Investments  

Woodford’s new home Oakley issues update

Oakley Capital Investments Limited (OCIL) has delivered what it called a year of “very significant progress” in a trading update for 2013.

The update is in relation to the AIM-listed company which provides investors access to the investment strategy pursued by Oakley Capital Private Equity Limited Partnership and its other funds.

The Limited Partnership’s portfolio of investments comprises six businesses: Daisy Group; Verivox Holdings; Time Out Limited and Time Out America LLC (together, “Time Out Group”); intergenia Holding GmbH; Broadstone Pensions and Investments Limited; and Educas Investments LLP (”Educas”).

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The update for the 12 months to December 31 said it expects that OCIL, the listed entity, will have a net asset value of roughly £245m-£247m creating a net asset value per share of £1.98-£2 - strong progress from the £1.81 level as at December 31 2012.

It added OCIL sold four investments of which two were “significant”.

The update did not mention Neil Woodford’s forthcoming arrival. He will join Oakley Capital Management on May 1 and will run a retail asset management business.

Peter Dubens, director of OCIL, said: “2013 has been a year of very significant progress for OCIL with [the net asset value] per share up over 9 per cent year on year based on strong exits made by the Limited Partnership and the underlying financial performance of the remainder of the investment portfolio.

“2014 has started strongly with an interesting pipeline of proprietary investment opportunities under consideration.”