Oakley Capital Investments Share Discussion Threads

[1968jon] 19/11/2019 08:26

Three trades totalling 4m from yesterday morning printed after the close yesterday.

[nimbo1] 19/11/2019 08:13

took some on the open but won't let me buy anymore without nt.

[shaker44] 18/11/2019 23:33

BPM 266/276 just sayin

[spectoacc] 18/11/2019 16:09

224/229. Just sayin'.

[spectoacc] 18/11/2019 15:55

Buys gone from 221.62p on a 220/224 spread on Friday, to now 226p on a 223/226 spread - looking good, but still no Holdings RNS.

[spectoacc] 18/11/2019 13:36

Need to see at least one further Holdings RNS but on evidence so far, the overhang seems to be (temporarily?) over.

[essentialinvestor] 16/11/2019 16:17

If Invesco are selling I might be inclined to celebrate.

Hold a small amount here and was tempted to add a few, but held off.


Look at the extraordinary premium 3i now sells on, then again look at their
dividend growth. And increasingly investors are looking for income, that rather than just NAV drives valuation.

[spectoacc] 15/11/2019 15:15

The buying today might be down to two mentions in the IC in their "Investment Trust recommendations" section, where managers pick their favourite Trusts for the year. In the "Growth" part, OCI got two of the four tips. Nothing said that we don't know already, other than a reminder that TMO has gone from being a drag on NAV, to beneficial to it.

[shaker44] 15/11/2019 13:15

Just tried to add. No longer allowed at Iweb.

[makinbuks] 15/11/2019 12:57

If Invesco are selling, they must love this stock as opposed to , say, MVI. The swift action of the company and its directors underpins the price, allows them to sell close to the market and maintains confidence thereby protecting their remaining investment value. Over at MVI they appear between a rock and a hard place. The only downside is the success of this may encourage them to do it some more

[spectoacc] 15/11/2019 09:02

Agreed, the big advantage with OCI is it's trading miles below NAV. Is also the best (IMO) listed p/e IT & can expect the NAV to keep growing.

But then we would say that :)

[1968jon] 15/11/2019 08:54

I think post Woodford all small/mid-cap/AIM stocks are having a hard time. This is the only stock I follow with a large Invesco stake - and they are certainly under media pressure. It has been observable for some time that someone has been showing large offers in the auction. I would be pleased if it was announced that it was Invesco lightening up. As with when Woodford got out (though again there were large offers around before the block trade/placing) I thought it encouraging that it was done within a whisker of the bid/offer at the time. Same here. I think an existing shareholder or a new value investor who buys the investment case has been found and is prepared to wait it out.

[spectoacc] 15/11/2019 08:51

Some good buying this morning but all inside - guessing Thommo will have something to say about it.

Still want confirmation of who the seller is tho.

[davebowler] 15/11/2019 08:47

Liberum;
Event

Peter Dubens, co-founder and Managing Partner of the Oakley Capital Group, has acquired a further 258k shares in Oakley Capital Investments at a total cost of £0.6m. He now holds 15.1m shares (7.5% shareholding) in the company.

In addition, David Till, co-founder and senior partner of Oakley Capital Group, acquired £75k of shares and now holds 0.29% of the company.

Liberum view

Principals of the investment manager and board members have invested a total of £30m in the shares since October 2016. Peter Dubens, the founder of Oakley Capital, is the third largest shareholder in the listed fund. The scale of the investment demonstrates confidence in the prospects for future NAV performance.

We believe the current 30% discount offers an excellent relative value opportunity. The underlying portfolio companies are delivering 30%+ EBITDA growth and are typically in sectors which demonstrate resilience to the wider economic cycle. We expect the portfolio will continue to drive strong NAV growth (our forecasts imply a NAV CAGR of 14.3% over the next two and a half years).

[spectoacc] 15/11/2019 08:29

Good point, couldn't see them on my system & they include Dubens' purchase.

Question is - who took the rest...

Still think it's Invesco selling, altho there's other potential candidates & Invesco still have a lot more.

[1968jon] 15/11/2019 08:22

What about the prints that went through after the close last night? Over 7m shares.

[spectoacc] 15/11/2019 07:24

Interesting! Two director buys, Dubens' of decent size, but at 222.5p and not part of the 220p's.

[spectoacc] 14/11/2019 15:44

Agreed. Think we can safely say the trades are today's, based just on the 1.8m buyback RNS being today too, but due to the price being identical (220p to the decimal place) I'm betting that's someone selling 4,457,000 shares, of which the co has bought 1.8m & the MMs having found homes for the rest. The 160k is timed a minute later so might be wrong on that one. Not much more than 2% of the co/10% of Invesco's total holding mind.

221.5ish to buy this morning, implying the seller was "out there". MMs no doubt contacted OCI.

Edit - RNS just out confirming the 1.8m bought by the co at 220p, & hadn't realised cancelled rather than in Treasury, so down to 202m in issue.

[1968jon] 14/11/2019 15:40

Always tricky trying to match them up, particularly as I don't know the reporting rules about publishing large trades in this stock. My gut is that the four trades at 220 printed between 12.00.40 and 12.00.58 and possibly the one at 12.21.47 were connected. It's a very precise price for a RFQ quote. But who knows? Fun watching. I have noticed someone showing decent offers in the auction for a while but they have been absent for the last few days.

[spectoacc] 14/11/2019 15:25

@1968Jon - yes, but what of the 677k? I think it's a series of trades, notwithstanding the 1.82m/1.8m may be two sides of one of them (but again - explain why there aren't two trades near enough to the 677k too).

[1968jon] 14/11/2019 15:14

I would suggest the 1.82 and 1.8 are two sides of the same order and they had additional buyer(s)seller(s) for the additional 190k. If it was Invesco, there should be an RNS as it will take them through a reporting threshold.

[spectoacc] 14/11/2019 14:47

Well spotted. Wondering if they instigated the buyback in the knowledge there was a seller. Can see 1.82m, 677k, 1.8m, 160k all timed around the same time, all at 220p, so someone selling/the co buying back, and perhaps someone else taking some others.

May surprise no one that Invesco holds c.19% - presumably the seller, suffering 10-figure redemptions lately and shipping out of a lot of smaller co's.

Mildly damages my "buyback to push up the price" theory, but does at least keep the NAV accretion one. £3.18 last reported NAV.

If that's the buyback now over, will Invesco (assuming them) want out of more? Going to guess not - hence the very specific size - and that they're just matching redemptions with small selling of everything. ie done for now, but may be back.

A lot of stocks getting hit by first Wooford, then Invesco - NRR another.

[1968jon] 14/11/2019 14:17

Looks like a 1.8m trade has gone through

[spectoacc] 14/11/2019 08:08

MMs being generous so nicked a few more OCI ahead of the buyback. Got near the bid. 1.8m shares to be bought back, and NAV-accretive with the price down here. Win-win.

[spectoacc] 20/10/2019 07:50

Thanks @rambutan2, a good sign.