Hansa stock ticks up as court sanctions Ocean Wilsons merger

(Alliance News) - Hansa Investment Co Ltd on Wednesday said the relevant court has sanctioned the scheme for its takeover of Ocean Wilsons Holdings Ltd.

Shares in Hansa traded 3.4% higher at 280.09 pence each on Wednesday afternoon in London.

The investment companies first announced in July their agreement on a recommended all-share combination, with Hansa acquiring Bermuda-registered Ocean Wilsons' entire share capital through a court-sanctioned scheme of arrangement under the Bermuda Companies Act.

The original court sanction hearing was adjourned in late September, to allow Arnhold LLC additional time to present its objection to the sanctioning of the scheme. The adjourned hearing started on October 30, before concluding on November 3 "because of adverse weather conditions resulting from the proximity of Hurricane Melissa to Bermuda".

Ocean Wilsons, Hansa noted, announced on Wednesday that the court has delivered its judgment sanctioning the scheme. The former will now take steps to submit the final court order for sealing, and the scheme will take effect once a copy of the sealed order has been delivered to the Registrar of Companies.

Hansa added that, as announced on October 31, the expected timetable published on August 14 no longer applies. The firm "will make further announcements in due course as appropriate."

By Emma Curzon, Alliance News reporter

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