Oakley Capital Investments Limited (OCL) has announced its interim results for the six months ended 30 June 2016. During the period, the company’s NAV increased by 7.5% to £2.15 per share. The company says that 15p uplift in NAV per share is attributable to the strong performance of the underlying Funds and favourable exchange rate movements following Brexit although the uplift was tempered by a fall in NAV per share of 7p, due to the post-IPO share price of Time Out.
On 14 June 2016, Time Out Group successfully listed on the public market (raising gross proceeds £90m) and OCL received shares in Time Out Group representing a 24.2% ownership interest, worth £40.1mas at 30 June 2016. As a result of the IPO, the Company transferred its co-investments in Time Out Markets and Flypay to Time Out Group which, together with its direct investment in Time Out Group, valued the Company’s direct holding at £47.2m million at the IPO price. The Company has further, indirect, exposure to Time Out Group through its investment in Oakley Capital Private Equity L.P.
During the period OCL made a capital commitment of €250m to Fund III, which will execute the same strategy as Funds I and II. Three per cent of the capital had been called at 30 June 2016. Fund III had no investments as at 30 June 2016.
The company says that, since its year end, Fund II reached an agreement to sell a partial stake in Parship Elite Group, in a deal that values the business at €300m, representing a 3.6x money multiple on Oakley’s original investment and an IRR of approximately 150% in just 16 months. It says that the transaction lifts OCL’s NAV per share by 9.4p and that the sale is expected to return cash proceeds of approximately €44m to the Company.
The Company has a capital commitment of €188 million to Fund I of which 95% had been called at 30 June 2016, making Fund I fully invested. During the first half of 2016, Fund I’s fully owned subsidiary, Broadstone Holdco (Bermuda) Limited, sold its investment in Broadstone Finance Limited (Broadstone). The company says that the proceeds were receivable as at 30 June 2016.
The Company has a capital commitment of €200 million to Fund II, of which 57% had been called at 30 June 2016. At the date of this statement, 65% of commitments have been called and 91% of commitments have been deployed, making Fund II also essentially fully invested.
Oakley Capital Investments benefits from fund performance and sterling weakness post Brexit : OCL