REG - Oakley Capital Inv. - Trading Update for the 6 Months ended 30 June 2025

Oakley Capital InvestmentsAnnouncement

Wed 07:02

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RNS Number : 0831T  Oakley Capital Investments Limited  30 July 2025

30 July 2025

Oakley Capital Investments Limited

Trading update for the six months ended 30 June 2025

Oakley Capital Investments Limited(1) ("OCI" or the "Company") today announces
its half year trading update for the six months ended 30 June 2025. 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 core sectors. Oakley's
origination capabilities and proven value creation drivers help founders and
management teams accelerate growth and produce consistently superior returns
for investors.

Exit and earnings growth drive NAV return

Highlights for the six months ended 30 June 2025

 ●    Net Asset Value ("NAV") per share of 742 pence and NAV of £1,275 million
 ●    Total NAV return per share of 7% (+49 pence)
 ●    Total shareholder return of 2.7%
 ●    Investments of £54 million
 ●    Proceeds of £6 million
 ●    Share buybacks of c.£21.4 million completed out of an announced £50 million
      2025 programme
 ●    Cash and undrawn credit facilities of £257 million

 

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies
as at 30 June 2025, was £1,275 million, which equates to a NAV per share of
742 pence. The total NAV return per share, including dividends, was 7% (+49
pence) since 31 December 2024, or 6% (+40 pence) excluding the impact of
foreign exchange. Included within the NAV per share growth is 6 pence
delivered by the ongoing share buyback programme.

Portfolio company performance

The largest contributor to NAV growth during the period was Oakley's agreed
exit from legaltech platform vLex, in a transaction that values the business
at $1 billion and at a significant uplift to vLex's carrying value as at 31
March 2025. In a period marked by continued, muted M&A for the wider
private equity industry, the sale of vLex demonstrates the quality and demand
for Oakley's portfolio companies. After vLex, the biggest contributors to NAV
growth were Bright Stars, TechInsights, Phenna Group and North Sails,
demonstrating strong performance across all sectors. The increase in value for
these portfolio companies was largely driven by EBITDA growth. The growth in
NAV was offset by the decline in Time Out's public share price.

Transactions

During the period, Oakley continued to source attractive investment
opportunities, laying the foundations for future NAV growth. OCI made
look-through investments totalling £54 million, primarily comprising
Infravadis, a German underground infrastructure specialist; JBMC, a management
consultancy business focused on Italian financial services; and UK cyber
services provider Bridewell, which is combining with existing portfolio
company I-TRACING. During the period, OCI also announced an investment in G3,
a global strategic advisory company, which is expected to complete in H2 2025.

OCI's look-through share of proceeds during the period were £6 million which
related to a refinancing of Dexters. Oakley's sale of vLex was announced
during the period and is expected to complete in H2 2025. OCI's look-through
share of proceeds from this transaction is anticipated to be c.£30 million.

Capital Allocation

In March of this year, OCI made a total commitment of €500 million to Oakley
Capital Fund VI, taking the total outstanding commitments to the Oakley Funds
to £1,070 million as at 30 June 2025, of which c.£300 million is not
expected to be drawn. This is expected to be deployed into new investments
over the next five years, with the first significant capital drawdown for Fund
VI not anticipated to take place until late 2026.

OCI refinanced its credit arrangements in April, replacing the existing
facility with a new five-year facility totalling £325 million, increasing the
total size by £100 million. OCI's total liquidity as at 30 June 2025 was
£257 million, comprising £108 million of cash and £149 million in undrawn
credit facilities.

During the period, the Board cancelled any future OCI dividends and launched
an annual share buyback programme, initially of a minimum of £20 million. The
2025 buyback programme was subsequently increased to £50 million, reflecting
the assessment of current liquidity and the improved prospects for proceeds.
Since the start of the year OCI has acquired and cancelled c.4.5 million
shares for an aggregate c.£21.4 million as at 30 June 2025.

Main Market Listing

The Board previously announced a process to transfer OCI's listing to the Main
Market of the London Stock Exchange, in order to enhance its marketability,
increase investors' access to its shares and continue to deliver strong
shareholder returns. OCI is pleased to announce that this has now been
approved, and the Company's ordinary shares are expected to unconditionally
trade on the London Stock Exchange's ("LSE") main market for listed securities
as an Official List company with effect from 8:00 am on 1 August. Please see
OCI's separate New Listing Category RNS here
(https://www.oakleycapitalinvestments.com/investor-centre/regulatory-news/) .

The Company expects to report its unaudited interim results for the six months
to 30 June 2025 on 11 September 2025.

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

+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 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

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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