Oakley Capital Investments delivered a reasonable first-half performance and, even though net asset value fell year-on-year, it was up from end-2011's 171p. Additional funding was made available to four companies within the investment portfolio, and while there were no new investments made, a number of opportunities and bolt-on acquisitions are under review - with at least one investment expected before the year-end. But with no dividend, and a tough investment backdrop, there are few catalysts to drive a re-rating.
The company invests in private equity ventures established by its associated limited partnership, Oakley Capital Private Equity - it also provides mezzanine debt finance at a fixed rate of 15 per cent. Net assets rose from the start of the year by £4.5m to £223.4m, with fee and foreign exchange losses of £1.7m more than outweighed by interest income of £2.8m. There was also an unrealised £3.4m appreciation on investments, reflecting a better performance from portfolio companies - notably online consumer auction platform, Emesa, and web hosting specialist, Intergenia. However, net earnings fell significantly because the tough investment climate made it impossible to repeat the previous half-year's net realisations - which fell from £14.2m to £2.38m.
| OAKLEY CAPITAL INVESTMENTS (OCL) | ||||
|---|---|---|---|---|
| ORD PRICE: | 130p | MARKET VALUE: | £167m | |
| TOUCH: | 126-131p | 12-MONTH HIGH: | 145p | LOW: 114p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| DISCOUNT TO NAV: | 25% | |||
| Half-year to 30 Jun | Net asset value (p) | Net investment income (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 180 | 1.83 | 12.0 | nil |
| 2012 | 174 | 2.09 | 3.00 | nil |
| % change | -3 | +14 | -75 | - |
Ex-div:- Payment:- | ||||
