Oakley Capital Investments Share Discussion Threads

[shaker44] 15/12/2021 07:55

It was very conservatively valued then. Or they got lucky!

[rik shaw] 15/12/2021 07:19

Oakley Capital Investments Limited(1) ("OCI") is pleased to announce that Oakley Capital Private Equity III(2) ("Fund III") has reached an agreement to sell its stake in TechInsights, an information services platform for the microelectronics sector.

OCI's share of proceeds will be c.GBP60 million, and the sale represents a c.134% premium to the 30 June 2021 interim carrying value of OCI's investment in TechInsights (via Fund III), an uplift of c.19 pence per share to the Company's NAV.

As part of the transaction, Oakley Capital Fund IV ("Fund IV") will invest in TechInsights alongside CVC Growth Funds. OCI's indirect contribution via Fund IV will be c.GBP36 million.

[biggest bill] 13/12/2021 16:53

The spike was caused by a single trade at 400p.

[davebowler] 13/12/2021 16:36

It showed up 7% on my screen, but dropped within minutes.

[hpcg] 10/12/2021 16:25

We've just had a bought of volatility, and there is uncertainty about omicron and interest rates so I'm not sure why OCI would be immune to that? Investors take profits when share prices go up. Nothing surprising to see here.

[1968jon] 10/12/2021 15:45

Other side of the 3.3m has printed, most likely meaning it was matched clients. The Nums offer has gone and as it goes 371/375 any large offers are at 375 and above (rather than inside the spread). If Nums don't come back with more on the offer it could trickle back up again.(talking my book!!)

[essentialinvestor] 10/12/2021 14:20

Lack of recent disposal activity may be weighing somewhat?.

[1968jon] 10/12/2021 14:14

ali47fish.......no tips here. I own a lot of this thing and have continued to add frequently since first buying over 3 years ago. Barring a complete change in world view, I will own it "forever" and continue to add - so when is a good time? Always? I watch the mkt in it permanently. I think it is easy to see which way the mms are going to go on a daily/few days basis (absent trading update). When the large offers disappear, as they do, the stock goes up. This thing can sit for weeks at a level until the offers go. When I buy, I don't tend to wait/hope it's going to trade down a couple of pence. If the discount goes back to 20% I will buy another chunk, whether that is from a share price move or a NAV update. As money comes in from other parts of the portfolio, I will add regardless. (But I can deal inside the spread)

[davebowler] 10/12/2021 13:56

....moving to quarterly NAV updates at 26 mins

[ali47fish] 10/12/2021 13:54

1968 can't follow the import of your post - what is your conclusion-like is it time to add or wait for lower price

[1968jon] 10/12/2021 13:23

I would disagree that the fall from 390ish has anything to do with the printed trade today (unless, and extremely unlikely, the mkt knew about a potential distressed seller). The pattern of trading in the last few weeks seems like typical Oakley - strong run then sellers come out. Numis and occasionally Libs have had bundles to sell in the last few weeks. The trades consistently going through where they are offering them in 100k on the RSP. I think the share is remarkably well supported given the supply. Todays two trades? Who knows but lets see? An RNS in the offing no doubt. But if you went to an average market-maker in a similar sized PE investment trust and asked the for a risk bid in £15m I suggest the discount would be nearer 10% rather than 1.5%. If the company or Dubens have bought them, great trade. People in these things always have reasons to sell that have nothing to do with the company. And much as the Libs conspiracy theory is funny, the reality of the Investment Trust market is far more prosaic than that! Btw, Nums still have bundles on offer but now offer side rather than bid side.

[biggest bill] 10/12/2021 13:13

Donald, you are even more cynical than I am. At least, the good point from the sale is that it has created a nice buying opportunity at an attractive price.

[donald pond] 10/12/2021 13:02

If one was cynical, one might have the thought that perhaps Liberum's uber bullish note was connected with one of their clients wishing to sell £10m of shares. Surely not.

[biggest bill] 10/12/2021 12:23

The reason for the recent fall in the share price is now clear. Over 4 million shares have been dumped into the market at 365p. It will take some time to absorb this amount of shares.

[1968jon] 10/12/2021 08:49

I see Donald posted at the same time as me.....additionally there is a difference between being a trading client of Liberum and paying for their research. When I mentioned a "sly" copy, that is what I meant. If research is attached to an email it is monitored but compliance to see where it is sent. In the absence of a contractual agreement you need a mate who can print you a copy and scan it! In my understanding it is not to make sure they get their money (I am certain they will make next to nothing on their research on small PE trusts) but to remove the fear that they might get in trouble with the FCA for soliciting trades from an inappropriate customer. It is a well intended bloody nightmare.

[donald pond] 10/12/2021 08:39

Hardman and Kepler are paid for research but Liberum (Afaik) is not and so can only be given to Liberum clients. Feels like OCI is getting into the buy zone again

[biggest bill] 09/12/2021 17:07

I'm surprised that the Liberum note hasn't been put up on the Oakley Capital website. The Hardman and Kepler notes are on there.

[makinbuks] 09/12/2021 12:53

Got to applaud Steven Tredget's efforts to promote the company

[donald pond] 02/12/2021 11:04

That liberum note is excellent. Really detailed drill down into a number of the holdings. I'm surprised we haven't seen more realisations really, but as long as markets don't tumble the longer the wait the more value in the end in general

[davebowler] 02/12/2021 08:48

Liberum;
Note: 70% NAV TR by 2023 on conservative estimates

Mkt Cap £668m | Share price 375p | Prem/(disc) -15.7% | Div yield 1.2%

Event

Oakley Capital Investments has delivered a five-year NAV CAGR of 17%. Returns have been generated by EBITDA growth in the portfolio companies and uplifts on realisations. The average portfolio valuation multiple is at a very conservative level given the consistently high EBITDA growth. In this note, we outline why we expect 23% p.a. NAV growth in the near term and assess the upside from five companies that we expect to be key contributors to near-term performance. BUY.