LONDON (ShareCast) - (ShareCast News) - -Oakley Capital Investments, an AIM-listed company established to provide investors with access to the investment strategy being pursued by the Oakley Funds, announced its trading update for the year ended 31 December 2016.
The company has an indirect interest of Fund I,II, and III's portfolio companies, representing 65.5%, 38.1% and 47% respectively, through its investments in the Oakley Funds.

Oakley Capital Limited, the company's investment adviser, estimates that the company's net asset value (NAV) will be in the range of £442m to £446m equating to a net asset value per share of £2.33 to £2.35.

Approximately 18p of the rise in NAV per share is attributable to the significant weakening of the pound between 31 December 2015 to 31 December 2016.

In December 2016, Fund III agreed to acquire a portfolio of European real estate websites including Casa.it in Italy and atHome.lu in Luxembourg. The company contributed €42.2m to the equity investment.

In October 2016, the company benefited from its investment in Fund II through a partial sale of Parship Elite Group, the leading online dating service in the German-speaking world, to ProSiebenSat.1 Media SE, distributing sale proceeds of €43.3m to the company.

An agreement has been signed for a full exit of Fund II's minority interest in Host Europe Group (HEG), following its sale of intergenia Holdings GmbH to HEG in January 2015. Cinven, the majority shareholder, has agreed to sell HEG, the largest privately owned hosting provider in Europe, to GoDaddy Inc. This transaction is expected to generate cash proceeds to the company of around €14.4m.

Fund II also made follow on investments in Educas, Daisy, North Sails and Verivox in 2016, totalling €81.2m.

The company also has direct interest in Time Out Group following its listing in 14 June 2016 representing 24.0% of its issued share capital, and an indirect interest through Fund I of an additional 22.7%.

Fund I sold the remaining Broadstone Corporate Pensions division to Livingbridge in May 2016, distributing proceeds of €6.3m to the company.

With respect to Fund III, the Company has made, in line with its investing policy, a further commitment of €75m, taking the Company's total commitments to Fund III to €325m.

At the year end the company had £128.7m of loan and co-investment assets, which generated £11.3m of interest income during the year.

The company sold 15m treasury shares at a price of £1.57 per share compared to an average acquisition price of £1.46 per share. The dilution impact of this on the NAV per share is around 2.5%, or 5.9 pence.

Director Peter Dubens said: "There have been good levels of investment and divestment activity in the Oakley Funds' underlying portfolio companies. The overall Funds' portfolio continues to perform strongly, reflected in the 18% growth in the fair value of their investment portfolios (measured on a like-for-like basis). We are seeing an interesting pipeline of new investment opportunities for Fund III, as demonstrated by the recent acquisition of European real estate websites".

The share price rose 1.08% at 164p at 1047 GMT on Friday.

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