Ocean Wilsons Holdings - Confirmation of interest in Wilson Sons holding

Ocean Wilsons Holdings’ (OCN’s) H124 results showed good growth, reflecting a strong performance from Wilson Sons and a positive performance from the investment portfolio (OWIL). While the strategic review remains ongoing, in August the company announced that it is in discussions with I Squared that may or may not lead to an offer for its holding in Wilson Sons (BOVESPA: PORT3). Despite the review and the potential for value realisation, OCN still trades at a c 40% discount to our valuation of 2,275p/share.