TIDMOCI
RNS Number : 1232Y
Oakley Capital Investments Limited
29 December 2023
29 December 2023
Oakley Capital Investments Limited
Settlement of Fund I Loan and in-specie transfer of Time Out
shares
Oakley Capital Private Equity L.P. ("Fund I"), one of the Oakley
Funds(1) advised by Oakley Capital(2) , has reached the end of its
term and is being liquidated, whereupon Oakley Capital Manager
Limited ("OCML") was appointed as liquidating trustee. Fund I's
remaining investments consisted solely of shares in Time Out Group
PLC ("Time Out"). On 28 December 2023, Fund I made an in-specie
transfer of these shares to all Fund I investors, which has
increased Oakley Capital Investments Limited's (3) ("OCI" or the
"Company") direct shareholding (the "In-Specie Transfer").
An agreement (the "Agreement") has also been entered into by
Fund I and the Company to, immediately prior to the In-Specie
Transfer, settle Fund I's outstanding loan (the "Fund I Loan")
previously extended to it by OCI and comprising approximately
GBP8.0m of principal and GBP0.1m of interest outstanding, via the
transfer of shares in Time Out (settlement of the Fund I loan
together with the In-Specie Transfer, the "Transaction").
Shares in Time Out have been transferred to OCI, resulting in a
reduction of the Company's look-through ownership in Time Out via
its interest in Fund I to zero, and an increase in its direct
equity ownership in Time Out from 19.97 per cent. to 38.06 per
cent, representing a total of 5.8 per cent. of OCI's net asset
value as at 30 September 2023. As a result of the Transaction, the
beneficial ownership of the members of the established Oakley
concert party (including OCI) in Time Out has reduced from 45.3 per
cent. to 41.9 per cent.
The Transaction constitutes a related party transaction in
accordance with the Company's related party policy. Pursuant to
that policy, the Board of OCI has obtained a fairness opinion from
Liberum Capital Limited, prior to entering into the Agreement.
Time Out's prospects remain attractive, with management recently
commenting that " we have increased confidence in future growth and
further traction as we continue to deliver against our ambitious
plans, with Q1 FY24 performance in line with management
expectations."
- 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
(1) 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, Oakley Capital Origin
Fund and Oakley Capital Origin Fund II 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. .
(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) 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.
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
MSCFFFLIFSLTFIV
(END) Dow Jones Newswires
December 29, 2023 02:00 ET (07:00 GMT)
Grafico Azioni Oakley Capital Investments (AQSE:OCI.GB)
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Da Nov 2024 a Dic 2024
Grafico Azioni Oakley Capital Investments (AQSE:OCI.GB)
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