2025-06-17-Jefferies-汉莎投资,海洋威尔逊（HANA）_初步分析_OCN与Hansa可能的合并_8页_114kb

Equity Research Summary: Latin America Diversified Holdings (June 17, 2025)

Key Developments

• OCN proposes a tender offer for 20% of its shares via a Dutch auction at a price range of £1.543-£1.736, set after selling Wilson Sons. Controlling shareholders will not participate, returning approximately 40% of floating share capital.
• Potential all-share merger with Hansa agreed preliminarily, based on net asset value (NAV), with share exchange to be finalized excluding transaction costs and dividends. Requires approval from at least 75% of Ocean Wilsons shareholders.
• Current HANA and HAN trades at 24% and 34% NAV discounts, respectively, expected to narrow.
• Ocean Wilsons supporters indicate 53.76% and 32.58% backing in key decisions, excluding Hansa influence.
• New merged entity (Ocean Wilsons + Hansa) with over £900m NAV under simplified structure; plans include buybacks of 2-4% of shares and updated capital allocation.
  -Final analytics