Trading Update for the Six Months Ended 30 June 21

RNS Number : 6711G

Oakley Capital Investments Limited

28 July 2021

 

28 July 2021

Oakley Capital Investments Limited

Trading Update for the Six Months ended 30 June 2021

 Portfolio strength drives 11% NAV uplift

Oakley Capital Investments Limited¹ ("OCI" or the "Company"),  a listed investment company providing investors access to the Oakley Funds², today announces a trading update for the six months ended 30 June 2021.

Highlights for the period

●	Net Asset Value ("NAV") per share of 445 pence
●	Total NAV return per share of 11% since 31 December 2020
●	The Company invested 95 million and its share of proceeds was 51 million
●	Cash of £172 million a t 30 June 2021
●	Outstanding Oakley Fund commitments of £438 million

NAV growth

The Company's unaudited NAV at 30 June 2021 was £804 million, which represents a NAV per share of 445 pence, based on portfolio company valuations at the half-year. The total NAV per share return including dividends is 11% (+45 pence) since 31 December 2020 and 26% (+94 pence) since 30 June 2020.

Portfolio company performance

During the period, the Oakley Funds sustained their pattern of solid performance and EBITDA growth. While the impact of the COVID pandemic continues, the portfolio has continued to benefit from an investment focus on technology-enabled businesses. Of the current portfolio, 14 companies accounting for 52% of NAV* grew their revenues at or above expectations in the period. Four companies accounting for 14% of NAV* have seen a modest COVID impact on financial performance. Meanwhile, three companies accounting for 29% of NAV* continue to be significantly impacted by ongoing, Europe-wide COVID-related restrictions.

*  Percentages shown are  OCI's look-through exposure to the portfolio companies via the Funds and direct investments.

Proceeds

The Company's share of proceeds from divestments, refinancings and repayment of loans amounted to £51 million, consisting of the refinancing of IU Group, the repayment of the Daisy loan and the exit of Fund II's stake in the Digital Wholesale Solutions division of portfolio company Daisy Group.

Investments

In the trading period, the Investment Adviser ³ continued to originate proprietary opportunities for the Oakley Funds within its focus sectors, namely Technology, Consumer and Education. During the period, OCI made a total look-through investment of £95 million which, aside from some minor follow-on investments, was attributable to the acquisition of four new platform investments: idealista (Fund IV), Dexters (Fund IV), ICP Education (Fund IV) and ECOMMERCE ONE (Origin Fund).

Cash & commitments

●	Balance sheet - O CI has no leverage and had cash on the balance sheet of £172 million at 30 June 2021, comprising 21% of NAV
●	Recent commitments - OCI's total commitment to the Oakley Capital Origin Fund, which closed in January 2021, was €129 (£111) million
●	Total outstanding commitments - outstanding Oakley Fund commitments are £438 million

Post-balance sheet events

●	Exit and follow-on investment - Fund III sold its stake in ACE Education ("ACE") to Groupe Amaury with its share of proceeds being £16 million. As part of the transaction, the Origin Fund invested in ACE alongside Groupe Amaury. OCI's indirect contribution via the Origin Fund was £10 million

The Company expects to report its unaudited interim results for 2021 on Thursday 9 September 2021.

A live presentation of the trading update, delivered by Oakley Capital Partner Steven Tredget, will be broadcast online on Thursday 29 July 2021 at 12:00pm BST.

The interactive event will be available free via the Investor Meet Company platform. Register to join the event at:   https://www.investormeetcompany.com/oakley-capital-investments-limited/register-investor

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For further information please contact:

Oakley Capital Limited

[phone]

Steven Tredget, Investor Relations

Greenbrook Communications Limited

[phone]

Alex Jones / Michael Russell

Liberum Capital Limited (Financial Adviser & Broker)

[phone]

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 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 Funds².

An introduction to OCI video is available at https://oakleycapitalinvestments.com/videos/

² 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 and Oakley Capital Origin Fund are unlisted lower-mid to 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.

³ 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.

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.

 

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