Re: Ocean Wilsons Holdings (OCN)
Posted: February 2nd, 2024, 10:47 pm
Interesting intra-day RNS from Ocean Wilsons Holdings (LON:OCN) today , some (£60k pa) paid research from Edison.
Interesting for timing (Ist in 2024, after a flurry of 3 research items back in 2022) and content:
OCN has acknowledged a preliminary approach last June from Swiss logistics group MSC - prompting 'a strategic review'- and Bloomberg reported a couple of days ago
"PSA Is Said to Show Interest in Port Operator Wilson Sons
Controlling shareholder Ocean Wilsons is reviewing investment
Ocean Wilsons says it’s received offers for its stake
By Vinicius Andrade and Manuel Baigorri
January 31, 2024 at 1:07 PM GMT
PSA International Pte, the port operator owned by Singapore state investor Temasek Holdings, has shown interest in acquiring Wilson Sons SA, a Brazilian port and maritime logistics company, according to people familiar with the matter.
Potential buyers in China also have shown interest, said the source......"
The complicated shareholding structure and a poison pill defence* may prove too much, but the Edison write-up hxxps://www.edisongroup.com/research/st ... red/33199/
* I believe anyone unwelcome going over 5% has to dispose of excess...(any hard info welcome!)
looks like a defensive measure to me :
" ‘Another way to highlight OCN’s value (based on the same figures) is to look at the current value of OCN’s 57% stake in PORT3 (£668.8m) and compare it to the current value of OCN (£443.8m). In effect, investors would get a controlling stake in PORT3 at a one-third discount and would receive the rest of OCN’s assets for free."
I hold.
Interesting for timing (Ist in 2024, after a flurry of 3 research items back in 2022) and content:
OCN has acknowledged a preliminary approach last June from Swiss logistics group MSC - prompting 'a strategic review'- and Bloomberg reported a couple of days ago
"PSA Is Said to Show Interest in Port Operator Wilson Sons
Controlling shareholder Ocean Wilsons is reviewing investment
Ocean Wilsons says it’s received offers for its stake
By Vinicius Andrade and Manuel Baigorri
January 31, 2024 at 1:07 PM GMT
PSA International Pte, the port operator owned by Singapore state investor Temasek Holdings, has shown interest in acquiring Wilson Sons SA, a Brazilian port and maritime logistics company, according to people familiar with the matter.
Potential buyers in China also have shown interest, said the source......"
The complicated shareholding structure and a poison pill defence* may prove too much, but the Edison write-up hxxps://www.edisongroup.com/research/st ... red/33199/
* I believe anyone unwelcome going over 5% has to dispose of excess...(any hard info welcome!)
looks like a defensive measure to me :
" ‘Another way to highlight OCN’s value (based on the same figures) is to look at the current value of OCN’s 57% stake in PORT3 (£668.8m) and compare it to the current value of OCN (£443.8m). In effect, investors would get a controlling stake in PORT3 at a one-third discount and would receive the rest of OCN’s assets for free."
I hold.