REG - Oakley Capital Inv. - Trading Update for the 3 months ended 31 March 24

Oakley Capital InvestmentsAnnouncement

24/04/2024 07:00

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RNS Number : 7715L  Oakley Capital Investments Limited  24 April 2024

24 April 2024

 

Oakley Capital Investments Limited

 

Trading update for the three months ended 31 March 2024

 

Oakley Capital Investments Limited(1) ("OCI" or the "Company") today announces
its quarterly trading update for the three months ended 31 March 2024. OCI is
a listed investment company providing consistent, long-term returns in excess
of the FTSE All-Share Index by investing in funds managed by Oakley Capital(2)
("Oakley").

 

The Oakley Funds(3) invest primarily in unquoted, profitable, pan-European
businesses with recurring revenues, and across four focus sectors. Oakley's
origination capabilities with proven value creation drivers help management
teams accelerate growth and produce consistently superior returns for
investors.

 

Robust portfolio performance and significant investment opportunities

 

Highlights for the three months ended 31 March 2024

 

·      Net Asset Value ("NAV") per share of 693 pence and NAV of £1,222
million

·      Total NAV per share return of 1.6% since 31 December 2023 (+11
pence)

·      £27 million of new investments

·      Cash and undrawn credit facilities of £349 million

·      Outstanding commitments of £977 million

 

NAV growth

 

The Company's unaudited NAV, based on a revaluation of all portfolio companies
as at 31 March 2024, was £1,222 million, which represents a NAV per share of
693 pence. The total NAV per share return was 1.6% (+11 pence) since 31
December 2023, and 4.4% (+29 pence) since 31 March 2023. The main drivers of
the Q1 total NAV return include 23 pence of valuation gains in the underlying
portfolio companies offset by 6 pence of foreign exchange losses.

 

Portfolio company performance

 

The underlying businesses in the portfolio continue to perform well in an
uncertain macroeconomic environment, benefitting from robust demand for their
products and services as well as from value creation strategies. Oakley
continues to help the portfolio companies acquire new businesses, expand into
new markets, shift their models to recurring or subscription revenues, as well
as leverage AI opportunities. Valuation gains, driven almost entirely by
EBITDA growth, were split across Oakley's four core sectors: Technology,
Consumer, Education and Business Services.

 

Transactions

An attractive backdrop for new investments led to OCI making look-through
investments in the period of £27 million which was attributable to Alerce,
new investments by Touring Capital and PROfounders, as well as bolt-on deals
for Liberty Dental Group and Affinitas. OCI made additional look-through
investments post-period end of c.£95 million, largely attributable to two new
deals announced during the period including Steer Automotive Group, the UK's
leading B2B automotive services platform, and Horizons Optical, a provider of
healthcare software used to make premium spectacle lenses. There were no
divestments during the period.

Cash & commitments

OCI had cash of £249 million and £100 million of undrawn credit facilities
as at 31 March 2024. Total outstanding commitments to existing Oakley Funds
were £977 million at the period end. This will be deployed into new
investments over the next five years. The Board closely monitors anticipated
fund drawdowns and projected liquidity and will continue its long-term
commitment to share buybacks when appropriate.

OCI's latest quarterly factsheet can be accessed here
(https://www.oakleycapitalinvestments.com/investor-centre/factsheets-and-publications/)
.

- 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.

 

(2) 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.

 

(3)The Oakley Funds

Oakley Capital Private Equity L.P. and its successor 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.

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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