Edison issues update on Ocean Wilsons Holdings (OCN)

Strategic options being considered

Edison Investment Research Limited Edison issues update on Ocean Wilsons Holdings (OCN): Strategic options being considered 02-Feb-2024 / 12:18 GMT/BST The issuer is solely responsible for the content of this announcement.

London, UK, 2 February 2024

 

Edison issues update on Ocean Wilsons Holdings (OCN): Strategic options being considered

Ocean Wilsons Holdings’ (OCN’s) strategic review remains ongoing. Despite the review and the potential for value realisation, OCN still trades at a c 51% discount to its value, which we believe is 2,564p.

To value OCN we have taken the last published equity value (30 June 2023), excluding minorities, of US$565.2m, or £444.1m. We have then subtracted the equity value at the same date of OCN’s 57% stake in PORT3 of £206.2m, leaving an equity value of OCN (ex PORT3) of £237.9m. We have then added back the current market value of OCN’s 57% stake in PORT3 and arrived at a market value of OCN of £906.7m (or 2,564p/share), against a current market capitalisation of £443.8m (1,255p/share). This implies that OCN trades at a 51.1% discount to its market price value. Our forecasts have been updated to reflect the Q323 results.

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Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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End of Announcement - EQS News Service

1829383  02-Feb-2024 

The Ocean Wilsons Holdings Stock at the time of publication of the news with a fall of -1,38 % to 13,81GBP on London stock exchange (02. Februar 2024, 12:59 Uhr).