Trading Update

RNS Number : 1995G

Oakley Capital Investments Limited

04 August 2016

 

4 August 2016

Oakley Capital Investments Limited ("OCL" or the "Company")

Trading Update for the 6 months ended 30 June 2016

·      NAV (unaudited) expected to be in the range £2.12 - £2.15 per share, an increase of at least 6% on the year end

Oakley Capital Investments Limited (AIM: OCL, "the Company"), the AIM-listed company established to provide investors with access to the investment strategy being pursued by Oakley Capital Private Equity L.P. ("Fund I") and its successor fund, Oakley Capital Private Equity II ("Fund II") (together the "Funds"), today announces a trading update for the 6 months ended 30 June 2016.

The Company, through its investment in Fund I, has an indirect interest in each of Fund I's portfolio companies representing 65.5% of Fund I's total commitments; and through its investment in Fund II, an indirect interest in each of Fund II's portfolio companies representing 38.1% of Fund II's total commitments.

The Company's net asset value will be in the range £2.12 - £2.15 per share representing an uplift of 12 - 15p per share versus the NAV of £2.00 per share as at 31 December 2015.

Of the uplift in NAV per share, approximately 13p is attributable to the significant weakening of Sterling between 31 December 2015 and 30 June 2016.  The underlying performance of the portfolio in the Funds has been good, contributing to an uplift of up to 9p per share. There has been a fall in NAV per share of 7p due to the post-IPO share price of Time Out on 30 June 2016.

The Company's net asset value comprises cash, the investments in the Funds, short-term bridging finance for the Funds and loans provided to a number of the portfolio companies.  The Company records its balance sheet in Sterling.  The Funds in which the Company invests are denominated in Euros.

Peter Dubens, Managing Partner, Oakley Capital Limited, said today:

"I am extremely pleased with the underlying performance of the Funds which has been good in uncertain market conditions.  A key achievement of the period was the IPO of Time Out Group plc in which the Company has a significant direct and indirect stake.  That asset now benefits from a strong balance sheet and our continued interest in that business is consistent with our view of its long term prospects.

The last few weeks have witnessed high volatility in the Sterling exchange rates against the US Dollar and Euro, which has had a highly beneficial impact on our NAV in the first half."

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For further information please contact:
FTI Consulting LLP	[phone]
Edward Bridges / Stephanie Ellis
Liberum Capital Limited (Nominated Adviser & Broker)	[phone]
Steven Tredget / Tom Fyson

About Oakley Capital Investments Limited ("the Company")

Oakley Capital Investments Limited is a Bermudan based company listed on AIM. The Company seeks to provide investors with long term capital appreciation through its investment in Oakley Capital Private Equity L.P., Oakley Capital Private Equity II and, over time, through co-investment opportunities. As previously announced, the Company has also made a commitment of €250m to the successor fund, Oakley Capital Private Equity III.

About Oakley Capital Private Equity L.P. ("Fund I") and Oakley Capital Private Equity II ("Fund II")

Oakley Capital Private Equity L.P. and its successor fund, Oakley Capital Private Equity II, are both unlisted mid-market private equity funds with the aim of providing investors with significant long term capital appreciation. The investment strategy of both funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement. Both funds seek to invest in companies with scale in their industry subsectors, thereby creating a sustainable earnings stream which should command a premium on exit.

 

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