Example of a PE Liquidation29 Dec 2023 10:07
Here is an example of a liquidation without appointing a 3rd party, hopefully something DNE can do IF a vote to liquidate has to take place.
HAPPPY NEW YEAR to you and yours when it comes.
Settlement of Fund I Loan
https://www.lse.co.uk/rns/OCI/
Oakley Capital Private Equity L.P. ("Fund I"), one of the Oakley Funds1 advised by Oakley Capital2, has reached the end of its term and is being liquidated, whereupon Oakley Capital Manager Limited ("OCML") was appointed as liquidating trustee. Fund I's remaining investments consisted solely of shares in Time Out Group PLC ("Time Out"). On 28 December 2023, Fund I made an in-specie transfer of these shares to all Fund I investors, which has increased Oakley Capital Investments Limited's3 ("OCI" or the "Company") direct shareholding (the "In-Specie Transfer").
An agreement (the "Agreement") has also been entered into by Fund I and the Company to, immediately prior to the In-Specie Transfer, settle Fund I's outstanding loan (the "Fund I Loan") previously extended to it by OCI and comprising approximately £8.0m of principal and £0.1m of interest outstanding, via the transfer of shares in Time Out (settlement of the Fund I loan together with the In-Specie Transfer, the "Transaction").