A court sanction hearing on two Bermudian-based investment companies’ plans for an all-share combination has been delayed due to objections from a major shareholder.

Earlier this year, the boards of Ocean Wilsons Holdings and Hansa Investment Company announced they had agreed to the terms of a recommended all-share combination.

Hansa would acquire the entire issued and to be issued share capital of Ocean Wilsons.

The combination is to be effected by means of a court-sanctioned scheme of arrangement of Ocean Wilsons under section 99 of the Bermuda Companies Act.

Client account investment manager Arnhold, which holds 900,000 Ocean Wilsons shares, said they would object to the scheme at the hearing.

Arnhold called the proposed combination deeply flawed and unfair to shareholders and predicted it would result in a serious diminution of value.

Ocean Wilsons’ independent committee did not see any merit in Arnhold’s protests.

However, the court sanction hearing which began yesterday was adjourned to October 30 and 31, to give Arnhold more time to present its objections.

Ocean Wilsons said it remains confident in the prospects of the scheme being sanctioned by the court and will continue to work towards completion of the combination as expeditiously as possible for the benefit of its shareholders.