TIDMOCI
RNS Number : 0853E
Oakley Capital Investments Limited
26 October 2022
26 October 2022
Oakley Capital Investments Limited
Trading update for the Three Months ended 30 September 2022
Oakley Capital Investments Limited(1) ("OCI" or the "Company")
today announces its quarterly trading update for the three months
ended 30 September 2022. OCI is a listed investment company aiming
to provide 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.
Resilient earnings growth underpins 4% total NAV return for the
quarter, 22% year-to-date
Highlights for the period
-- Net Asset Value ("NAV") per share of 655 pence and NAV of GBP1,155 million
-- Total NAV return per share of +4% since 30 June 2022 (+25 pence), and +22% since 31 December
2021 (+119 pence)
-- GBP46 million in new investments during the period
-- c.GBP153 million share of cash proceeds expected post period-end
NAV growth
The Company's unaudited NAV, based on a revaluation of all
portfolio companies at 30 September 2022, was GBP1,155 million,
which represents a NAV per share of 655 pence. The total NAV per
share return was 4% (+25 pence) since 30 June 2022, and an increase
of 22% (+119 pence) since year-end. In the three months to 30
September 2022, 76% of the increase in the portfolio's value was
driven by EBITDA growth, and 24% by multiple expansion largely as a
result of recent transactions. The 25 pence total return includes
12 pence of valuation gains, 11 pence of foreign exchange movements
with share buybacks adding 2 pence.
Portfolio company performance
Despite the considerable, ongoing macro uncertainty, OCI's
underlying portfolio of tech-enabled companies continued to deliver
earnings growth, supported by long-term megatrends such as the
shift to online for businesses and consumers, and global demand for
quality education.
Transactions
During the period, OCI made new investments of GBP46 million
which were largely attributable to look-through fund investments
including: the acquisition of vLex, a cloud-based legal information
platform; an additional investment in Grupo Primavera as part of
its strategic combination with Cegid, a leading provider of
cloud-based management solutions; and bolt-on acquisitions by
portfolio companies that were completed during the period. These
include TechInsights' acquisition of Strategy Analytics and further
schools acquired by K12 education platform Affinitas.
During the quarter, Oakley agreed the partial sale of Seedtag at
a significant premium to its carrying value as at 30 June 2022.
This transaction is due to complete later this year.
Cash & commitments
OCI had cash on the balance sheet of GBP49 million at 30
September 2022, comprising 4% of NAV. The Company anticipates
c.GBP153 million of cash proceeds from transactions announced to
date, which are expected to complete post period-end. In addition,
OCI has access to a revolving credit facility of GBP100 million.
Total outstanding Oakley Fund commitments as at 30 September 2022
were GBP979 million. They will mostly be 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.
Post-balance sheet events
During the period, Oakley Capital signed and announced the
acquisition of Phenna Group and CTS Group to create a leading
testing, inspection, certification and compliance (TICC) platform.
Oakley also announced the reinvestment in Facile alongside private
equity investor Silver Lake. These transactions are expected to
complete in Q4 and OCI's total look-through investment from these
acquisitions is expected to total c.GBP115 million.
Post period-end, Oakley Capital announced it completed the sale
of part of its stake in Wishcard, retaining a residual shareholding
in the business. OCI's share of cash proceeds from this transaction
will be GBP37 million.
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:
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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