Ocean Wilsons (holdings)... Share Discussion Threads

[livingstone20] 21/10/2024 07:54

Almost exactly what I personally had been expecting and hoping for! Completion H2 2025 & need to calculate complexity of what this all means will take some hot money out of market but 2025 should be very good year!!

[samsj] 21/10/2024 06:55

Minority shareholder pushback and need for a 75% vote could help us...? hxxps://www.handbook.fca.org.uk/handbook/UKLR/21/5.html

[jimmywilson612] 21/10/2024 06:29

There is the announcement. Sold at a discount though to last days trading....

However, it's trading St just a NAV discount that even selling it close to the share price should mean a bumper dividend, share buy back or other

[flyfisher] 20/10/2024 17:36

The times article was more about the sector, it did not even mention the possible sale of wilson sons.

[xxx] 20/10/2024 16:52

Sometimes journalists are useful ie when the have a drect source. Otherwise it is the musings of an average intellect who has no specialist knowledge.

OCN is worth far more to an existing player. The fact a financial player entered the process only indicates how cheap Wilsons was/is.That is not to say there will be a transaction; Wilsons is groing fast and this generation of the Saloman family has shown itself to be risk averse and rather confused at allocating capital, perhaps all to well aare of the 3rd generation curse.

[c3479z] 20/10/2024 15:46

see this gets a mention in the Times today, commentator thinks the boat has sailed.
but mentions Hansa as holding 29% of the equity on a 42% discount to its own NAV.

[livingstone20] 19/10/2024 16:35

I certainly think that having had decades to plan for this moment they will have a tax optimal structure and sequence well thought through. There was some problem with this when they first tried a few years ago which I spoke to the Wilson Sons Investor Relations Director on at time and they were working on. A trade buyer not wanting tugs or the risk of disposing of them may well have made it conditional on having an immediate back-to-back deal to divest or any number of other scenarios may have been investigated and conditioned but I’d be pretty confident it will at least be tax optimal for OCN. Whether what then happens is tax optimal for any of us is then another issue!

[flyfisher] 19/10/2024 16:04

Thoughts on the CGT issue.

Wilsons sell WSUT, Wilsons have a potential brazil cgt liability.

I Squared tender for Wilsons and is accepted, OWOIL have a potential brazil cgt liablity.

OWOL sell OWOIL, which holds wilsons. The sale of OWOIL being bermuda registered incurs no cgt.

Is this what has created the extended period of collating potential offers?

[varies] 19/10/2024 10:22

what is the rate of CGT in Bermuda ?

[flyfisher] 19/10/2024 09:52

We are advised that CGT is likely to be incurred by OCN on the sale of its wilson sons holding.
Has anyone any thoughts on the base cost of the holding?

[cousinit] 18/10/2024 17:49

All very interesting.

This is a transaction that the families are only going to execute once. A trade buyer with deep pockets may be prepared to pay a premium for the strategic fit. So they will be seen as the natural counterparty rather than a financial buyer.

Sounds like the exclusivity period was a means to an end!

[samsj] 18/10/2024 16:20

Great detail in that article Extrader - what a surprise, Salomon fannying about so much the PE firm lost patience lol. Hopefully it somehow ends up in a good price.

[c3479z] 18/10/2024 16:08

OCN rose today and Wilson Bros rising strongly in Brazil this evening,

[livingstone20] 18/10/2024 08:07

lol - JimmyWilson612

[cousinit] 18/10/2024 07:57

I did wonder at the time the isquared story broke whether it was partly a tactic to get MSC back to the negotiating table

[samsj] 18/10/2024 07:12

hxxps://valor.globo.com/empresas/noticia/2024/10/17/wilson-sons-confirma-carta-da-i-squared-sobre-aquisicao-e-diz-que-ha-outro-interessado.ghtml


hxxps://valor.globo.com/empresas/noticia/2024/10/17/exclusivo-i-squared-devera-fazer-oferta-de-compra-das-acoes-da-wilson-sons-em-15-dias-segundo-fontes.ghtml

"there are rumours in the market that the other interested party now could be the shipping group MSC." No comment from MSC.

Interesting as MSC were widely rumoured to have left process over price many months ago. If they're back then hopefully a good sign.

[jimmywilson612] 18/10/2024 06:31

I like to think of myself as a reasonable smart guy but literally don't have a Scooby Doo about what is going on....

[last of the mohicans] 17/10/2024 23:00

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

[last of the mohicans] 17/10/2024 21:28

Wow that's an interesting development.

Now have to 2 family's been outsmarted here & made a monumental blunder ?

If I squared make this bid & are able to buy-up a reasonable amount of Wilson & Sons shares in the meantime, then they can scupper any deal that was meant to get any other buyer full control of the company!

IE they snap-up 15% or more of Wilson & Sons & then let potential buyer of the OCN stake know that they will refuse to accept the offer & will stay on as a minority shareholder in the company!

Which the other potential buyer might not find palatable, thus leaving OCN in a right mess of there own making.

Going to be an interesting few weeks to see which scenario's all play out & which don't.

LOTM

[cousinit] 17/10/2024 16:19

Another veil discarded.

WSON just announced isquared are considering whether to make a tender offer for up to 100% of the share capital in the next 15 days. OCN have indicated that discussions with isquared had been interrupted but discussions with another interested party are taking place.

I did wonder if the isquared story was to flush out a trade buyer...

[cousinit] 14/10/2024 14:18

I find it odd that Brazilian CGT has been mentioned (for three first time?) at this point. I assume that it isn't a recent development. It feels like information is being dripped out. A real dance of the seven veils this strategic review is becoming!

[last of the mohicans] 11/10/2024 23:42

Wilson & Sons have just declared a 3rd interim dividend for 2024 & it is up significantly on the previous 2.

The one paid at the start of June was R$0.17273618 per common share.

The one at the end of July was R$0.24710756 per common share

Today's announcement for payment on 23rd of October is a whacking R$0.34222632 per common share.

OCN shareholders are yet to see any of that cash come to them ..........

Added together they equate to @ R$0.76 per share, which we then need to multiple by 7 to turn it into an OCN share = R$5.32, which at the current exchange rate equates to between £0.74 - 0.75 per share that has accumulated thus far.

If the Q4 dividend rate was to be similar to that of the 3rd Quarter then we'd be looking at another £0.33 so we should in actual fact be expecting a total dividend per OCN of somewhere between £1.05 - £1.10 when we eventually get it !

LOTM

[c3479z] 11/10/2024 19:57

can see they project divi of 100, 125 135c in next 3 yr
hadn't factored in the potential CGT liability of 22-25% should Wilsons be sold,

[flyfisher] 11/10/2024 14:58

Interesting that it comments upon Brazil CGT potentially being chargeable, in the event of a sale of Wilson sons.

They also forecast 100c dividend for 2024.