REG - Oakley Capital Inv. - OCI to participate in Time Out equity placing

Oakley Capital InvestmentsAnnouncement

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RNS Number : 0274M  Oakley Capital Investments Limited  18 December 2025

18 December 2025

Oakley Capital Investments Limited

OCI to participate in Time Out equity placing

Oakley Capital Investments Limited(1) ("OCI") notes Time Out Group plc's
("Time Out") announcement earlier today that it is undertaking an equity
placing of approximately £8 million and a £5 million debt to equity
conversion.

As at 30 September 2025, OCI's investments in Time Out represented c.2% of
NAV, comprising a c.38% direct equity interest in the ordinary shares of Time
Out and c.£8 million of loan notes and accrued interest.

The placing shares in Time Out will be issued at a price of 8 pence per share
which represents a discount of approximately 30.4% to the closing price of
11.5 pence per existing share on 17 December 2025.

Time Out has stated that the proceeds will be utilised to fund near-term
working capital shortages (including one-off restructuring costs), to provide
growth capital for a potential new London market, and to accelerate technology
investments. Time Out's results and placing announcements can be read here.
(https://www.timeout.com/about/investors/regulatory-news)

The Board, as represented solely by the Independent Directors, has agreed a
participation by OCI in the equity placing of up to £3 million (c.0.2% of
OCI's NAV as at 30 September 2025), reflecting OCI's current c.38% equity
interest. OCI is investing in the placing alongside Time Out's other major
institutional shareholders.

The Board has also agreed to extend the maturity of OCI's c.£8 million loan
to Time Out by 12 months to June 2027. The extension package includes an
uplift in the margin on OCI's loan note interest rate from 8% to 12% above
SONIA effective from 17 December 2025. Oakley Capital Limited, OCI's
Investment Adviser, will convert its recent £5 million loan to Time Out into
equity at the placing price.

The Board remains committed to the value maximisation and realisation of OCI's
Direct Investments including Time Out. The Board believes that participating
in the placing and extending the terms of its loan is consistent with this
goal, and will help preserve value while facilitating realisation of this
asset at the appropriate time.

- ends -

 

For further information please contact:

 

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

 

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell / Theo Bryan

 

Deutsche Numis (Financial Adviser & Broker)

+44 20 7547 0569/0541

Nathan Brown / Matt Goss

 

(1) About Oakley Capital Investments Limited ("OCI")

OCI is a closed-ended investment fund trading on the main market of the London
Stock Exchange as an Official List Company. OCI 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.

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.

The Oakley Funds

Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley
Capital IV, Oakley Capital V, Oakley Capital VI, Oakley Capital Origin 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.

Important information

Oakley Capital Investments has now been admitted to the Official List of the
Financial Conduct Authority. Therefore, the Company is now required to satisfy
the eligibility criteria for admission to listing on the Official List is
required to comply with the Financial Conduct Authority's Listing Rules,
including in relation to transactions with related parties, financial
reporting, contents of shareholder circulars and other continuing obligations.

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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