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OCN Ocean Wilsons (holdings) Ld

5.00 (0.47%)
29 Nov 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ocean Wilsons (holdings) Ld LSE:OCN London Ordinary Share BMG6699D1074 ORD 20P
  Price Change % Change Share Price Shares Traded Last Trade
  5.00 0.47% 1,080.00 109,146 15:32:03
Bid Price Offer Price High Price Low Price Open Price
1,070.00 1,080.00 1,085.00 1,070.00 1,070.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Towing And Tugboat Services USD 440.11M USD -18.68M USD -0.5281 -20.36 380.15M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:22 UT 51 1,080.00 GBX

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Date Time Title Posts
24/11/202323:51Ocean Wilson - alltime high1,612

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Posted at 29/11/2023 08:20 by Ocean Wilsons (holdings)... Daily Update
Ocean Wilsons (holdings) Ld is listed in the Towing And Tugboat Services sector of the London Stock Exchange with ticker OCN. The last closing price for Ocean Wilsons (holdings)... was 1,075p.
Ocean Wilsons (holdings)... currently has 35,363,040 shares in issue. The market capitalisation of Ocean Wilsons (holdings)... is £380,152,680.
Ocean Wilsons (holdings)... has a price to earnings ratio (PE ratio) of -20.36.
This morning OCN shares opened at 1,070p
Posted at 19/11/2023 11:40 by last of the mohicans

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

Posted at 18/11/2023 22:26 by jane deer

My understanding is that the requirement for any purchaser of OCN's holding in Wilson Sons to also bid (at the same price) for the minorities follows on from the restructuring of Wilson Sons done in October 2021. This was the transaction that moved the shares onto the Novo Mercado and in so doing minority holders switched from holding depositary receipts into holding ordinary shares. This coincided with the switch in ticker for Wilson Sons from WSON33 to PORT3.

The 2021 move did lead to an increase in the Wilson Sons' share price, as you would expect as minority shareholders got more rights. But if I am right about the rules, this would indicate that in 2021, OCN had little interest in selling Wilson Sons at the time - as OCN would have been able to obtain a bigger share of any bid premium for Wilson Sons for itself (at the expense of minority shareholders) before the Novo Mercado listing.
Posted at 18/11/2023 13:04 by last of the mohicans

No problem & good to see others prepared to have difficult yet frank calls with the company.

Well they did invest over a $1 Billion in Brazil over about a 5 year period around 2011, so yes you'd hope to see a decent return on all that money.

The mistake was probably creating the investment portfolio in the 1st place & from the transcript the desire then by Wilson& Sons to not over pay for an asset / opportunity. Possibly reflected from selling off there part of BRASCO & then buying it & the rest of it back a couple of years later at a much higher price. Money they've never really been able to get a decent return on.

They would have been much better off paying up back then for another container terminal.

Yes them not wanting to hoard cash is good, yet there are a lot of opportunities available to them to develop RG & the waterways around it much more.

The concern is whether OCN are going to pass on these increased dividends to the minority shareholders. If they are then they should be doing at least 2 if not 4 payments a year instead of 1. The payment is starting to distort the share price even more because of the size of it, splitting it up will stop that from happening.



There was a bit in the Q&A about the possible approaches, maybe not in the format you were looking for.

It was interesting to note that Wilson & Sons shareholders are entitled to the same offer price per share as OCN would get. Rather than it being treated as a totally separate thing.

I wasn't expecting that to be the case.

So any potential buyer has to effectively make provision for buying 100% of Wilson & Sons not just the 57.5% owned by OCN & by doing so could end up not getting all of it if some reject the offer.

Posted at 16/11/2023 20:52 by last of the mohicans

Thank 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.

Posted at 15/11/2023 09:23 by last of the mohicans

There not trying to buy OCN there buying Wilson & Sons, which is totally different.

If they purchase OCN's 57.75% stake in Wilson & Sons they gain control of it overnight & can then decide if they want to offer the same price to the other Wilson & Son shareholders in the hope of gaining a higher percentage ownership of the company.

That cash would then go into OCN. What OCN would do with it is literally the $64M question & where we (the minority shareholders have a problem) because its the 2 families who'll decide what happens to it.

Whether some of it gets paid out or all of it is up to them.

Posted at 10/11/2023 23:21 by last of the mohicans

OCN 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

Posted at 02/10/2023 20:49 by last of the mohicans

So far Ocean Wilson's has shown no inclination to increase the dividend payout to us. It has been at $0.70 for a number of years now, even although the Wilson & Sons amount has increased slightly its not been fully passed on to OCN shareholders.

They could have paid out the interim dividend they received at the very end of December last year to us, but chose not to.

It would be far better if they had 2 payments per year or even quarterly instead of 1 as it would stop the share price dropping as much when it goes XD.

Remember each OCN share effectively owns just over 7 Wilson & Sons shares (248.644M / 35.363M).

So OCN will be receiving close to $16M of that $28M on the link, as a dividend this time round which if they passed it on to us would be just over $0.45 currently. I'm sure virtually everyone would be happy to receive $0.40 in November/December & the rest in June. Just not sure that's OCN's intentions

Posted at 16/6/2023 09:23 by last of the mohicans
It would appear that the figures being mentioned this time round are probably more attractive than those indicated the last time round.

If you think about it this way each OCN share owns 7 shares in Wilson & Sons.

They may want to structure any deal so that any tax implications are passed on to the shareholder rather than OCN being liable for them.

They may also want to spread the receipts out over several years rather than in just one.

As an example, they could issue everyone with 1 free B share for every OCN share that they own. With each B share owning 7 Wilson & Sons shares. The owner then has the right to sell the B share annual at there discretion until 2026 when they will be automatically redeemed by the purchaser. All the voting rights would go in advance to the purchaser so they control Wilson & Sons. The sale price received when redeeming your B share is the agreed purchase price.

Thus if the agreed price is 20 Real per share, then when you redeem your B share you'll get 140 Real for it, be that in 2023, 2024, 2025 or 2026. The only variable will be the exchange rate between the Real & the £ or $ depending on the currency you select to receive the payment in.

Or they do a hybrid version, where OCN themselves retain say 50% of the B shares, so that they will retain half of the proceeds within the company & the other half of the proceeds goes directly to the existing OCN shareholders.

Posted at 14/6/2023 10:28 by varies
Refreshing my memory from the latest annual report I see that Mr William Salomon and Mr Christopher Townsend still control OCN. I believe that WS is the son of the late Walter Salomon and CT is either William's brother-in-law or his nephew; I may be a generation out.
WS and CT own between them more than half the voting shares in Hansa Investment Co which owns 26.75% of OCN's shares. WS "has an interest" in Victualia which owns 12.54% and CT owns 11.42%. These 3 holdings add up to 50.71%.
WS and CT each received $91,000 in director's fees in 2022 and they will also have benefited from the fees paid to Hanseatic Asset Management.

These are factors which they will consider in deciding on the future of OCN and whether OCN should dispose of its interest in Wilson Sons but I believe it is the tax implications that will carry most weight with them.
Would OCN be liable for a large liability to tax on a sale of its stake in Wilson Sons and would this be mitigated by the investment of the proceeds in funds similar to those already held ?
If OCN proceeded on these lines, it would in effect become an investment trust and the directors could continue to derive substantial benefits. Furthermore WS and CT's interests in OCN would presumably count as business assets for Inheritance Tax whereas cash received on a liquidation would not.
So I do not think we shall see a liquidation of OCN.
Posted at 11/5/2022 01:42 by last of the mohicans
Hansa top 10 holdings end of business on 30/4/22
Cum Income NAV per Ordinary and 'A' Ordinary share* 309.27p

Ocean Wilsons Holdings Limited 24.32 ( OCN price listed as £9.65 )
Findlay Park American Fund 7.83 ( don't have yet but probably close to $168)
Vulcan Value Equity Fund 6.02
Select Equity Offshore, Ltd 5.19
iShares Core MSCI Europe UCITS ETF 3.78
GAM Star Fund PLC - Disruptive Growth 3.77
BlackRock Strategic Equity Hedge Fund 3.63
Schroder ISF Asian Total Return 3.09
Global Event Partners Ltd 2.81
Goodhart Partners: Hanjo Fund 2.67

Valuations on 31st March 2022
Cum Income NAV per Ordinary and 'A' Ordinary share* 319.93p

Ocean Wilsons Holdings Limited 24.43 ( OCN price listed as £10.10 )
Findlay Park American Fund 7.50 ( price listed as $168.03 )
Vulcan Value Equity Fund 6.29
GAM Star Fund PLC - Disruptive Growth 5.84
Select Equity Offshore, Ltd 5.30
BlackRock Strategic Equity Hedge Fund 3.64
Schroder ISF Asian Total Return 3.09
Global Event Partners Ltd 2.76
Goodhart Partners: Hanjo Fund 2.68
Pershing Square Holdings Ltd 2.59

Valuation on 31/12/21
Cum Income NAV per Ordinary and 'A' Ordinary share* 331.37p

Ocean Wilsons Holdings Limited 21.87 (OCN price listed as £9.325)
Findlay Park American Fund 7.93 ( price listed as $190.09 )
GAM Star Fund PLC - Disruptive Growth 7.01
Vulcan Value Equity Fund 6.88
Select Equity Offshore, Ltd 5.66
BlackRock Strategic Equity Hedge Fund 3.81
Schroder ISF Asian Total Return 3.12
Adelphi European Select Equity Fund 2.81
Goodhart Partners: Hanjo Fund 2.78
Global Event Partners Ltd 2.63

As of 9th May the Findlay Park American Fund was valued at $156.37 !

So the current loss on the portfolio from 31st Dec to 9th May on Findlay Park American Fund alone is $6.965M.

I Will be coming back to this data later to comment on it, yes I know it relates to the Hansa fund and not the OCN one but the holdings are very similar

Ocean Wilsons (holdings)... share price data is direct from the London Stock Exchange

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