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Yep, the port ops. continue to make good progress whereas the hotchpotch of collective investments continues to languish.
Why this unrelated multifarious portfolio is still retained defeats me, tbh - if a sale of the shipping business is finally agreed, one has to wonder what we'll be left with? Better to sell the 'baggage' than the fundamental towage activities, surely?
Notwithstanding this gripe, however, it's certainly encouraging that the aggregate asset value remains double the current sp; certainly appealing, pending further developments - sasa.
‘A number of offers’ is very good news!!
Rio de Janeiro, 14 November 2023 - Wilson Sons S.A. (B3 Ticker: PORT3) (“Wilson Sons” or “Company”), pursuant to the regulations in force, in furtherance to the Material Fact disclosed on 12 June 2023, in view of the press enquiries regarding the strategic review being carried out by the Company's indirect controlling shareholder, Ocean Wilsons Holdings Limited ("OWHL"), hereby provides the following clarifications:
The Investor Relations Officer of Wilson Sons inquired with OWHL which informed that Ocean Wilsons Overseas Limited (“OWOL”), the holding company for the Group’s indirect investment in OW Overseas (Investments) Limited (“OWOIL”) and in Wilson Sons, has engaged Banco BTG Pactual S.A. (“BTG Pactual”) as its financial adviser in connection with the strategic review of its investment in Wilson Sons. OWHL also confirmed that BTG Pactual has received a number of indicative non-binding offers for its indirect investment in OWOIL and in Wilson Sons.
OWHL emphasised that there can be no certainty as to the outcome of the strategic review process, which remains ongoing, and the indicative non-binding offers received are highly conditional. OWHL continues to evaluate all potential strategic options.
The Company reiterates its commitment to the best levels of transparency and corporate governance and will keep its shareholders and the market in general duly informed of any material act or fact, under the terms of the applicable legislation.
Michael Robert Connell
Investor Relations Officer
Lol - others are mine - same rationale!!!
A few small buys are mine . The data for WS in October was good . Results for the past 3 months out later tonight . Wilson Sons touching new highs not reflected in Ocean Wilson price . About time we heard from the board .
Note Wilsons sons going up in Brasil..now over R14..results on Nov 14…should be news regarding strategic review..OCN NAV circa £24 at current Wilson’s price.
I'm surprised no-one has picked up on the fact that Wilson & Sons have declared an interim dividend !
hxxps://api.mziq.com/mzfilemanager/v2/d/8284de4a-426a-465a-beab-92abeabafc97/5de1fc8d-a35b-0a55-ffb2-2bfff16399e9?origin=1
hTTps://ri.wilsonsons.com.br/en/terms-and-conditions/dividends/
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Wilson & Sons seem to be doing very well when you look at the operational data for the 3Q
hxxps://api.mziq.com/mzfilemanager/v2/d/8284de4a-426a-465a-beab-92abeabafc97/31da1aac-f877-5cfb-52d1-99b338c99804?origin=1
The worry for me is how poorly the OCN investment portfolio will be doing in the meantime & what pathetic excuses they will be dreaming up to cover it & Hanseatic keeping control of it.
The Wilson & Sons interim dividend has been paid out yet OCN are totally silent on the matter, keeping shareholders in the dark as usual.
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Interesting presentation regarding the future at Tecon RG
hxxps://api.mziq.com/mzfilemanager/v2/d/8284de4a-426a-465a-beab-92abeabafc97/8ac2e68e-1c10-55f8-1a7d-e625a2c3a8ed?origin=1
LOTM
The buyers of PORT3 have pushed the share up and the daily volume testerday was 3X the normal . Perhaps they know more than we
Too risky here, stay away from buying 👍
If deal is done won't cash just sit on balance sheet? Maybe more poor investments and discount to NAV remains? Hope not but isn't it possible?
Wilsons peaked in late June on logistics and possible sale news at R$13.90. It has bounced back strongly and stands today at R$13.60. By contrast OCN has hardly budged from its recent fallback. There is a clear disparity which should quickly be redressed and OCN should comfortably bounce back to £10+ and then relate on RNS divestment news. DTR.
Lots of 920 sells being mopped up by 950 buys given usual low volumes here. It's nearing time when we should expect news on Wilsons possible divestment. Silence so far seems to indicate progress in my experience. Time will tell. A premium in excess of current total MCap for OCN is highly likely but nothing concrete till the deal is done.
Nice piece of research extrader - it does seem that OCN is a prime addition to any global maritime carrier wanting a footprint in S America. Patience, as the number of mentions that Wilsons and MSC are mentioned as 'in talks' increases and any negotiations take time for due diligence. I think this will come as a done deal RNS in October or very possibly earlier. Once we start to see more volume in the Wilsons upswing then it may be an indicator. There are fewer Chinese walls in S America.
Just a snippet, from across the water (Congo-Brazzaville) :
..""Congo Terminal, a subsidiary of AGL (Africa Global Logistics) and operator of the container terminal at the autonomous port of Pointe-Noire, announced on 13 September that it had renewed its ISO 9001 certification for its activities in the following areas : loading, unloading, storage of containers, transhipment and delivery of containers for import and export."
Renewal is for a 3 year period. PN is arguably the best natural deepwater port in (southern) West Africa.
This company is part of the MSC logistics empire that recently took over Bollore Logistics Africa and is supposedly separately in acquisition talks with Ocean Wilsons (OCN) in Brazil.
The new concessionaire for Pointe Noire (and a possible build-out) is AbuDhabi Ports, which is expanding its footprint beyond the M East , into Africa and Europe (most recently with the acquisition of Spain's Noatum group).
https://www.adportsgroup.com/en/news-and-media/2022/11/18/acquisition-of-noatum-propels-ad-ports-group-to-become-a-global-logistics-platform
If you look at the pie-chart of ADPorts revenue, Latin America is the obvious next stop on the way to being 'global'.
Abu Dhabi has just joined the BRICS South-south alliance (alongside Argentina).
Let's see if 'the trend is our friend' - Wilson Sons would be a very synergistic bolt-on, IMO.
NAI, DYOR etc etc
Is way undervalued is a given; us investors know that - it's neither 'fish nor fowl' (an attractive Brazilian port / towage operator yet with its other sizeable asset being a 'hotchpotch' portfolio of far too many poorly performing 'hedge fund' holdings) with little research coverage of the Co, as Sisyphus rightly points out.
If a sale of the marine business is agreed for, say, £13 ps what then? Will they pay the cash out to shareholders as 'a return of capital' (more tax efficient than a 'special divd' distribution in whole or in part) or will they reinvest the proceeds elsewhere? If so, where?
That's the intriguing bit for me; somewhere exciting, perhaps but, hopefully, not just adding to the 'hedge fund' portfolio which would be a major disappointment in my book.
Any other views on this conundrum welcome - sasa.
The growing importance of S America and big increase in 2way maritime trade across the world is paramount. As more shipping containers are released post pandemic Brazil is ripe for port facility and handling companies like Wilsons.
The fact that this is almost totally overlooked by analysts will be a huge factor in my experience. The huge step jump just on the possibility of divestment of Wilsons is evidence of the upside potential if/when an offer is accepted. The appeal of Wilsons business and its virtual services monopoly in a key Brazilian port are bound to have elicited predatory interest. I'm sure it's just a matter of time as business is only getting brisket and stronger post pandemic and with increased activity by oil majors the like of Petrbras. Sit tight imo.
Classic !
Yes, I checked Wilsons, but over anything more than a 5 day view it's down since the post approach 'spike'.
The OCN s/p (which is how I hold) has roughly mirrored PORT3:BVMF.
I agree there are a number of seasonal, cyclical and new factors that may lead to some positive developments in the next few months...and there's certainly scope for material uplift, given the 'double discount'.
I hope to be 'surprised and delighted' before long.
ATB
Perhaps I should rename Nike!
Did you check Wilsons not OCN?
https://g.co/finance/PORT3:BVMF
It's been drifting lower after the big uplift in June when the possible divestment was indicated. The increase in Port logistics is marked and the region is undergoing huge expansion. Wilsons services Petrobras and other oil majors plus container vessels and has monopoly over a wide range of associated facilities. To think that a deal could be done in such a short time frame from a standing start is a little optimistic. I would think October will be the key as it marks an upswing in Southern hemisphere maritime activity. Any possible bidders including those you have mentioned will certainly eye up the benefits of a stable satellite business in Brazil as appealing. Patience is the key. The fallback on lack of immediate news is par for the course, the uplift on a relevant RNS should be worth the wait. By any parameters, the value of the international hedge fund plus Wilsons is now way in excess of current MCap as the BoD has constantly maintained. It is time to crystallise that disparity. If you disagree, then it's possibly not the share for you. After all this is pure hypothetical conjecture. Think I'll keep pushing that stone uphill.......one day.....
Hi Sisyphus,
I see no evidence of an uptick since yesterday, in fact OCN has now fallen through the 20, 50 and 200 day MA.
In fact, MSC's rumoured approach nearly 3 months ago doesn't appear to have progressed - or tempted out any other 'consolidators'.
I thought that AbuDhabi in particular, who's been busy building up its logistics footprint (including Spain and a S.America deepwater port in Congo Brazzaville) might have been interested, esp given the renewed interest in South-South trade and AbuDhabi' s recent accession (alongside Argentina) to the BRICS trading bloc....
So far, it appears not.
Maybe the owners aren't serious about narrowing the deep discount...or have other priorities ?
Your moniker suggests you're aware that you're fighting a losing battle or a lost cause....seriously ?
;->'
Patient. Just silently now waiting for the RNS.
This article was written over a year ago and given the acceleration in growth of the ports monopoly is now worth significantly more.....read and DYOR. Busy ports and haulers (wilsons) tend to soar when analysts wake up. Check back at Mersey Docks and Harbour and dozens of others when they sold control. A gem of a 2 part share.
https://moneyweek.com/investments/stocks-and-shares/share-tips/604894/a-rising-tide-for-ocean-wilsons
I cannot believe the lack of interest here.......
Wilsons not Wisconsin
Trading has been brisk since March and value will have risen accordingly. Wisconsin alone is worth more than current MCap....!!
Net asset value at 31 March 2023
As at market close on 31 March 2023, the trading value of the Ocean Wilsons' investment in Wilson Sons totalled approximately US$470.9 million, which represents US$13.31 (£10.79) per Ocean Wilsons share. The investment portfolio was valued at approximately US$298.1 million which represents US$8.43 (£6.83) per Ocean Wilsons share. In aggregate, including US$8.4 million of cash at the holding company level, results in an implied net asset value per Ocean Wilsons share of US$21.98 (£17.81).