Oakley Regulatory News (OCI)

26 April 2023

Oakley Capital Investments Limited

Trading update for the Three Months ended 31 March 2023

Oakley Capital Investments Limited1 ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 31 March 2023. 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"), thereby capturing the outperformance of a leading private equity manager.

The Oakley Funds3 invest primarily in unquoted, profitable, pan-European businesses with recurring revenues, and across three sectors: Technology, Consumer and Education. Oakley's origination capabilities combined with proven value creation drivers help management teams accelerate growth and produce consistently superior returns for investors.

NAV resilient in challenging macro and markets environment

Highlights for the period

· Net Asset Value ("NAV") per share of 668 pence and NAV of £1,178 million

· Total NAV return per share including dividends of +1.25% since 31 December 2022 (+8 pence)

· Total shareholder return of 9%

· £27 million in new investments in the period

· Cash and available debt of £169 million as at 31 March 2023

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 31 March 2023, was £1,178 million, which represents a NAV per share of 668 pence. The total NAV per share return, including dividends, was 1.25% (+8 pence) since 31 December 2022. The 8 pence total return includes 15 pence of valuation gains in the underlying portfolio companies and 5 pence of foreign exchange losses. The increase in the portfolio reflects a cautious approach to both trading outlook and valuation multiples, which contributed in equal measure to the uplift.

Portfolio company outlook

OCI's underlying portfolio of tech-enabled businesses are expected to continue to deliver robust trading performances in the challenging macroeconomic environment as customers continue to shift spending online, switch to SaaS solutions and invest in education, thereby underpinning NAV and demonstrating the enduring power of the long-term megatrends that Oakley invests behind.

Transactions

During the period, OCI made new investments of £27 million which were attributable to look-through fund investments in technology and education businesses. They include an investment in premium schools group Thomas's London Day Schools, and the acquisition of legal intelligence business Fastcase which will be combined with Oakley portfolio company vLex.

Cash & commitments

OCI had cash on the balance sheet and available debt of £169 million as at 31 March 2023, comprising 14% of NAV. Total outstanding Oakley Fund commitments as at 31 March 2023 were £886 million. In excess of £200 million of this is forecast not to be drawn, and the remainder is expected to be deployed into new investments over the next five years.

Post-balance sheet events

Final 2022 dividends of 2.25 pence were paid on 21 April 2023 to shareholders on the register on or before 17 March 2023.

OCI's latest quarterly factsheet can be accessed here. 

OCI will hold its Capital Markets Day on Wednesday 10 May between 14:00 and 16:30 BST. Should you wish to attend virtually, please contact oci-investorrelations@oakleycapital.com.

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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:

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 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 and 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. The Oakley family of funds also includes PROfounders funds, which are venture capital funds focused on investments in entrepreneur-led, private businesses across Europe.

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.