LONDON (Alliance News) - Oakley Capital Investments Ltd Friday reported a drop in net asset value per share in the first half of 2015 due to dilution caused by its recent placing and because of movements in foreign exchange rates.
The investment company said that its net asset value in the six months ended June 30 fell to GBP1.82 per share from GBP2.01 per share at December 31, and from GBP1.91 a year ago.
It said that this resulted from the dilutive impact of the placing in March of 78.8 million shares raising GBP130 million, and also from the weakening of the euro against sterling.
Excluding foreign exchange movements and the dilutive impact of the placing, NAV would have amounted to GBP2.05 per share, Oakley said.
"We are delighted that OCIL was able to raise gross proceeds of GBP130 million in its first fundraising since 2009, demonstrating a significant vote of confidence in our long-term track record. Whilst this has had the expected short-term impact on NAV, OCIL now has significant dry powder through which to drive its investments both via investment in and co-investment alongside Oakley's Funds," Managing Partner Peter Dubens said in a statement.
"Our focus on building a strong and diversified portfolio for Fund II continued over the period, as evidenced by our acquisitions in Damovo, Parship and Daisy. Fund II has already invested 67% of commitments and whilst the portfolio is still at an early stage of its maturity it has already returned capital to its investors through the sale of intergenia and its significant investments made prior to this period, North Sails and Facile.it, both reported increases in their fair value driven by growth in their profitability," he added.
Shares in Oakley were trading down 1.4% at 143.00 pence Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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