TIDMOCI
RNS Number : 1641R
Oakley Capital Investments Limited
25 October 2023
25 October 2023
Oakley Capital Investments Limited
Trading update for the three months ended 30 September 2023
Oakley Capital Investments Limited (1) ("OCI" or the "Company")
today announces its quarterly trading update for the three months
ended 30 September 2023. OCI is a listed investment company
providing consistent, long-term returns in excess of the FTSE
All-Share Index by investing in funds managed by Oakley Capital (2)
("Oakley").
The Oakley Funds(3) invest primarily in unquoted, profitable,
pan-European businesses with recurring revenues, and across four
focus sectors. Oakley's origination capabilities combined with
proven value creation drivers help management teams accelerate
growth and produce consistently superior returns for investors.
Asset growth in spite of challenging macro environment
Highlights for the three months ended 30 September 2023
-- Net Asset Value ("NAV") per share of 679 pence and NAV of GBP1,197 million
-- Total NAV return per share of 2.5% since 30 June 2023 (+16 pence)
-- GBP23 million of new investments
-- EUR190 million commitment to Oakley Capital Origin Fund II
-- Net Cash of GBP222 million and outstanding commitments of GBP1,053 million
NAV growth
The Company's unaudited NAV, based on a revaluation of all
portfolio companies as at 30 September 2023, was GBP1,197 million,
which represents a NAV per share of 679 pence. The total NAV per
share return was 2.5% (+16 pence) since 30 June 2023, and an
increase of 4.5% (+29 pence) since 30 September 2022. The key
contributors to the total NAV return include 14 pence of valuation
gains in the underlying portfolio companies and 5 pence of foreign
exchange gains.
Portfolio company performance
The underlying companies in the portfolio continue to trade
robustly in what remains an uncertain economic environment. This
reflects their resilient business models, typically asset-light
with recurring revenues, strong market positioning and conservative
leverage, as well the strength of the megatrends they invest
behind. Valuation gains were split evenly across a broad range of
companies in each of Oakley's four core sectors: Technology,
Consumer, Education and Business Services.
Transactions
During the period, OCI made look-through investments of GBP23
million which were attributable to portfolio company bolt-on
acquisitions as well as Pixis, an AI-powered marketing platform and
the first investment for Oakley Touring Venture Fund. There were no
divestments during the period.
Oakley's unique origination capabilities continue to generate a
strong investment pipeline. The first of these opportunities,
signed in the period and expected to complete in December 2023, is
the acquisition of Flemming Dental, Excent and Artinorway Group, to
form one of the leading dental laboratories groups in Europe. OCI's
look-through investment in the business is anticipated to be
c.GBP35 million.
Cash & commitments
OCI had net cash of GBP222 million as at 30 September 2023 and a
GBP175 million revolving credit facility, which was undrawn at that
date. During the period, OCI made a EUR190 million commitment to
Oakley Capital Origin Fund II, which will continue the strategy of
its predecessor fund, backing tech-enabled businesses across
Europe's lower mid-market. Including this commitment, total
outstanding Oakley Fund commitments at the period end were GBP1,053
million. The Board continues to closely monitor anticipated fund
drawdowns and projected liquidity and when appropriate will make
further share buybacks.
OCI's latest quarterly factsheet can be accessed here .
- ends -
For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget
Greenbrook Communications Limited
+44 20 7952 2000
Rob White / Michael Russell
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Chris Clarke / Darren Vickers / Owen Matthews
Notes:
LEI Number: 213800KW6MZUK12CQ815
(1) About Oakley Capital Investments Limited ("OCI")
OCI is a Specialist Fund Segment ("SFS") traded investment
vehicle that aims to provide shareholders with consistent long-term
capital growth in excess of the FTSE All-Share Index by providing
liquid access to private equity returns through investment in the
Oakley Funds.
A video introduction to OCI is available at
https://oakleycapitalinvestments.com/videos/
The contents of the OCI website are not incorporated into, and
do not form part of, this announcement.
(2) Oakley Capital, the Investment Adviser
Founded in 2002, Oakley Capital Limited has demonstrated the
repeated ability to source attractive growth assets at attractive
prices. To do this it relies on its sector and regional expertise,
its ability to tackle transaction complexity and its deal
generating entrepreneur network.
(3) The Oakley Funds
Oakley Capital Private Equity L.P. and its successor funds,
Oakley Capital Private Equity II, Oakley Capital Private Equity
III, Oakley Capital IV, Oakley Capital V, Oakley Capital Origin
Fund and Oakley Capital Origin II, are unlisted lower-mid to
mid-market private equity funds that aim to provide investors with
significant long-term capital appreciation. The investment strategy
of the Funds is to focus on buy-out opportunities in industries
with the potential for growth, consolidation and performance
improvement. The Oakley family of funds also includes Oakley
PROfounders Fund III and Oakley Touring Venture Fund, which are
venture capital funds focused on investments in entrepreneur-led,
disruptive, technology led companies. For more information on
the
Oakley Fund strategies in which OCI invests, please click here.
Important information
Specialist Fund Segment securities are not admitted to the
Official List of the Financial Conduct Authority. Therefore, the
Company has not been required to satisfy the eligibility criteria
for admission to listing on the Official List and is not required
to comply with the Financial Conduct Authority's Listing Rules.
The Specialist Fund Segment is intended for institutional,
professional, professionally advised and knowledgeable investors
who understand, or who have been advised of, the potential risk
from investing in companies admitted to the Specialist Fund
Segment.
This announcement may include "forward-looking statements".
These forward-looking statements are statements regarding the
Company's objectives, intentions, beliefs or current expectations
with respect to, amongst other things, the Company's financial
position, business strategy, results of operations, liquidity,
prospects and growth. Forward-looking statements are subject to
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Accordingly
the Company's actual future financial results, operational
performance and achievements may differ materially from those
expressed in, or implied by, the statements. Given these
uncertainties, prospective investors are cautioned not to place any
undue reliance on such forward-looking statements, which speak only
as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect actual
results or any change in the Company's expectations with regard to
them or any change in events, conditions or circumstances on which
any such statements are based unless required to do so by the
Financial Services and Markets Act 2000, the Listing Rules or
Prospectus Regulation Rules of the Financial Conduct Authority or
other applicable laws, regulations or rules.
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END
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