REG - Oakley Capital Inv. - North Sails: Conversion of Equity

Oakley Capital InvestmentsAnnouncement

19/12/2024 07:00

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RNS Number : 6442Q  Oakley Capital Investments Limited  19 December 2024

19 December 2024

Oakley Capital Investments Limited

North Sails: conversion of preferred equity into ordinary equity

In response to positive trading momentum and strategic acquisitions
by leading action sports business North Sails, Oakley Capital Investments
Limited(1) ("OCI") announces that the OCI Board has approved the conversion
of $107 million of its preferred equity position in the business
into ordinary equity, allowing OCI to better participate in future
returns. The Board consider the terms of the conversion to be attractive,
with the transaction effective 18 December 2024.

 

Following the conversion, OCI continues to hold $77 million in preferred
equity, which will attract a coupon of 5% from 1 January 2025, and provides a
pathway to liquidity. A warrant over 5% of North Sails' ordinary equity, due
to originally mature on 30 June 2025 if the preference shares remained, has
been prorated down to 2%, reflecting the equity conversion, and will now
mature on 30 June 2026. OCI retains a further $68 million indirect position in
North Sails via its investment in Oakley Capital Fund II.

 

North Sails continues to perform well, supported by healthy order volumes,
strengthening gross margins and significant trading momentum from the
America's Cup. During the year, North Sails completed the strategic
acquisitions of Quantum Sails and Doyle Sails, two world-leading designers and
manufacturers of high-performance sailing products.

 

- ends -

 

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget
 

Greenbrook Communications Limited

+44 20 7952 2000

Rob White / Michael Russell

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

 

Notes:

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 Funds.

A video introduction to OCI is available at
https://oakleycapitalinvestments.com/videos/.
(https://oakleycapitalinvestments.com/videos/) The contents of the OCI website
are not incorporated into, and do not form part of, this announcement.

The Oakley Funds

Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley
Capital IV, Oakley Capital V, Oakley Capital Origin Fund and Oakley Capital
Origin II, are unlisted lower-mid to mid-market private equity funds that aim
to provide 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 Oakley family of funds also includes Oakley PROfounders Fund
III and Oakley Touring Venture Fund, which are venture capital funds focused
on investments in entrepreneur-led, disruptive, technology led companies.

Oakley Capital, 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.

For more information on the Oakley Fund strategies in which OCI invests,
please click here.
(https://www.oakleycapitalinvestments.com/what-we-invest-in/investment-strategies/)

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.

This announcement may include "forward-looking statements". These
forward-looking statements are statements regarding the Company's objectives,
intentions, beliefs or current expectations with respect to, amongst other
things, the Company's financial position, business strategy, results of
operations, liquidity, prospects and growth. Forward-looking statements are
subject to risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future.  Accordingly the
Company's actual future financial results, operational performance and
achievements may differ materially from those expressed in, or implied by, the
statements. Given these uncertainties, prospective investors are cautioned not
to place any undue reliance on such forward-looking statements, which speak
only as at the date of this announcement. The Company expressly disclaims any
obligation or undertaking to update or revise any forward-looking statements
contained herein to reflect actual results or any change in the Company's
expectations with regard to them or any change in events, conditions or
circumstances on which any such statements are based unless required to do so
by the Financial Services and Markets Act 2000, the Listing Rules or
Prospectus Regulation Rules of the Financial Conduct Authority or other
applicable laws, regulations or rules.

 

 

 

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