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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