Ocean Wilsons (holdings)... Share Discussion Threads

[ajbird] 24/8/2024 13:49

Actually it was the 27 May 2022 issue. The tipster reckoned the 58% in Wilson Sons was worth 1100p per OCN share back then.

[ajbird] 24/8/2024 13:44

There was an article in MoneyWeek in May 2023 which originally sparked my interest in OCN. That was the figure they reported then.

[allstar_07] 24/8/2024 12:43

I make that wilsons sons is worth about £1billion so £570m for OCN. Who knows what tax will need to be paid...Do we know the value of the investment business, does ocn actually own the investments?I read somewhere the NAV about 12months ago was £18.00/share but cant find any references to this or more recent NAV in the rns's?Thanks.

[varies] 24/8/2024 11:22

xxx
I see your point and share your reservations.
The Brazilian business has been very well run whereas the fund management record is uninspiring.
A major consideration for longstanding investors is, of course, CGT. Having held my shares since 1984, l find that my cost per share is about 35p. It has certainly proved a wonderful investment.
The CGT position of the Salomon family shareholders will be very different from mine and the form that any transaction takes will depend to some extent on this.
To prevent (or at least postpone) a CGT liability falling on individual shareholders a bidder might offer its own securities, whether equity or loan stock, in exchange for OCN shares. The bidder could then liquidate OCN's investment portfolio at its leisure.
I would prefer this solution to a cash distribution to us by OCN of the Wilson Sons proceeds (on which l would have to pay CGT) and leaving us with shares in the rump which would be an investment fund run by Hanseatic.

[ajbird] 24/8/2024 10:55

But what’s it worth to investor Joe? How much per share is Wilson Sons estimated to be worth per share?

[c3479z] 24/8/2024 08:06

OCN's Wilson holding has been a great investment for them over many years but is highly volatile given the propensity of the Brazilian economy to blow up from time to time, though Brazil seems to be settling down lately,
record of OCN and Hansa's investment side has been extremely pedestrian and its management fee costly over decades, though they could up the risk level were the Wilsons stake to be sold, one surmises.

[livingstone20] 24/8/2024 07:37

I’m afraid I can’t see you getting that. This is a family trust tidying up its assets and diversifying risks for the next generations. It makes sense for them to do all they are to get top price and fierce competition whilst at record operational performance levels.

My best case is still that they sell the asset, which narrows the discount, return the cash to those who opt for it then roll residual up into Hansa.

[xxx] 23/8/2024 20:33

Am I the only one who would prefer the stake in Wilsons be retained and the worst performing 50% of the funds be liquidated annd distributed to shareholders.

Wilsons provides access to a fast growing sector in a growing economy. Why would you want to sell your best asset ?

What else can I buy which is reasonably certain to grow for the next 10-20 years ?

[cousinit] 23/8/2024 19:58

... an alternative theory could be that the vendor isn't looking forward to the likely contents of the budget in 3 months' time... although very tight timescale to do any material tax planning beforehand...

[cousinit] 23/8/2024 19:45

I guess if you think the price being demanded is higher than anyone else will pay then it's fairly safe to walk away. If you think it could end up in someone else's hands after all...

[samsj] 23/8/2024 18:34

A couple people suggested MSC bailed a while ago over price. But there were others mentioned like PSA International and many possible acquirers. I think it fits with the general understanding that owners been quite demanding on price going back to 2011, 2018. So anything suggesting process on-going is positive but we need to get over the line…

[extrader] 23/8/2024 15:47

Hopefully this will flush out others eg MSC (named last year as in discussions) and who clearly has close ties...and is interested in expanding South - South trade, see



GLA

[rambutan2] 23/8/2024 13:05

Out of interest:

[jimmywilson612] 23/8/2024 13:00

Thanks Samsj! Was trying to find this speculation! Was beginning to think they found were referencing this forum....

[samsj] 23/8/2024 12:49

If it saves you any time, Im guessing this is the article, on the home page of what is I think Brazil's leading business paper (?) :

valorinternational.globo.com/business/news/2024/08/23/with-foreign-investor-interest-port-sector-prepares-for-manda-spree.ghtml


"The sale of Wilson Sons’s control to the U.S. infrastructure fund I Squared is expected to be the first deal in the sector"

[livingstone20] 23/8/2024 12:20

News at last! We have needed to be very patient!

[cousinit] 23/8/2024 11:55

Looks like there may be steps now to unlock value. Another interested party being named (isquared) is interesting. Last update said strategic review would be completed by the end of the year.

[jimmywilson612] 09/8/2024 08:19

I think the Real vs USD isn't in their favour at the moment.

Fingers crossed for some unlocked value here! Still trading at circa 33% below NAV.

[livingstone20] 09/8/2024 07:20

Yes - key para: Our strategic review of our investment in Wilson Sons continues, albeit not as swiftly as we had initially anticipated. However, we remain on track to announce the outcome of this review before the end of 2024. Both external factors and the excellent performance of Wilson Sons are playing into these considerations. The Board compliments the Wilson Sons management team for its steadfast commitment and focus on delivering its strategy without distraction during this review period. This measured strategic review remains focused on ensuring that we continue to align both of our sectors with our long-term objectives and deliver value to our shareholders.

Wilson Sons has generated significant cash during the period and has distributed dividends in excess of those in previous periods and to an earlier timeframe. Currently our own dividend policy remains unchanged and will be reviewed in conjunction with the completion of the strategic review.

[c3479z] 09/8/2024 06:12

strategic review ongoing -what's holding up a conclusion, one wonders?
TNAV per share marginally down
Investment portfolio performance again pedestrian but with downside protection
No interim dividend declared

[last of the mohicans] 08/8/2024 21:08

Wilson&Sons results are just out now



Then select the required document

LOTM

[podgyted] 07/8/2024 21:24

Remarkable result at the container terminals - July up 39.9% on July 2023 and up 26.9% YTD compared to 2023.



Wilson,Sons results tomorrow night should be good - and hopefully OCN on Friday morning.

[c3479z] 07/8/2024 06:30

thanks LOTM, results for July in the container terminals and offshore attendance look pretty good to me

[ajbird] 07/8/2024 05:10

Thanks LOTM, good to hear. Any corporate news?

[last of the mohicans] 06/8/2024 21:31

Wilson & Sons just released there July operation numbers.

The container terminals put in a stella performance & have real momentum behind them at the moment.

LOTM