Oakley Capital Investments Limited Trading update for the 3 months ended 30 Sep 2022 (0853E)

TIDMOCI

RNS Number : 0853E

Oakley Capital Investments Limited

26 October 2022

Oakley Capital Investments Limited

Trading update for the Three Months ended 30 September 2022

Oakley Capital Investments Limited(1) ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 30 September 2022. OCI is a listed investment company aiming to provide consistent, long-term returns in excess of the FTSE All-Share Index by investing in the funds managed by Oakley Capital(2) ("Oakley").

The Oakley Funds(3) invest primarily in unquoted, pan-European businesses across three sectors: Technology, Consumer and Education. Oakley's origination capabilities combined with proven value creation drivers generate sustainable growth and consistently superior returns for investors.

Resilient earnings growth underpins 4% total NAV return for the quarter, 22% year-to-date

Highlights for the period

 
 --   Net Asset Value ("NAV") per share of 655 pence and NAV of GBP1,155 million 
 --   Total NAV return per share of +4% since 30 June 2022 (+25 pence), and +22% since 31 December 
       2021 (+119 pence) 
 --   GBP46 million in new investments during the period 
 --   c.GBP153 million share of cash proceeds expected post period-end

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies at 30 September 2022, was GBP1,155 million, which represents a NAV per share of 655 pence. The total NAV per share return was 4% (+25 pence) since 30 June 2022, and an increase of 22% (+119 pence) since year-end. In the three months to 30 September 2022, 76% of the increase in the portfolio's value was driven by EBITDA growth, and 24% by multiple expansion largely as a result of recent transactions. The 25 pence total return includes 12 pence of valuation gains, 11 pence of foreign exchange movements with share buybacks adding 2 pence.

Portfolio company performance

Despite the considerable, ongoing macro uncertainty, OCI's underlying portfolio of tech-enabled companies continued to deliver earnings growth, supported by long-term megatrends such as the shift to online for businesses and consumers, and global demand for quality education.

Transactions

During the period, OCI made new investments of GBP46 million which were largely attributable to look-through fund investments including: the acquisition of vLex, a cloud-based legal information platform; an additional investment in Grupo Primavera as part of its strategic combination with Cegid, a leading provider of cloud-based management solutions; and bolt-on acquisitions by portfolio companies that were completed during the period. These include TechInsights' acquisition of Strategy Analytics and further schools acquired by K12 education platform Affinitas.

During the quarter, Oakley agreed the partial sale of Seedtag at a significant premium to its carrying value as at 30 June 2022. This transaction is due to complete later this year.

Cash & commitments

OCI had cash on the balance sheet of GBP49 million at 30 September 2022, comprising 4% of NAV. The Company anticipates c.GBP153 million of cash proceeds from transactions announced to date, which are expected to complete post period-end. In addition, OCI has access to a revolving credit facility of GBP100 million. Total outstanding Oakley Fund commitments as at 30 September 2022 were GBP979 million. They will mostly be deployed into new investments over the next five years, funded with existing balance sheet cash as well as expected proceeds from exits announced during the period and future realisations.

Post-balance sheet events

During the period, Oakley Capital signed and announced the acquisition of Phenna Group and CTS Group to create a leading testing, inspection, certification and compliance (TICC) platform. Oakley also announced the reinvestment in Facile alongside private equity investor Silver Lake. These transactions are expected to complete in Q4 and OCI's total look-through investment from these acquisitions is expected to total c.GBP115 million.

Post period-end, Oakley Capital announced it completed the sale of part of its stake in Wishcard, retaining a residual shareholding in the business. OCI's share of cash proceeds from this transaction will be GBP37 million.

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

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Chris Clarke / Darren Vickers / Owen Matthews

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 whose purpose is 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 and Oakley Capital Origin Fund 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.

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 26, 2022 02:00 ET (06:00 GMT)

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