Oakley Capital Investments Limited Trading update for the 3 months ended 30 Sep 2023 (1641R)

TIDMOCI

RNS Number : 1641R

Oakley Capital Investments Limited

25 October 2023

25 October 2023

Oakley Capital Investments Limited

Trading update for the three months ended 30 September 2023

Oakley Capital Investments Limited (1) ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 30 September 2023. 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 combined with proven value creation drivers help management teams accelerate growth and produce consistently superior returns for investors.

Asset growth in spite of challenging macro environment

Highlights for the three months ended 30 September 2023

   --      Net Asset Value ("NAV") per share of 679 pence and NAV of GBP1,197 million 
   --      Total NAV return per share of 2.5% since 30 June 2023 (+16 pence) 
   --      GBP23 million of new investments 
   --      EUR190 million commitment to Oakley Capital Origin Fund II 
   --      Net Cash of GBP222 million and outstanding commitments of GBP1,053 million 

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 30 September 2023, was GBP1,197 million, which represents a NAV per share of 679 pence. The total NAV per share return was 2.5% (+16 pence) since 30 June 2023, and an increase of 4.5% (+29 pence) since 30 September 2022. The key contributors to the total NAV return include 14 pence of valuation gains in the underlying portfolio companies and 5 pence of foreign exchange gains.

Portfolio company performance

The underlying companies in the portfolio continue to trade robustly in what remains an uncertain economic environment. This reflects their resilient business models, typically asset-light with recurring revenues, strong market positioning and conservative leverage, as well the strength of the megatrends they invest behind. Valuation gains were split evenly across a broad range of companies in each of Oakley's four core sectors: Technology, Consumer, Education and Business Services.

Transactions

During the period, OCI made look-through investments of GBP23 million which were attributable to portfolio company bolt-on acquisitions as well as Pixis, an AI-powered marketing platform and the first investment for Oakley Touring Venture Fund. There were no divestments during the period.

Oakley's unique origination capabilities continue to generate a strong investment pipeline. The first of these opportunities, signed in the period and expected to complete in December 2023, is the acquisition of Flemming Dental, Excent and Artinorway Group, to form one of the leading dental laboratories groups in Europe. OCI's look-through investment in the business is anticipated to be c.GBP35 million.

Cash & commitments

OCI had net cash of GBP222 million as at 30 September 2023 and a GBP175 million revolving credit facility, which was undrawn at that date. During the period, OCI made a EUR190 million commitment to Oakley Capital Origin Fund II, which will continue the strategy of its predecessor fund, backing tech-enabled businesses across Europe's lower mid-market. Including this commitment, total outstanding Oakley Fund commitments at the period end were GBP1,053 million. The Board continues to closely monitor anticipated fund drawdowns and projected liquidity and when appropriate will make further share buybacks.

OCI's latest quarterly factsheet can be accessed here .

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For further information please contact:

Oakley Capital Limited

[phone]

Steven Tredget

Greenbrook Communications Limited

[phone]

Rob White / Michael Russell

Liberum Capital Limited (Financial Adviser & Broker)

[phone]

Chris Clarke / Darren Vickers / Owen Matthews

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/

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. 

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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October 25, 2023 02:00 ET (06:00 GMT)