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Ocean Wilsons Holdings Ltd on Friday said its investment portfolio delivered a solid second-quarter return, as it confirmed its proposed merger with Hansa Investment Co Ltd remains on track to complete next month.
The Bermuda-registered investment firm said its portfolio returned 6.2% in US dollar terms in the three months to June 30, lifting year-to-date performance to 5.1% despite what it called a ‘challenging macroeconomic environment’ marked by trade uncertainty and geopolitical tensions.
As of June 30, the portfolio was valued at $340.9 million, equivalent to $9.64 per share. Including $603.3 million of cash held before its recent tender offer, implied net asset value stood at $944.2 million, or $26.70 per share.
Shares in the firm were 0.7% higher at 1,148.14 pence in London on Friday morning.
Ocean Wilsons also completed the $594 million sale of its 56% stake in Brazilian port and maritime logistics firm Wilson Sons SA in June, strengthening its balance sheet. It distributed a final dividend from that holding in July, paying $0.59 per share.
The company subsequently returned £109.1 million to shareholders via a tender offer, repurchasing 7.07 million shares, about 20% of its issued share capital, at 1,543p each.
Looking ahead, Ocean Wilsons said its independent committee continues to recommend shareholders vote in favour of its all-share merger with London-listed Hansa, announced in July.
Under the agreed terms, Ocean Wilsons investors will receive 1.4925 new Hansa share units, each comprising one voting ordinary share and two non-voting ’A’ ordinary shares, for each Ocean Wilsons share held.
Shares in Bermuda-based closed-ended investment company Hansa were down 1.5% at 258.16 pence in London on Friday morning. Its A‘ ordinary shares fell 1.1% to 251.29 pence.
The combination is expected to create a diversified, closed-ended investment company with more than £900 million in net assets, increased scale, broader market liquidity and cost efficiencies. The deal remains subject to shareholder approval at a court meeting on September 12, with completion targeted for late September.
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