Ocean Wilsons (OCN-LN) Update – Error in the NAV calculation
Disclaimer: This is not investment advice. The guy who is writing this has problems distinguishing USD and GBP. PLEASE DO YOUR OWN RESEARCH !!!
A friendly reader alerted me that I made an error in the Ocean Wilson Special Situation NAV calculation. I seem to have gotten confused by the fact that Ocean Wilson reports in USD. I did translate the Wilson and Sons stake into GBP but not the investment portfolio. Instead of 319,6 mn GBP, the investment portfolio is worth 319,6 mn USD which equates ~ 239,7 mn GBP
So the initial calculation should have rather looked like this:
The expected return is a full -8% lower than inititally (and wrongly) calculated. Still not bad, but clearly less advantageous.
Based on this, I reduced the positon to a ~1% position.
I am deeply sorry for this mistake and a big thanks to the reader who alerted me. Going forward I will need to be more dilligent for these calculations-
One other remark: A reader congratulated that my post has moved the stock price. This is not my intent for the blog. I try to avoid writing about illiquid stocks as some readers tend not to read the posts and seem to blindly buy. With Ocean Wilson, I was very surprised how illiquid this 500 mn Market cap stock actually is. For me this is a good lesson for the future that I don’t write much about illiquid stocks. I leave that to others.
value and opportunity 
Already yesterday Ocean Wilsons reported that the process to sell Wilson & Sons have been “interrupted” and they they seem to talk to someone else now.
https://www.londonstockexchange.com/news-article/OCN/response-to-media-speculation/16720741
nterestinlgy. this seems to be seen positively by the market so far.
The original comment on Wilson & Sons however includes the info that I Squared potetnially wants to make a tender offer within the next 15 days.
https://api.mziq.com/mzfilemanager/v2/d/8284de4a-426a-465a-beab-92abeabafc97/9f35b71f-b16a-d897-023f-b30194fe7146?origin=1
Sometimes there are individuals like Saint Zeebar who doesn’t do their own research and mindlessly follow other’s ideas. He should just go use those sell side analyst researches.
memyselfandi007 your content is very educational and I have been following for over a decade. Thanks for all the postings.
Not worth your energy to respond to Saint Zeebar
12 years ago, I discovered this blog and I am happy to say that it was one of the magic inspirations during my investment career. Many people in the financial industry are talking about integrity. Talk is cheap as we all know. In contrast to that, the valueandopportunity blog has practized this virtue since the beginning more than a decade ago. That is quite an achievement.
Thank you.
indeed, for compliance higiene you should not have traded until e.g 48h after you publish the update
From where do you take this rule ?
did you see the e.g. ?
From where do you take this rule ? In any case, feel free to stop subscribing to the blog if you don’t like it.
He did not have to publish an update. He could have trimmed his position without ever saying anything. But do you know any market participant who announces what he will do before he actually does?
Oh please! Let’s all do nonsense, and refrain from good practices. And like talibanis stone down those that show higher standards.
Let’s not misconstrude things. It’s super easy. Imagine you are a CFO, you publish good quarterly results, and your shares rise. Then a conf call analyst asks you about a potential mismatch. Before confirming publicly the error in your results, you sell shares. Then you issue publicly an update to confirm the error in quarterly results.
that’s it….
That’s called Insider trading because you trade on inside company information. I am not sure how that compares to this case. I am not an Insider to Ocean Wilsons.
Please go ahead posting your ideas and your transactions as you have done in the past. I appreciate your transparency.
If you acknowledge that your article pushed OCN.LN price higher (10%?) and you sold half your shares before publishing the update/correction… to me it smells to market manipulation.
just my humble opinion
Anyone is entitled to his or her opinion. I am running this blog since almost 14 years so anyone can judge if I try to “manipulate” a stock or not.
Reading this freely accessible blog and then making such claims is not fair. @memyselfandi: Please continue to publish your ideas, for me this is the best and most transparent blog I know. Thank you very much for your honest and great work.
Thx. The idea of the blog was always to be part diary part platform for discussion.
One question: what could I have done better in your opinion ? Not write about OCN at all ? Publish first and transact then ?
The guy is probably mad for blindly following you into OCN. He’s not to be taken seriously. I wouldn’t spend energy trying to please him.