REG - Oakley Capital Inv. - Trading update for the 3 months ended 30 Sep 2024

Oakley Capital InvestmentsAnnouncement

23/10/2024 07:00

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RNS Number : 1974J  Oakley Capital Investments Limited  23 October 2024

23 October 2024

 

Oakley Capital Investments Limited

 

Trading update for the three months ended 30 September 2024

 

Oakley Capital Investments Limited(1) ("OCI" or the "Company") today announces
its quarterly trading update for the three months ended 30 September 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 core sectors: Technology,
Education, Consumer and Business Services. Oakley's origination capabilities
and proven value creation drivers help founders and management teams
accelerate growth and produce consistently superior returns for investors.

 

 

Robust portfolio performance offset by currency headwinds

 

Highlights for the three months ended 30 September 2024

 

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

 ·      Total NAV return per share of -2% (-15 pence), or unchanged
 excluding the impact of foreign exchange

 ·      £28 million of new investments

 ·      Cash and undrawn debt facilities of £165 million

 ·      Credit facility increased by £50 million post period-end

 ·      Outstanding commitments of £777 million

NAV change

 

The Company's unaudited NAV, based on a revaluation of all portfolio companies
as at 30 September 2024, was £1,222 million, which represents a NAV per share
of 693 pence. The total NAV per share return was a 2% (15 pence) decrease
since 30 June 2024, entirely driven by foreign exchange and an increase of 3%
(19 pence) since 30 September 2023, or 7% before the impact of foreign
exchange.

 

Portfolio company performance

 

The underlying businesses in the portfolio continue to perform in a low
growth, uncertain macro environment: their disruptive business models enable
them to take market share across the economic cycle, supported by Oakley's
active management and engagement. Oakley continues to support the portfolio
companies in accelerating growth and creating value through M&A,
increasing the quality of revenues, and the application of AI tools to boost
productivity.

 

Transactions

During the period, OCI made look-through investments totalling £28 million,
continuing a period of significant activity. This was attributable to new
investments in German broadband open access platform vitroconnect, new
investments by Touring Capital and PROfounders, as well as bolt-on deals for
Steer Automotive Group.

Post-period end, Oakley announced its investment in Assured Data Protection, a
Managed Services Provider focused on Backup, Disaster Recovery and Cyber
Resiliency as a Service. The investment is expected to complete before the end
of the year and OCI's look through investment is anticipated to be c.£26
million.

During the period, Oakley announced the sale of Ocean Technology Group, which
is expected to complete in Q4. Oakley also completed the refinancing of
Schülerhilfe post period-end. OCI's look-through share of proceeds from these
two transactions, as well as from the sale of Oakley's stake in idealista,
which was announced in June, is expected to total c.£135 million.

Post period-end, Oakley also announced the strategic merger of WindStar with
Merz Lifecare, part of the Merz Group, a leading, privately-owned healthcare
business in Germany.

Cash & commitments

OCI had cash of £108 million and £57 million of undrawn credit facilities as
at 30 September 2024. Post-period end, OCI agreed a £50 million increase in
its revolving credit facility to £225 million. Total outstanding Oakley Fund
commitments at the period end were £777 million. 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 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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