Trading Update for the 12 months ended 31 December 2011
- NAV (unaudited) expected to be in the range of £1.70 - £1.72, representing a small increase from the prior year (31 December 2010: £1.68)
- Three acquisitions and follow-on investments made by Oakley Capital Private Equity L.P. (the "Limited Partnership" or the "Fund") in the period for total consideration of £56m plus £27m in loans provided by OCIL
Oakley Capital Investments Limited (AIM: OCL), the AIM-listed company established to provide investors with access to the investment strategy being pursued by Oakley Capital Private Equity L.P. , today announces a trading update for the 12 months ended 31 December 2011.
The Company, through its investment in the Limited Partnership, has an indirect interest in each of the Limited Partnership's ten portfolio companies representing 65% of the Limited Partnership's total commitments.
The Limited Partnership's portfolio of investments comprises eight businesses; Daisy Group plc; Verivox Holdings Limited; Time Out Group (Time Out Limited and Time Out America LLC); Emesa B.V.; intergenia; Broadstone Pensions and Investments Limited; Headland Media Limited; and Monument Securities Limited. Oakley Capital Limited, OCIL's investment adviser, estimates that the Company's net asset value per share, which is subject to the completion of the 31 December 2011 audit of both the Limited Partnership and the Company, will be in the range of £1.70 to £1.72 (31 December 2010: £1.68). The OCIL net asset value is made up of cash, the investment in the Limited Partnership and loans provided to a number of the portfolio companies.
During the year to 31 December 2011, the Fund made three acquisitions. In March 2011, the Fund acquired 68% of Emesa B.V., a leading e-commerce company active in the Dutch online leisure market. A 66% interest in Time Out America LLC was acquired in May 2011, adding the geographic regions of the US (excluding Chicago), Canada, Mexico, Central America and the Caribbean to the investment previously made in Time Out Limited and allowing the consolidation of Time Out world-wide rights under common ownership. At the end of December 2011, the Fund completed the acquisition of a 51% interest in the web hosting business conducted by intergenia AG, a sector well known to the Fund from its previous successful investment in Host Europe.
Peter Dubens, Director, commented: "It has been a productive year for the Limited Partnership with three new portfolio companies acquired and a further four bolt-ons made by the existing businesses.
The current market conditions continue to provide the Limited Partnership and OCIL with compelling opportunities for selective acquisitions which we expect to generate long-term sustainable growth in NAV."