Trading update for the year ended 31 December 2018

RNS Number : 6024O

Oakley Capital Investments Limited

31 January 2019

 

31 January 2019

Oakley Capital Investments Limited

Trading update for the year ended 31 December 2018

Oakley Capital Investments Limited¹ (AIM: OCI, the "Company"), which provides its shareholders with access to a portfolio of high quality companies through its investments in the Oakley Funds², today announces a trading update for the year ended 31 December 2018.

NAV total return over 15%

The Company's net asset value is estimated to be in the range of £569 million - £575 million, which represents a NAV per share of 278 pence - 281 pence. This is a NAV total return of at least 15.3% since 31 December 2017 (245 pence) and 8.2% since 30 June 2018 (259 pence), including an interim dividend of 2.25 pence paid on 25 October 2018. The Company intends to declare a final dividend, payable in April.

Strong portfolio company performance

There have been continued positive revaluations in the underlying portfolio across Oakley's three core sectors: consumer, TMT and education. Uplifts have been driven by strong performance from portfolio companies with average EBITDA growth in excess of 30%.

Realisations at a 36% premium to book value

During the period OCI has benefitted from the realisations of Parship Elite, Verivox, Facile and Damovo, which generated a combined gross money multiple of 4.0x and returned £114.8 million to OCI. The realisations were at a combined 36% premium to the OCI 2017 year-end look through value and increased the Company's NAV per share by 14 pence.

£110m invested

In the year to 31 December 2018, OCI invested £110 million via the Oakley Funds and equity co-investments, primarily relating to the acquisitions of Career Partner Group and Facile and the purchase of c-Panel by WebPros.

New fund commitment

OCI announced its commitment of €400 million to Oakley Capital Fund IV, the successor to Oakley Capital Fund III, which is currently c.70% invested.

The Company expects to report its annual results for 2018 on Thursday 14 March 2019.

For further information please contact:

Oakley Capital Investments Limited

[phone]

Steven Tredget, Investor Relations

Greenbrook Communications Ltd

[phone]

Alex Jones / Matthew Goodman / Gina Bell

Liberum Capital Limited (Nominated Adviser & Broker)

[phone]

Gillian Martin / Owen Matthews

Notes:

This announcement contains inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.

¹About Oakley Capital Investments ("OCI")

OCI is an AIM listed investment vehicle, which provides access to the Oakley funds. It is a liquid vehicle that provides capital growth and dividends to investors.

²The Oakley Funds

Oakley Capital Private Equity L.P. and its successor funds, Oakley Capital Private Equity II, Oakley Capital Private Equity III and Oakley Capital IV are unlisted focused 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.

³The Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability to acquire attractive growth assets at attractive prices. To do this, Oakley relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal-generating entrepreneur network.

 

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