23
October 2024
Oakley Capital Investments
Limited
Trading update for the three
months ended 30 September 2024
Oakley Capital Investments
Limited1 ("OCI" or the "Company") today announces its
quarterly trading update for the three months ended 30 September
2024. 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 Capital2 ("Oakley").
The Oakley Funds3 invest
primarily in unquoted, profitable, pan-European businesses with
recurring revenues, and across four core sectors: Technology,
Education, Consumer and Business Services. Oakley's origination
capabilities and proven value creation drivers help founders and
management teams accelerate growth and produce consistently
superior returns for investors.
Robust portfolio performance
offset by currency headwinds
Highlights for the three months ended 30 September
2024
|
· Net
Asset Value ("NAV") per share of 693 pence and NAV of £1,222
million
· Total
NAV return per share of -2% (-15 pence), or unchanged
excluding the impact of foreign
exchange
· £28
million of new investments
· Cash
and undrawn debt facilities of £165 million
· Credit
facility increased by £50 million post period-end
· Outstanding commitments of £777 million
|
NAV
change
The Company's unaudited NAV, based
on a revaluation of all portfolio companies as at 30 September
2024, was £1,222 million, which represents a NAV per share of 693
pence. The total NAV per share return was a 2% (15 pence) decrease
since 30 June 2024, entirely driven by foreign exchange and an
increase of 3% (19 pence) since 30 September 2023, or 7% before the
impact of foreign exchange.
Portfolio company performance
The underlying businesses in the
portfolio continue to perform in a low growth, uncertain macro
environment: their disruptive business models enable them to take
market share across the economic cycle, supported by Oakley's
active management and engagement. Oakley continues to support the
portfolio companies in accelerating growth and creating value
through M&A, increasing the quality of revenues, and the
application of AI tools to boost productivity.
Transactions
During the period, OCI made
look-through investments totalling £28 million, continuing a period
of significant activity. This was attributable to new investments
in German broadband open access platform vitroconnect, new
investments by Touring Capital and PROfounders, as well as bolt-on
deals for Steer Automotive Group.
Post-period end, Oakley announced
its investment in Assured Data Protection, a Managed Services
Provider focused on Backup, Disaster Recovery and Cyber Resiliency
as a Service. The investment is expected to complete before the end
of the year and OCI's look through investment is anticipated to be
c.£26 million.
During the period, Oakley announced
the sale of Ocean Technology Group, which is expected to complete
in Q4. Oakley also completed the refinancing of Schülerhilfe
post period-end. OCI's look-through share of
proceeds from these two transactions, as well as from the sale of
Oakley's stake in idealista, which was announced in June, is
expected to total c.£135 million.
Post period-end, Oakley also
announced the strategic merger of WindStar with Merz Lifecare, part
of the Merz Group, a leading, privately-owned healthcare business
in Germany.
Cash & commitments
OCI had cash of £108 million and £57
million of undrawn credit facilities as at 30 September 2024.
Post-period end, OCI agreed a £50 million increase in its revolving
credit facility to £225 million. Total outstanding Oakley Fund
commitments at the period end were £777 million.
This will be deployed into new investments over
the next five years. The Board closely monitors anticipated fund
drawdowns and projected liquidity and will continue its long-term
commitment to share buybacks when appropriate.
OCI's latest quarterly factsheet can
be accessed
here.
- ends
-
For further information please
contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget
Greenbrook Communications
Limited
+44 20 7952 2000
Rob White / Michael
Russell
Deutsche Numis (Financial Adviser
& Broker)
+44 20 7260 1000
Nathan Brown / Matt Goss
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 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.
