TIDMOCI
RNS Number : 6711G
Oakley Capital Investments Limited
28 July 2021
28 July 2021
Oakley Capital Investments Limited
Trading Update for the Six Months ended 30 June 2021
Portfolio strength drives 11% NAV uplift
Oakley Capital Investments Limited(1) ("OCI" or the "Company"),
a listed investment company providing investors access to the
Oakley Funds(2) , today announces a trading update for the six
months ended 30 June 2021.
Highlights for the period
-- Net Asset Value ("NAV") per share of 445 pence
-- Total NAV return per share of 11% since 31 December 2020
-- The Company invested GBP95 million and its share of proceeds
was GBP51 million
-- Cash of GBP172 million a t 30 June 2021
-- Outstanding Oakley Fund commitments of GBP438 million
NAV growth
The Company's unaudited NAV at 30 June 2021 was GBP804 million,
which represents a NAV per share of 445 pence, based on portfolio
company valuations at the half-year. The total NAV per share return
including dividends is 11% (+45 pence) since 31 December 2020 and
26% (+94 pence) since 30 June 2020.
Portfolio company performance
During the period, the Oakley Funds sustained their pattern of
solid performance and EBITDA growth. While the impact of the COVID
pandemic continues, the portfolio has continued to benefit from an
investment focus on technology-enabled businesses. Of the current
portfolio, 14 companies accounting for 52% of NAV* grew their
revenues at or above expectations in the period. Four companies
accounting for 14% of NAV* have seen a modest COVID impact on
financial performance. Meanwhile, three companies accounting for
29% of NAV* continue to be significantly impacted by ongoing,
Europe-wide COVID-related restrictions.
* Percentages shown are OCI's look-through exposure to the
portfolio companies via the Funds and direct investments.
Proceeds
The Company's share of proceeds from divestments, refinancings
and repayment of loans amounted to GBP51 million, consisting of the
refinancing of IU Group, the repayment of the Daisy loan and the
exit of Fund II's stake in the Digital Wholesale Solutions division
of portfolio company Daisy Group.
Investments
In the trading period, the Investment Adviser (3) continued to
originate proprietary opportunities for the Oakley Funds within its
focus sectors, namely Technology, Consumer and Education. During
the period, OCI made a total look-through investment of GBP95
million which, aside from some minor follow-on investments, was
attributable to the acquisition of four new platform investments:
idealista (Fund IV), Dexters (Fund IV), ICP Education (Fund IV) and
ECOMMERCE ONE (Origin Fund).
Cash & commitments
-- Balance sheet - O CI has no leverage and had cash on the
balance sheet of GBP172 million at 30 June 2021, comprising
21% of NAV
-- Recent commitments - OCI's total commitment to the Oakley
Capital Origin Fund, which closed in January 2021, was EUR129
(GBP111) million
-- Total outstanding commitments - outstanding Oakley Fund
commitments are GBP438 million
Post-balance sheet events
-- Exit and follow-on investment - Fund III sold its stake
in ACE Education ("ACE") to Groupe Amaury with its share
of proceeds being GBP16 million. As part of the transaction,
the Origin Fund invested in ACE alongside Groupe Amaury.
OCI's indirect contribution via the Origin Fund was GBP10
million
The Company expects to report its unaudited interim results for
2021 on Thursday 9 September 2021.
A live presentation of the trading update, delivered by Oakley
Capital Partner Steven Tredget, will be broadcast online on
Thursday 29 July 2021 at 12:00pm BST.
The interactive event will be available free via the Investor
Meet Company platform. Register to join the event
at: https://www.investormeetcompany.com/oakley-capital-investments-limited/register-investor
- ends -
For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget, Investor Relations
Greenbrook Communications Limited
+44 20 7952 2000
Alex Jones / Michael Russell
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Chris Clarke / Darren Vickers / Owen Matthews
Notes:
This announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019
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(2) .
An introduction to OCI video is available at
https://oakleycapitalinvestments.com/videos/
(2) 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 and Oakley Capital Origin Fund are unlisted
lower-mid to mid-market private equity funds with the aim of
providing 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.
(3) 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.
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.
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END
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