TIDMOCI
RNS Number : 2250B
Oakley Capital Investments Limited
29 January 2020
29 January 2020
Oakley Capital Investments Limited
Trading update for the year ended 31 December 2019
Strong shareholder returns driven by underlying portfolio
company performance and deal activity
Oakley Capital Investments Limited(1) ("OCI" or the "Company"),
which provides its shareholders with access to a portfolio of
high-quality companies through its investments in the Oakley
Funds(2) , today announces a trading update for the year ended 31
December 2019.
Highlights for the year
-- Net Asset Value ("NAV") per share of 345 pence and NAV of GBP686 million
-- Total NAV return of 25%
-- Total shareholder return of 56%
-- OCI invested GBP103 million and received proceeds of GBP78 million
-- Buy-back and cancellation of 6 million shares
Total NAV return of 25%
The Company's unaudited NAV at 31 December 2019 was GBP686
million, with a NAV per share of 345 pence. This represents a total
NAV return of 25% since 31 December 2018 (281 pence) and 9% since
30 June 2019 (318 pence), including dividends.
The Company paid an interim dividend of 2.25 pence on 24 October
2019 and intends to declare a final dividend, payable in April
2020. Total shareholder return during the year was 56%.
Strong portfolio company performance
There have been positive revaluations across the Oakley Funds,
driven by continued strong performance from portfolio companies,
whose average EBITDA growth was 30%.
The largest drivers of NAV growth in the year to December 2019
were:
-- Inspired - a sell down in May 2019 at an 81% premium to book value
-- Time Out - a share price increase of 73%
-- WebPros - a total return of 77% during the year
Foreign exchange movements had a negative impact on NAV per
share of 14 pence.
Continued steady investment pace - GBP103 million invested
Oakley Capital continues to source unique investment
opportunities, benefitting from its wide network of proven business
founders and an experienced investment team.
In the year to 31 December 2019, OCI invested, through its
interest in the Oakley Funds, GBP75 million, primarily relating to
the acquisitions of Ekon, Alessi, Seagull & Videotel, Seven
Miles and Contabo. A direct debt investment of GBP28 million (H2:
GBP9 million) was provided to North Sails in the period to fund
M&A, the relaunch of North Kiteboarding and growth capital for
North Sails Apparel.
Consistent flow of distributions - GBP78 million of proceeds
During the period, the Company's share of portfolio proceeds
from Fund II's partial sell down of Inspired was GBP30 million. OCI
also benefitted from the refinancing of Career Partner Group,
WebPros and AMOS, which together returned a further GBP30 million
to OCI. The repayment of direct debt provided to the Oakley Funds
also returned GBP18 million.
Recent deal activity
-- WebPros - Fund III signed an agreement to sell its stake in
WebPros at 6.7x its original cost. OCI is expected to receive
approximately GBP110 million in proceeds from the sale and will
make a re-investment in WebPros, via Fund IV, of approximately
GBP43 million. This transaction is expected to complete post-period
end.
-- Contabo - Fund IV completed the acquisition of Contabo, one
of the leading cloud infrastructure platforms for developers,
entrepreneurs and SME's. OCI's indirect contribution through its
interest in Fund IV is GBP5 million.
-- Share buy-back - In 2019, OCI completed the buy-back and
cancellation of 6 million shares at an average price of 237
pence.
The Company expects to report its audited annual results for
2019 on Thursday 12 March 2020.
- ends -
For further information please contact:
Oakley Capital
+44 20 7766 6900
Steven Tredget, Investor Relations
Greenbrook Communications Limited
+44 20 7952 2000
Alex Jones / Gina Bell / James Williams
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Gillian Martin / Owen Matthews
Notes:
This announcement contains inside information for the purposes
of the Market Abuse Regulation (EU) No. 596/2014.
LEI Number: 213800KW6MZUK12CQ815
(1) About Oakley Capital Investments Limited ("OCI")
OCI is a Specialist Fund Segment ("SFS") traded investment
vehicle, which provides access to the Oakley Funds(2) . It is a
liquid vehicle that aims to provide capital growth and dividends to
investors.
An introduction to OCI video is available at:
https://oakleycapitalinvestments.com/latest-news/an-introduction-to-oci/
(2) The Oakley Funds
Oakley Capital Private Equity L.P. ("Fund I") and its successor
funds, Oakley Capital Private Equity II ("Fund II"), Oakley Capital
Private Equity III ("Fund III") and Oakley Capital IV ("Fund IV"),
are unlisted mid-market private equity funds with the aim of
providing 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 Investment Adviser
Founded in 2002, Oakley Capital Limited ("Oakley Capital") 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.
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
London Stock Exchange has not examined or approved the contents of
the Prospectus.
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 information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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