio does! (I've already highlighted at great length's how poorly it has done in comparison with how it could have done if it simply mirrored the Index they talk about in the annual reports) B) What yield do you get on Hansa shares each year compared to owning OCN ? yes you've guessed it a lot lower one, so with each passing year the amount you've missed out compounds. C) Tied in with B, you are paying yet more fees & bonuses to the families & there friends simply for them constantly holding the OCN shares! & that's got nothing to do with how OCN is performing or has performed in the past, its simply part of the unique controlling structure the 2 families build up decades ago, so that they control OCN & they have the cheek to charge Hansa Shareholders for doing so. Performance-wise OCN has never been near its 2011 (I think it was) high of over £17 a share. So you can just start to imagine the drag that's had on Hansa's performance since then. Normally a fund manager would have bailed out years ago on such an under performer, but Hansa can't it is caught meeting the needs of the family not the other investors (especially the "A" shareholders) in the fund. ----------- If Wilson & Sons were sold & OCN did pass on the proceeds to its shareholders, there's no guarantee that Hansa won't carry on as it is & just invest the proceeds in other things. So they'll still get there fees/bonuses only on a large amount of assets under management & the shares would still then trade at a significant discount to NAV ! But at the end of the day you pays your money & takes a chance....... Good Luck LOTM |
Posted at 16/11/2023 20:52 by last of the mohicans CousinITThank you for making me look at Hansa Trust again. What was printed today was a total load of codswallop. If you take 2 seconds to scratch below the surface you'll see that the vast majority of the non OCN holdings in the Hansa Trust are the exact same ones that are in the OCN investment portfolio. There's virtually no diversification, because the same people run both funds 7 the cash is invested in the same funds of funds believe it or not. The out-performance of the Hansa fund is solely down to the performance of OCN take it out of the equation & the performance is truly dreadful. The excuse for not buying back stock is beyond belief. They don't want to sell any of the OCN shares because if they did so they'd lose control of the OCN. Unless of course one of them thought outside the box & came up with an easy solution! If we buy-back some OCN shares that would increase our interest in OCN, we could then sell a corresponding % of the Hansa OCN holding to help fund the buy-back ! Hansa is at a 40% discount to its value. OCN is at a near 50% discount to its value. -------------------- All the newbies here simply don't get. The 2 family's own & run Hanseactic Asset Management along with there children / grandchildren & friends. The Hansa trust & the OCN investment fund are flagships for them trying to raise the amount of funds they have under management to rake in there 1.5% fees & bonuses year after year & allow them to mix in high circles. Particularly at the expense of the minority OCN shareholders & those holding A shares in Hansa. That's the reality. If they were any good at investing or simply invested the cash from 2007 in the index they love to quote annually OCN's investment portfolio would be 140% higher than it is now & that's without taking the extra fees paid into consideration. LOTM |
Posted at 10/11/2023 23:21 by last of the mohicans xxxOCN have only paid a final dividend in June for a number of years now. They pay out the dividend they receive from Wilson & Sons. However there are far fewer OCN shares in issue than PORT3 ones. Wilson & Sons paid a small interim dividend in 2022 but OCN didn't pay it out until June 23. Wilson & Sons paid a much large interim dividend recently, but OCN have not said or done anything with it. The current assumption is that they'll keep it until next year, combine it with the PORT3 final dividend & pay it to us as normal in June 2024. Given the scale of the PORT3 interim dividend it looks likely that the $0.70 per share that OCN has paid out for a number of years now, will be increased this time round ........ But that all depends on what the 2 controlling families decide they want done with it ! Hope that helps LOTM |
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