24 July 2019
Oakley Capital Investments Limited
Trading update for the six months ended 30 June 2019
Strong performance across portfolio and deal activity driving returns
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 six months ended 30 June 2019.
Six-month total NAV return of at least 13%
The Company's net asset value is estimated to be in the range of £644 million - £651 million, which represents a NAV per share of 315 pence - 318 pence. This is a total NAV return of at least 13% (36.3 pence) since 31 December 2018 and at least 23% (60.5 pence) since 30 June 2018, including a final dividend of 2.25 pence paid in April 2019. Total shareholder return in the six-month period to 30 June 2019 was 33%.
Strong portfolio company performance
There have been positive revaluations across the Oakley Funds, driven by continued strong performances from the portfolio companies. Two notable contributors to NAV growth were Inspired, due to the partial sell down in May, at an 81% premium to the book value as at 31 December 2018, and Time Out, due to a share price increase of 60% over the period.
£57 million of proceeds
The Company's share of proceeds from the Oakley Capital Fund II partial sell down of Inspired was £30 million. During the period, OCI also benefitted from the refinancings of Career Partner Group and WebPros, which together returned £27 million to OCI.
£53 million of signed investments
Oakley Capital continues to source unique investment opportunities, benefitting from a wide network of proven business founders and an experienced investment team. In the six months to 30 June 2019, three new investments have been signed, in which OCI will invest £53 million via the Oakley Funds. Two of these deals, Ekon and Seagull & Videotel, have completed, accounting for £18 million and £20 million of OCI investment respectively. The third acquisition, Rastreator & Acierto, is expected to complete after the period end and will require an estimated investment of up to £15 million from OCI.
The Company expects to report its interim results on Wednesday 11 September 2019.
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For further information please contact:
Oakley Capital Investments Limited
+44 20 7766 6900
Steven Tredget, Investor Relations
Greenbrook Communications Ltd
+44 20 7952 2000
Alex Jones / Matthew Goodman / Gina Bell
Liberum Capital Limited (Nominated 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
1About Oakley Capital Investments ("OCI")
OCI is a listed investment vehicle, which provides access to the Oakley funds. It is a liquid vehicle that aims to provide capital growth and dividends to investors. OCI's ordinary shares ("Ordinary Shares") are currently traded on AIM. It is anticipated that the Ordinary Shares will be admitted to the Specialist Fund Segment of the London Stock Exchange's ("LSE") Main Market and simultaneously cease trading on AIM at 8 a.m. on or around 23 August 2019.
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.
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, Oakley relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal-generating entrepreneur network.
