Hansa Inv. Share Price (HAN)

Confirmed on to the indicative list for ftse250 inclusion. Finalised 2nd June and trade inside from 3rd. Well inside on valuation and must have passed the liquidity test. This should be best opportunity in while to narrow discount with several million of passive money coming on top of buybacks on to a v limited float (family, CGT constrained etc). May finally get a squeeze up over next month. Fingers crossed this can get up to £4.

Just a no- brainer at this level of discount.And they have plenty of spare cash.once the OCN overhang is cleared out surely both shares will rise?

The declared NAV is not 310..it is 370p updated daily on RNS.. and that is indeed taking the Ocean Wilson share price, which at 13.50 is at a discount of 40% to its own NAV, with the Wilson Sons so of nearly 17 Brasilian real. That does mean an underlying NAV of over 400p. If the Wilson Sons stake is sold, which must have an 80%+ chance given the announcement. Even after tax that should provide a substantial cash element of at least £1 a share in Hansa. What the Biard decide to do is the key question, and I doubt that they will reveal much at the upcoming event on 25 Sep…but there is substantial scope for doing “something” rather than just putting all the money into other funds. That may be tempting as the managers could then charge more fees ( no charges currently for “managing “ the OW value)…but hope they are not quite so inconsiderate of the external shareholders. In any event I think the discount, as on many ITs. But Hansa is an extreme example, is way too wide. But buying quality assets at a big discount to value is a good long term strategy…

There are several reasons why buy backs won't happen.
The official reason: The Board believes that share buybacks can only offer a short-term solution. To buy back
shares would increase risk concentration, as the proportion of the portfolio invested in Ocean Wilsons would increase which the Board wishes to avoid. The Board continues to provide transparency of dividend and buy back policies to shareholders in documents and presentations.
The unofficial reason: Directors are also large shareholders (Saloman family). But also that the charges are 2.02% buy backs would increase the percentage (spread among fewer shares).

The NAV is in a £3 to £3.10 range. But the look through on Ocean Wilsons is 50% discount to NAV so is worth another £0.40.

This is on a 50% discount to NAV whereas historically both Wilsons and Hansa were on a 20% discount. Suggesting there's a 65% (£1.05/share) upside, solely on the discount reverting and let alone its overlooked purpose (As driven by the Saloman family) for wealth preservation.

Is NAV around £3.08? Discount perhaps a permanent feature just liken at Ocean Wilson? However seems trend to unbundle in some markets. If that were to happen would be pay day butn seems somewhat remote chance with this and Ocean wilson.