TIDMOCI
RNS Number : 8351T
Oakley Capital Investments Limited
27 July 2022
27 July 2022
Oakley Capital Investments Limited
Trading update for the Three Months ended 30 June 2022
Oakley Capital Investments Limited(1) ("OCI" or the "Company")
today announces its quarterly trading update for the three months
ended 30 June 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(2)
("Oakley").
The Oakley Funds(3) 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.
Strong demand for assets and robust earnings outlook for
portfolio companies drive total quarterly NAV return of 11%
Highlights for the period
-- Net Asset Value ("NAV") per share of 630 pence and NAV of GBP1,119 million
-- Total NAV return per share of +11% since 31 March 2022 (+61 pence), and +17% since 31 December
2021 (+94 pence)
-- GBP30 million in new investments during the period
-- c.GBP112 million share of sale proceeds expected post period-end
-- New GBP100 million revolving debt facility adds flexibility and liquidity
NAV growth
The Company's unaudited NAV, based on portfolio company
valuations at 30 June 2022, was GBP1,119 million, which represents
a NAV per share of 630 pence. The NAV per share return including
dividends was 11% (+61 pence) since 31 March 2022, and an increase
of 94 pence (17%) since year-end. In the three months to 30 June
2022, 67% of the increase in the portfolio's value was driven by
EBITDA growth and 33% by multiple expansion, the latter driven by
the multiples achieved for signed exits in the period, all of which
were at significant premiums to prevailing book value. The 61 pence
total return includes 46 pence of valuation gains, 11 pence of
foreign exchange movements and 2 pence of dividends, while share
buybacks added 1 penny.
Portfolio company performance
In a period of heightened market and economic uncertainty,
Oakley's portfolio of digitally-enabled companies continued to
deliver robust earnings growth, underpinned by long-term, enduring
market tailwinds such as business and consumer digitisation and a
focus on recurring and subscription revenues.
Transactions
During the period, OCI made look-through investments of GBP30
million, largely attributable to the investment in Vice Golf, a
digital-first golf brand with a strong track-record of profitable
growth, as well as a number of portfolio company bolt-on
acquisitions.
During the quarter, Oakley agreed the sale and reinvestment in
web-hosting business Contabo as well as the sale of the investment
in Italy's leading price comparison website, Facile, both at
significant premiums to their carrying values. The transactions are
due to complete later this year, and OCI's look-through share of
proceeds is expected to total c.GBP112 million.
Cash & commitments
OCI had cash on the balance sheet of GBP97 million at 30 June
2022, comprising 9% of NAV. This excludes anticipated proceeds from
agreed deals that are yet to complete. Total outstanding Oakley
Fund commitments as at 30 June 2022 were GBP993 million. They will
be mostly deployed into new investments over the next five years,
funded with existing balance sheet cash as well as expected
proceeds from exits announced during the period and future
realisations. During the period, the Company also agreed a GBP100
million revolving credit facility with major lenders, thereby
increasing OCI's flexibility and liquidity.
Post-balance sheet events
Post period-end, portfolio company TechInsights completed its
bolt-on acquisition of Strategy Analytics, a leading provider of
syndicated research into the consumer technology sector. Oakley
Capital also announced the strategic combination of Grupo Primavera
with Cegid, the French market leader in SME business software. As
part of the transaction, Oakley will increase its stake in Grupo
Primavera and roll over its equity into Cegid. The transaction is
expected to complete later this year. OCI's total look-through
investment from these acquisitions is expected to total c.GBP31
million.
OCI's latest quarterly factsheet can be accessed here .
The Company expects to report its unaudited interim results for
the six months to 30 June 2022 on 8 September 2022.
- 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:
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 whose purpose is 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 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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END
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