TIDMOCI

RNS Number : 4423J

Oakley Capital Investments Limited

27 April 2022

27 April 2022

Oakley Capital Investments Limited

Trading update for the three months ended 31 March 2022

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 31 March 2022. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in the funds managed by Oakley Capital ("Oakley").

The Oakley Funds invest primarily in unquoted, pan-European businesses across three sectors: Technology, Consumer and Education. Oakley's origination capabilities combined with proven value creation drivers generate sustainable growth and consistently superior returns for investors.

Net Assets exceed GBP1 billion as earnings growth drives total quarterly NAV return of 6%

Highlights for the period

 
 --   Net Asset Value ("NAV") per share of 571 pence and NAV of GBP1,020 million 
 --   Total NAV return per share of +6% since 31 December 2021 (+33 pence) 
 --   GBP38 million in new investments, GBP64 million from share of proceeds 
 --   OCI announces a further EUR400 million (GBP338 million)(1) commitment to Fund V taking total 
       outstanding Oakley Fund commitments to GBP1,045 million(1) 
 

NAV growth

The Company's unaudited NAV, based on portfolio company valuations at 31 March 2022, was GBP1,020 million which represents a NAV per share of 571 pence, an increase of 33 pence (+6%). 75% of the increase in the portfolio's value was driven by EBITDA growth and 25% by multiple expansion. Valuation gains added 34 pence (+6%) including foreign exchange movements of +3 pence.

Portfolio company performance

Oakley's portfolio of tech-enabled companies continued to benefit from a focus on long-term market trends that help underpin earnings expectations in an uncertain environment. These trends include the digitisation of businesses, the shift online for consumers and the democratisation of quality education.

Proceeds and investments

The Company's share of proceeds from divestments and refinancings amounted to GBP64 million, consisting of the exit from TechInsights and the refinancing of Wishcard Technologies Group. During the period, OCI made a total look-through investment of GBP38 million, largely attributable to its reinvestment in TechInsights.

Cash & commitments

OCI has no debt and had cash on the balance sheet of GBP180 million at 31 March 2022, comprising 18% of NAV. Post-period end, OCI made a further EUR400 million (GBP338 million)(1) commitment to Fund V , following its initial EUR400 million commitment confirmed on 26 January. This will be deployed into new Fund V investments over the next five years, funded with existing balance sheet cash as well as expected proceeds from anticipated future realisations. Total outstanding Oakley Fund commitments as at 31 March 2022 and including Fund V commitments are GBP1,045 million(1) .

Post-balance sheet events

Post-period end, Grupo Primavera agreed the acquisition of Cloudware, the leading Portuguese cloud-native software provider for accountants, continuing its successful consolidation strategy in the fragmented Iberian SME business management software market.

OCI paid a dividend of 2.25 pence per share on 14 April 2022.

Caroline Foulger, Chair of Oakley Capital Investments Limited, said:

"We are pleased to present OCI's first quarterly NAV report, part of our commitment to further enhancing transparency and communications with our shareholders. Oakley continues to generate robust growth thanks to its tech-enabled portfolio and its active management. As we look to the future, we remain very confident in Oakley's investment strategy and the maturity and outperformance of its portfolio, and we are pleased to confirm our further commitment to Fund V."

OCI's latest quarterly factsheet can be accessed here .

OCI will hold its Capital Markets Day on Wednesday 11 May between 14:00 and 16:30 BST. Should you wish to attend virtually, please contact oci-investorrelations@oakleycapital.com .

- ends -

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

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) Based on FX rates (USD:EUR 0.94; EUR:GBP 0.85) as at 26 April 2022.

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.

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.

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 and Oakley Capital Origin Fund 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.

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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