02:00 Wed 27 Jan 2021
Oakley Capital Inv. - Trading update for the year ended 31 December 2020
Oakley Capital Investments Limited
Trading update for the year ended
Portfolio strength delivers sustainable growth
Oakley Capital Investments Limited1 ("OCI" or the "Company"), a listed investment company providing investors access to the Oakley Funds2, today announces a trading update for the year ended
Highlights for the year
● |
Net Asset Value ("NAV") per share of |
● |
Total NAV return per share of 18% since |
● |
The Company invested |
● |
Year-end cash of |
● |
Outstanding Oakley Fund commitments of |
● |
Total Origin Fund commitment of £116 million |
● |
Buy-back and cancellation of 18 million shares |
NAV growth
The Company's unaudited NAV at
Portfolio company performance
12 of the 17 investee companies deliver their products or services digitally, as a result the portfolio continues to benefit from the adoption of consumer and business technology solutions, which accelerated in 2020. The portfolio companies can be separated into three COVID-19 impact categories based on a full year of trading to
1. |
Expectations met or exceeded - 10 companies - 44% of NAV* Business Service Software, Web Hosting, Online Consumer platforms and Education Technology businesses, each grew EBITDA at or above pre-COVID expectations |
2. |
Modest impact - 4 companies - 14% of NAV* Telecoms and Education businesses that experienced some disruption to their expected financial performance, with new business wins or enrolments impeded due to social restrictions |
3. |
Significant impact - 3 companies - 13% of NAV* Physical footprint and direct-to-consumer businesses whose operations suffered material disruption as a result of repeated |
* Percentages shown are OCI's look-through exposure to the portfolio companies via the Funds and direct equity investments.
Proceeds
Despite market disruption in 2020, there has been a continued high level of activity within the Oakley Funds. During the period, OCI's share of proceeds from exits and refinancings amounted to c.
● |
Realisations - |
● |
Refinancings - |
● |
Direct debt repayment - |
Investments
In the 12 months to
● |
Platform investments - |
● |
Follow on investments - |
● |
Direct investments - |
During the period, OCI also completed the buy-back and cancellation of 18 million shares at an average price of
Cash & Commitments
● |
Balance sheet - OCI has no leverage and had cash on the balance sheet of |
● |
Recent commitments - OCI's total commitment to the Oakley Capital Origin Fund, which closed in |
● |
Total outstanding commitments - outstanding Oakley Fund commitments are |
Post-balance sheet events
● |
Partial sale - Oakley Capital Fund II portfolio company, Daisy Group, reached an agreement to sell its stake in the Digital Wholesale Solutions division. OCI's share of proceeds will be c. |
● |
Acquisition - Oakley Capital Fund IV has agreed to make a minority investment in idealista, the leading online real estate classifieds platform in |
The Company expects to report its audited annual results for 2020 on Thursday
- ends -
For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Greenbrook Communications Limited
+44 20 7952 2000
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Notes:
This announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019
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 Funds2.
An introduction to OCI video is available at https://oakleycapitalinvestments.com/videos/
2 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 and Oakley Capital Origin Fund are unlisted lower-mid to mid-market private equity funds with the aim of providing 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.
3The 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.
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE