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Terms of Access Agreement and Disclaimers

Welcome to the website of Oakley Capital Investments Limited (“OCI”) of Rosebank Centre, 5th Floor, 11 Bermudiana Road, Pembroke, HM08, Bermuda. 

Users of this website are responsible for observing all applicable laws and regulations in their relevant jurisdictions before proceeding to access the information contained within it. By proceeding to access the information, users are deemed to be representing and warranting that the applicable laws and regulations of their relevant jurisdiction allow them to do so.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the button labelled “I Disagree” below.

Restrictions on accessing the website from certain countries

This website and its contents are only intended for persons in the UK and persons in any other jurisdiction to whom such information can lawfully be communicated without any authorisation, licence or approval being obtained. In particular, this website and its contents are not for release, publication or distribution, directly or indirectly, in whole or in part, in or into any member state of the European Economic Area, the United States, Canada, Australia, the Republic of South Africa or Japan. Viewing the information on this website may not be lawful in other jurisdictions.

The information on this website is not directed at and is not for use by any US Person (as defined in Regulation S under the US Securities Act of 1933 (as amended) (“US Securities Act”)). OCI has not been and will not be registered under the US Investment Company Act of 1940 (as amended) and, as such, holders of shares in OCI will not be entitled to the benefits of that Act. Shares in OCI have not been and will not be registered under the US Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States. Shares in OCI may not be offered, sold or delivered, directly or indirectly, in or into the United States or to, or for the account or benefit of, any US Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require OCI to register under the US Investment Company Act of 1940 (as amended). 

Shares in OCI have not been, and will not be, registered under the securities laws, or with any securities regulatory authority, of any jurisdiction outside the UK.

Purpose of the website

This website is for information only. It is not an offer or invitation to buy or sell, or a solicitation of an offer to buy or sell, or a recommendation to buy or sell, any securities mentioned. Nothing on this website should be taken as an invitation or inducement to engage in any investment activity. Information on this website does not, and should not be deemed to, constitute investment, tax, legal or any other advice.

Investment Risk

All investment is subject to risk. The value of securities and any income from them may go down as well as up, and an investor may not get back the full amount of money invested. Past performance is not a reliable indicator or guarantee of future performance. There is no guarantee that the market price of OCI’s shares will fully reflect their underlying net asset value or that OCI’s investment objective will be achieved. You are strongly encouraged to seek individual advice from your professional adviser(s) before entering into any agreement to buy or sell any security or making any financial or investment decision.

Shares in OCI are traded on the Specialist Fund Segment of the main market of the London Stock Exchange and are intended for institutional, professional, professionally advised and knowledgeable investors primarily seeking exposure to private mid-market UK and Western European businesses through investment in the Oakley Capital Private Equity funds (or successor funds) and: (a) who understand and are willing to assume the potential risks of capital loss associated with investments in such companies, (b) who understand the illiquid nature of private equity compared to other asset classes, (c) for whom an investment in OCI’s shares would be of a long-term nature constituting part of a diversified portfolio, and (d) who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.

OCI is not subject to the UK City Code on Takeover and Mergers.

Accuracy of information and availability of website

This website and its contents are made available on an “as is” and “as available” basis. OCI uses reasonable efforts to ensure that the information on this website is accurate, but OCI and its personnel and agents disclaim and exclude (to the fullest extent permitted by law) all warranties, representations or guarantees (whether express, implied or statutory) that the information is complete, accurate, up-to-date or suitable for a particular purpose. Actual outcomes or results may differ materially from those expressed or implied by any forecast. You agree that access to, and reliance on, this website and any information contained on it is entirely at your own risk.

General

The full terms governing your use of this website are available via the “Legal” link at the foot of each page of the website. If you proceed to access the website, please read the full terms carefully.

These terms of access (and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating thereto) shall be governed by English law. You agree that the courts of England shall have exclusive jurisdiction over any dispute arising out of or in connection with this website or these terms of access.

By clicking the “I accept” button below, you represent, warrant and agree that:

1. you have read and understand the terms of access above and you agree to be bound by them;

2. (if you are located outside the United Kingdom) the applicable laws and regulations of your jurisdiction allow you to access this website and the information contained within it; and

3. you will not seek to acquire shares of OCI if you are a US Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require OCI to register under the US Investment Company Act of 1940 (as amended).

If you cannot represent, warrant and agree to the above, you must click the button labelled “I disagree” or otherwise exit this website.

27 Jul 22

Oakley Capital Investments Limited1 (“OCI” or the “Company”) is pleased to announce its quarterly trading update for the three months ended 30 June 2022. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in the funds managed by Oakley Capital2 (“Oakley”).

The Oakley Funds3 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.

Strong demand for assets and robust earnings outlook for portfolio companies drive total quarterly NAV return of 11%

Highlights for the period

● Net Asset Value (“NAV”) per share of 630 pence and NAV of £1,119 million

● Total NAV return per share of +11% since 31 March 2022 (+61 pence), and +17% since 31 December 2021 (+94 pence)

● £30 million in new investments during the period

● c.£112 million share of sale proceeds expected post period-end

● New £100 million revolving debt facility adds flexibility and liquidity

NAV growth

The Company’s unaudited NAV, based on portfolio company valuations at 30 June 2022, was £1,119 million, which represents a NAV per share of 630 pence. The NAV per share return including dividends was 11% (+61 pence) since 31 March 2022, and an increase of 94 pence (17%) since year-end. In the three months to 30 June 2022, 67% of the increase in the portfolio’s value was driven by EBITDA growth and 33% by multiple expansion, the latter driven by the multiples achieved for signed exits in the period, all of which were at significant premiums to prevailing book value. The 61 pence total return includes 46 pence of valuation gains, 11 pence of foreign exchange movements and 2 pence of dividends, while share buybacks added 1 penny.

Portfolio company performance

In a period of heightened market and economic uncertainty, Oakley’s portfolio of digitally-enabled companies continued to deliver robust earnings growth, underpinned by long-term, enduring market tailwinds such as business and consumer digitisation and a focus on recurring and subscription revenues.

Transactions

During the period, OCI made look-through investments of £30 million, largely attributable to the investment in Vice Golf, a digital-first golf brand with a strong track-record of profitable growth, as well as a number of portfolio company bolt-on acquisitions.

During the quarter, Oakley agreed the sale and reinvestment in web-hosting business Contabo as well as the sale of the investment in Italy’s leading price comparison website, Facile, both at significant premiums to their carrying values. The transactions are due to complete later this year, and OCI’s look-through share of proceeds is expected to total c.£112 million.

Cash & commitments

OCI had cash on the balance sheet of £97 million at 30 June 2022, comprising 9% of NAV. This excludes anticipated proceeds from agreed deals that are yet to complete. Total outstanding Oakley Fund commitments as at 30 June 2022 were £993 million. They will be mostly 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. During the period, the Company also agreed a £100 million revolving credit facility with major lenders, thereby increasing OCI’s flexibility and liquidity.

Post-balance sheet events

Post period-end, portfolio company TechInsights completed its bolt-on acquisition of Strategy Analytics, a leading provider of syndicated research into the consumer technology sector. Oakley Capital also announced the strategic combination of Grupo Primavera with Cegid, the French market leader in SME business software. As part of the transaction, Oakley will increase its stake in Grupo Primavera and roll over its equity into Cegid. The transaction is expected to complete later this year. OCI’s total look-through investment from these acquisitions is expected to total c.£31 million.

The Company expects to report its unaudited interim results for the six months to 30 June 2022 on 8 September 2022.