Oakley Share Discussion Threads

[skyship] 17/12/2014 13:38

Bearing in mind the incestuous relationships between Fund 1 LP & Fund 11 LP, this was a totally meaningless RNS. OCL should make it abundantly clear what the net effect is for OCL shareholders...not issue incomprehensible statements that raise more questions than they answer.

On balance I suspect this is good news; but impossible to quantify!

[jaws6] 17/12/2014 11:14

can not see holders list on there web. will try later to read again.
Thanks CWA1

[cwa1] 17/12/2014 10:46

Sounds Ok at first glance:-

Oakley Capital Investments Limited

Disposal of intergenia Holding GmbH generates 2.5x money multiple and 36% IRR for Oakley Funds

Oakley Capital Investments Limited (AIM:OCL, OCIL, the "Company"), the AIM company established to provide investors with access to the investment strategy being pursued by Oakley Capital Private Equity L.P. ("Fund I") and its successor fund, Oakley Capital Private Equity II ("Fund II", together the "Funds"), announces Fund II and its co-owner Bellaxa AG's agreement to dispose of intergenia Holding GmbH and its subsidiaries ("intergenia") to HEG Co. GmbH ("Host Europe"), for an enterprise value of EUR210 million. The consideration will be satisfied in cash.

The transaction is expected to generate a 2.5x gross money multiple for the Funds, with an IRR of 36%. Fund II's indirect share of the proceeds of the disposal will be distributed by the intermediate holding structure to Fund II and subsequently to its limited partners, including OCIL. OCIL will receive EUR21 million, which will be applied in pursuance of the Company's investment policy.

intergenia is headquartered in Cologne and is a leading supplier of Internet hosting solutions (in particular of managed and dedicated server hosting). intergenia provides a wide range of shared, dedicated and fully-managed solutions (also in the form of cloud hosting) through its brands PlusServer, serverloft, Server4You and Unmetered.com. In addition, intergenia operates Datadock, Europe's greenest data centre. The company also runs WorldHostingDays, the largest series of hosting trade shows worldwide. intergenia generated earnings before interest, tax depreciation and amortisation ("EBITDA") of EUR13.8 million in the financial year ending 31 December 2013. intergenia's current run-rate EBITDA is above EUR20 million following recent acquisitions.

This disposal follows Fund I's agreed divestment of its 13.6% stake in Daisy Group plc ("Daisy") for a gross consideration of GBP67 million following Daisy's acquisition by a consortium consisting of Matthew Riley (Daisy CEO), Toscafund Asset Management LLP and Penta Capital LLP.

Fund I is now fully invested and following the Daisy disposal will have generated a gross money multiple of 2.2x and an IRR of 38% on a realised and unrealised basis since its inception in 2007, and will have returned 115% of its drawn commitments to Investors.

Completion of the intergenia transaction is conditional on approval from the German and Austrian merger control authorities.

Peter Dubens, Director, commented:

"intergenia has successfully executed its buy and build strategy during 2014 under the excellent management of its founders, further strengthening its business as one of Germany's strongest suppliers of Internet hosting solutions. The complementary combination of intergenia and Host Europe Group will create one of the most successful and comprehensive hosting businesses in Europe and will create a strong platform for continued organic growth. On completion this will be the first disposal for Fund II and represents a good return for investors over a short period of time. This transaction is a great example of Oakley's expertise in the TMT sector and its ability to identify and back top performing entrepreneurs to rapidly grow their companies."

[bamboo2] 18/11/2014 22:30

hi mad, I posted info about the woodford/dubens relationship here from about post 40 onwards, as the story developed in the media. Not much original research from me, but an interesting timeline never the less. My interest is as a former pipex shareholder.

Some wonderful posts from you on the sha thread. Thanks.

[eeza] 18/11/2014 20:13

Try this link for Daisy RNS'

[dudishes] 18/11/2014 19:55

Daisy on the way. Profit for OCL.

Cannot check Daisy RNS's (prior to early Oct - in dispute with ADVFN about this service, for which I pay)!

mad foetus:-

Woodford, thought I saw a reference to one of his funds directly connected to Daisy, maybe sold recently, transferred to OCL along with his services.

I like the term "Unknown Fund", AGMs are held in Bermuda, I've attended one, expect to attend another 2015.

I was originally invested with Daisy, took 100% prof and moved to OCL (the main mover), another 100%.

Recently rebought at 161. Check previous posts as to thoughts by both others and I.

It remains interesting, but watch your back!

cheers

[mad foetus] 17/11/2014 13:48

I'm looking at this one closely and in doing so found out that Woodford actually moved to OCL to launch his new fund:



Apologies if already posted!

[skyship] 14/11/2014 14:30

Hmm - 150p bid - that's good to see - hope it holds to the close...

[eeza] 14/11/2014 13:27

Hello, suddenly sparked into life.

[dudishes] 05/11/2014 16:02

G'day Skyship. Your synopsis very reasonable. Precisely why I reinvested Sept.

cheers

[skyship] 05/11/2014 13:07

Posted my reasons for buying in here over on the PE thread today - P.No.444:

[skyship] 04/11/2014 14:43

speedsgh - yes, found that at about the time you posted! What he didn't mention in that Tip Update is that Neil Woodford now has 19.2m shares (15.5%) in his new Woodford Fund (0.92%) - bought at c 156.5p avge.

[speedsgh] 04/11/2014 14:19

SKYSHIP - re your post #70 on 3 Nov...

"Also I see Simon Thompson hasn't given a TIP Update on OCL recently. Perhaps now may be the time considering the news on the DAY sale."

ST updated on OCL on 21/10, the day after the recommended cash offer was announced.



"...with the 14-day relative strength indicator on the floor, they are now more oversold than at any time since the summer of 2012. Interestingly, that price point marked a major turning point on the charts. On a bid-offer spread of 148p to 151p, I rate Oakley shares a medium-term buy and have a revised target price of 180p."

[skyship] 03/11/2014 18:09

RAM - One can but dream re a tender. We'll see what we'll see - but certainly they don't need an additional £67m for that Fund. E50m was the commitment last month - that's just £39m - and reducing fast as the Euro is headed much, much lower...!

RE BCAP - so sad to see Jon Moulton seriously exposed. Stats speak for themselves; and he has certainly been sorely undone by poor investment selection. The discount sounds attractive - but not one I will go for - at least not yet!

Another Tender soon for MTH perhaps. You were certainly right on that one. I topped up recently - more than replacing stock sold in the last Tender.

[rambutan2] 03/11/2014 16:50

jaws6,
It was only Aug 2013 when BC12 raised a further £250m at 105p. Much of that cash is still unused. But the shareprice is now in the mid 80p s. Just goes to show...

[jaws6] 03/11/2014 15:28

rambutan
Do know about BCAP but not BC 12, will try to get notes on them.
Thanks for info.

[rambutan2] 03/11/2014 15:15

I would be v surprised to see any tender. The money will be used to cover commits to the latest underlying fund. imho

Have either of you two taken a look at BCAP? It has got an end date of 2018-19. It has few investments, 4 or 5, and one of them is nearly half of nav. No new investments allowed. It has disappointed and very much fallen out of favour over the last 12mths. It's on approx 25% discount to what I suspect is a pretty conservative valuation. And the nav includes little cash. With so few investments it is a high risk play, but with plenty of room also for chunky write ups. The management led by John Moulton has plenty of skin in the game and will be keen not to fail. Rather like OCL, it is not a shareholder friendly fund and info is in short supply.

To avoid confusion. BCAP has a sister fund, BC12, which is also on a good discount, especially as approx 40% of nav is cash still to be invested. However, it's a different sort of play, with its life not ending until 2022/3.

Any views welcome.

[jaws6] 03/11/2014 13:57

it all depend on DAY money coming in.
170 p will be nice again in Dec.

[skyship] 03/11/2014 13:36

Decided to join you here - just a 4% allocation at the moment.

Have they said anything about returning capital to shareholders at some stage?

The DAY sale releases cash of £67m, sufficient to fund a 1:4 tender offer at 200p, a slight discount to the likely amended NAV of c205p.

That would be a very good result for shareholders...

Also I see Simon Thompson hasn't given a TIP Update on OCL recently. Perhaps now may be the time considering the news on the DAY sale.

[jaws6] 21/10/2014 14:42

cwa1
we have to wait bit more till woodford start buying more for push up

[cwa1] 21/10/2014 12:38

Morning All

Just had a small punt here(NAV/Daisy bid/Etc. reasoning). Paid 148.5 as are several others in the market, so it appears there's plenty of stock to be had being able to get so far inside the spread.

Good luck to all holders

[jaws6] 17/10/2014 10:04

DAY bid news good for OCL at last .Hold 13 % in DAY

edit-

[dudishes] 01/10/2014 17:51

G'day, 3 months down the line and money moving in, so followed my instincts, smaller block bought @ 161.

Notice Daisy t/o extension.

The Italian Job, could be a good move. Management changes afoot?

May make next year's AGM (if in Bermuda). Visit planned.

Purely a gamble on my part (as usual), so no advice intended!

PS: News from press would be appreciated as I buy Connexion only.

cheers

[jlo10] 03/9/2014 19:56

That 4,425,950 was bought by clients of Woodford Investment Management LLP who are now over 15%
And there were two other big buys that day

[jlo10] 02/9/2014 22:00

If Daisy does get taken over then the NAV reduction disappears - if...
Sept 10th decision