TIDMOCI
RNS Number : 1710H
Oakley Capital Investments Limited
26 July 2023
26 July 2023
Oakley Capital Investments Limited
Trading update for the Six Months ended 30 June 2023
Oakley Capital Investments Limited(1) ("OCI" or the "Company")
today announces its half year trading update for the six months
ended 30 June 2023. 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"),
thereby capturing the outperformance of a leading private equity
manager.
The Oakley Funds(3) invest primarily in unquoted, profitable,
pan-European businesses with recurring revenues, and across four
sectors: Technology, Consumer, Education and Business Services(4) .
Oakley's origination capabilities combined with proven value
creation drivers help management teams accelerate growth and
produce consistently superior returns for investors.
Resilient NAV and strengthened balance sheet
Highlights for the period
-- Net Asset Value ("NAV") per share of 663 pence and NAV of GBP1,169 million
-- Total NAV return per share, including dividends, of 0.5% since 31 December 2022 (+3 pence)
-- Total shareholder return of 5.3%
-- Additional investments made of GBP96 million and share of proceeds of GBP240 million
-- Net cash of GBP248 million
-- Undrawn revolving credit facility extended and increased to GBP175 million post-period end
NAV growth
The Company's unaudited NAV, based on a revaluation of all
portfolio companies as at 30 June 2023, was GBP1,169 million, which
represents a NAV per share of 663 pence. The total NAV per share
return, including dividends, was 0.5% (+3 pence) since 31 December
2022. The total return includes 17 pence of valuation gains in the
underlying portfolio companies less 15 pence of foreign exchange
impact, due to the 3% movement in EUR:GBP. The modest increase in
asset value reflects the Company's cautious approach to trading
outlook and valuation multiples, and the fact that half of the NAV
was not subject to change in the period. This results from
approximately 50% of the asset value being held in cash, or
underlying investments that were valued based upon a transaction
within the last 12 months.
Portfolio company outlook
OCI's underlying portfolio of tech-enabled businesses are
expected to continue to deliver robust trading performances in the
challenging macroeconomic environment as customers continue to
shift spending online, switch to SaaS solutions and invest in
education, thereby underpinning NAV and demonstrating the enduring
power of the long-term megatrends that Oakley invests behind.
Transactions
During the period, OCI's look-through share of proceeds from
realisations was GBP240 million and it made look-through
investments of GBP96 million. The most significant contribution to
both was the Fund III disposal and Fund V reinvestment in IU Group,
the largest and fastest growing university in Germany, and a global
leader in education technology. Additionally, the Oakley Funds made
further investments with the acquisition of Fastcase, a legal
intelligence business which has been combined with Oakley portfolio
company vLex; an investment in premium schools group Thomas's
London Day Schools; and a bolt-on acquisition to Affinitas
Education, XIC, a single-site school based in Spain.
Cash & commitments
OCI had net cash of GBP248 million as at 30 June 2023. Post
period end, OCI renewed and expanded its revolving credit facility,
raising total committed lending to GBP175 million for a two-year
term. As at 26 July 2023, the facility was undrawn.
On 30 June 2023 OCI made a US $100 million commitment to the
Oakley Touring Venture Fund, a strategy established to invest in
proven next generation enterprise software companies powered by
generative AI. Total outstanding Oakley Fund commitments, including
this, at the period end were GBP893 million which are expected to
be drawn over the next 5 years.
For more information on the Oakley Fund strategies in which OCI
invests, please click here.
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 2023 on 14 September 2023.
- 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:
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.
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 and 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. The Oakley family of
funds also includes Oakley PROfounders Fund III and Oakley Touring
Venture Fund, which are venture capital funds focused on
investments in entrepreneur-led, disruptive, technology led
companies.
For more information on the Oakley Fund strategies in which OCI
invests, please click here.
(4) Business Services
Business Services is a newly classified Oakley sector, which
reflects the Investment Adviser's growing track record in
information platforms and Testing, Inspection, Certification, and
Compliance ("TICC") . These investments were previously categorised
under Technology.
For more information on Business Services and the other Oakley
focus sectors, please click here .
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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July 26, 2023 02:00 ET (06:00 GMT)
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