Oakley Share Discussion Threads

[its the oxman] 04/4/2016 16:20

Any clue as to why this is so weak c.135p

[skyship] 11/9/2015 07:09

INTERIMS - FINANCIAL HIGHLIGHTS:

-- Net asset value of GBP1.82 per share at 30 June 2015, down from GBP2.01 per share as at 31 December 2014, and GBP1.91 last year. This is a consequence of:

o The dilutive impact of the placing of 78.8 million shares raising gross proceeds of GBP130 million (dilutive impact of 15p per share as at 31 December 2014 and 11p per share as at 30 June 2014)

o A continued weakening of the Euro against Sterling over the periods (impact of 5p per share as at 31 December 2014 and as at 30 June 2014)

-- Net asset value before the dilutive impact of the placing and foreign exchange movements amounted to GBP2.05 per share as at 30 June 2015, up from GBP2.01 at 31 December 2014 and GBP1.91 last year.

ETCETCETC...

[skyship] 26/6/2015 09:00

Looks to be a good disposal; but haven't checked out at what premium to the existing NAV:

[skyship] 19/6/2015 09:45

Dudishes - rather late to query your last post; still, what do you mean by:

"Forget the NAV, that's a sucker for the AIM tiddler brigade."

Most Trusts and certainly all PE Trusts are market rated by their underlying NAV. NAV growth is their principal object in life!

Anyway, like you I am out of these and likely to stay out for the time-being. In the PE space still like BPM and perhaps CDI is now worth considering again - bt a few yesterday @ 268p...

[skyship] 30/3/2015 14:33

Luckily for those still in here, Simon Thompson of the IC has re-tipped these today - so up a tad @ 166p-169p.

He estimates the NAV post placing @ 189p.

He reckons the substantially increased size of OCL will increase institutional visibility.

IMO the mere 12% discount at 166p suggests these will drift. The average amongst peers is 18.5%.

A switch to BPM on a 30% discount would seem a good move...

[skyship] 10/2/2015 17:43

nw - I'm certainly not that cynical! No, as with all my Private Equity holdings, the NAV has invariably proved to be correct or conservative - especially in the case of:

# HPEQ (historic that one)
# MTH & NRI (look at those share price performances, even after many Tenders)
# JPEL

Also hold MVI & BPM

LMS over-valued IMO; so out of those.

All as followed on the PE thread of course...

[nw1234] 10/2/2015 16:22

Skyship - A tender offer would have been better I agree - LMS has had several in a not totally dissimilar position. As it is we don't really know whether NAV represents the "real" underlying value or not (I tend to assume the share price itself is a better estimate!)

[bamboo2] 10/2/2015 14:42

O/T Hi sky, sorry I have been getting behind. Yes I had a look at your chart, it looks positive. I think the IH&S has hit its target at 360 and you are now playing a confirmed descending triangle with a target of 370. I have computed the targets using Bulkowski's formulas. [fibs for measurement of target] All the best.

[skyship] 10/2/2015 11:19

nw1234 - quite right - an elementary mistake (I blame the appalling flu that's laid me low at the moment). NAV = 202.6p post buyback. No great change then! Still, good to get a weak holder out...

That said, it would have been fairer to all shareholders to have added another £10m-£20m; and then have offered a Tender at/close to NAV!

[skyship] 10/2/2015 11:12

Hi Bamboo - with your love of "Head & Shoulders" and "Reverse Head & Shoulders" chart formations, did you see my post on the SHA thread re PCA:

[bamboo2] 10/2/2015 08:46

konkel, there could be a holdings rns in due course.

I wonder WHY they sold, when it seemingly trades at such a great discount?

Still, it mucked up my earlier chart idea, for now anyway.

[nw1234] 10/2/2015 08:42

Skyship - Total NAV has come down by the cash used for the buyback. I think 5% bought back at c. 24% discount to share price puts remaining NAV per share up c. 1.2% to just over 202p.

[konkel] 10/2/2015 08:22

Wonder who the seller was?

[skyship] 10/2/2015 07:37

So, the buyback was all pre-arranged - 7m @ 152p. Takes the NAV up from 199.8p to 211.3p:



NAV discount at the 155p offer price = 26.6%.

[skyship] 09/2/2015 09:14

NAV reaffirmed at c200p



"The Board has authorised a share buy-back programme of up to 7 million ordinary shares in the Company at prices below the estimated net asset value per share."

Shares moved slightly better at 152p-155p on that news.

[bamboo2] 04/2/2015 21:01

Possible H&S confirmed today.

[dudishes] 04/2/2015 19:01

Sky, My point precisely, but due to lack of interest this site, mentioned it on DAY thread instead.

Starting to smell a wee bit, a visit AGM Bermuda may rock the boat a little?

[skyship] 30/1/2015 12:05

Sounds OK - but surely we should have been given at least an indication of price. As scburbs states above OCL can be rather opaque!

[scbscb] 30/12/2014 10:29

Thanks for the reply Skyship. That's what puts me off this is that the accounts and information published by Oakley is opaque.

[dan158] 19/12/2014 15:28

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[skyship] 19/12/2014 15:19

scbscb - thnx for that, but have to disappoint! I've looked through the many mentions in the Interim accounts, but what with the sale from fund 1 to Fund 2; and the inter-company loan notes, I really can't work out what the net valuation was last time.

We're receiving c£16.5m - so even if we've doubled our money, this is very welcome but not a major event - could perhaps add 6p to the NAV; though likely nearer 4p in my estimation.

[scbscb] 19/12/2014 14:46

Skyship you seem to be an expert on this. Do you know how much the OCL stake of Intergenia Holding GmbH stake was valued at the last valuation. Thanks, Jeff

[skyship] 17/12/2014 13:44

LONDON (Alliance News) - Oakley Capital Investments Ltd Wednesday said it is selling internet hosting software supplier intergenia Holding GmbH to HEG Co GmbH for an enterprise value of EUR210 million in cash.

The company said it will receive EUR21 million from the sale. Completion of the intergenia disposal is conditional on approval from the German and Austrian merger control authorities, it said.

"intergenia has successfully executed its buy and build strategy during 2014 under the excellent management of its founders, further strengthening its business," said Director Peter Dubens in a statement.

"On completion this will be the first disposal for Fund II and represents a good return for investors over a short period of time," he added.

The company's shares were up 1.4% at 152.95 pence Wednesday morning.