Trading Update

RNS Number : 5318V

Oakley Capital Investments Limited

15 January 2013

 



15 January 2013

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

Trading Update for the 12 months ended 31 December 2012

o  NAV (unaudited) expected to be in the range of £1.78 - £1.80, representing an increase of at least 4% from the prior year (31 December 2011: £1.71)

o  Conditional sale of Emesa for an enterprise value of €95 million

Oakley Capital Investments Limited (AIM: OCL), the AIM-listed company established to provide investors with access to the investment strategy being pursued by Oakley Capital Private Equity L.P. (the "Limited Partnership"), today announces a trading update for the 12 months ended 31 December 2012.

The Company, through its investment in the Limited Partnership, has an indirect interest in each of the Limited Partnership's portfolio companies representing 65% of the Limited Partnership's total commitments.

The Limited Partnership's portfolio of investments comprises eight businesses; Daisy Group plc; Verivox Holdings Limited; Time Out Group (Time Out Limited and Time Out America LLC); Emesa B.V. ("Emesa"); intergenia Holding GmbH; Broadstone Pensions and Investments Limited; Headland Media Limited; and Monument Securities Limited.  Oakley Capital Limited, OCIL's investment adviser, estimates that the Company's net asset value per share, which is subject to the completion of the 31 December 2012 audit of both the Limited Partnership and the Company, will be in the range of £1.78 to £1.80 (31 December 2011: £1.71).  The OCIL net asset value is made up of cash, the investment in the Limited Partnership, short-term bridging finance for the Limited Partnership and loans provided to a number of the portfolio companies.

On 24 December 2012, the Company announced the conditional disposal by the Limited Partnership of Emesa, a leading online consumer auction platform in the European leisure industry, to Dasym Emesa Holdings B.V., a fund managed by Cyrte Investments B.V., for an enterprise value of €95 million. Completion of the transaction is conditional on Dutch Competition Authority approval and employee consultation procedures being satisfied. The uplift in the Company's net asset value as a result of the anticipated disposal has contributed approximately 6p to the Company's net asset value per share increase in the year.

Peter Dubens, Director, commented:

"2012 has been a year of sound progress for the Limited Partnership. Its portfolio companies continued to perform well with strong trading results overall, despite challenging market conditions.

The realisation of Emesa will be the second disposal for the Fund and once again achieves an attractive return for the Company."

For further information please contact:

Oakley Capital Investments Limited

[phone]

Peter Dubens

FTI Consulting

[phone]

Edward Bridges / Marc Cohen

Liberum Capital Limited (Nominated Adviser & Broker)

[phone]

Steve Pearce / Tom Fyson

About Oakley Capital Investments Limited ("OCIL")

Oakley Capital Investments Limited is a Bermudan based company listed on AIM. OCIL seeks to

provide investors with long term capital appreciation through its investment in Oakley Capital Private Equity L.P. and, over time, through co-investment opportunities.

About Oakley Capital Private Equity L.P. (the "Fund")

Oakley Capital Private Equity L.P. is an unlisted UK and European mid-market private equity fund with the aim of providing investors with significant long term capital appreciation. The Fund's investment strategy is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement. The Fund seeks 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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