OCI is not subject to the UK City Code on Takeover and Mergers.
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This webpage and its contents are made available on an “as is” and “as available” basis. OCI uses reasonable efforts to ensure that the information on this webpage is accurate, but OCI and its personnel and agents disclaim and exclude (to the fullest extent permitted by law) all warranties, representations or guarantees (whether express, implied or statutory) that the information is complete, accurate, up-to-date or suitable for a particular purpose. All documents have their own shelf life and may be included on this webpage for historical reference purposes only. Any opinions, recommendations and forecasts provided are not necessarily the current opinions, recommendations and forecasts of OCI or any contributors and may be changed at any time. Actual outcomes or results may differ materially from those expressed or implied by any forecast. You agree that access to, and reliance on, this webpage and any information contained on it is entirely at your own risk.
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We reviewed OCI’s PE model in our notes, When it rains gold, put out the bucket, published on 1 September 2020, and NAV: conservative, robust and with growth upside, published on 3 December 2020. We identified a unique competitive advantage in its manager’s relationship with an entrepreneur network that brings expertise, market knowledge and new opportunities. Despite market conditions, OCI delivered an 18% total NAV return per share in 2020. With £223m of cash at the end of 2020, it is well positioned to exploit the above-average returns we expect on 2021 new business. The 27% discount to NAV appears anomalous with long-term returns and this outlook.
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