19th Dec 2024 11:09
Oakley Capital Investments Ltd - provides access to equity investments of funds managed by Oakley Capital Ltd - Board approves the conversion of USD107 million of its preferred equity position in portfolio business North Sails, a marine action sports company, into ordinary equity, effective on Thursday. This allows OCI to "better participate in future returns" in the investee company, and was in response to "positive trading momentum and strategic acquisitions" by North Sails over the last year.
OCI continues to hold USD77 million in North Sails preferred equity, and has prorated a warrant over 5% of North Sails' equity down to 2%. The warrant, originally due to mature on June 30, 2025, will now mature on June 30, 2026. OCI also retains a further USD68 million indirect stake in North Sails through its investment in Oakley Capital Fund II.
Current stock price: 500.39 pence, down 0.3% in London on Thursday morning
12-month change: up 3.9%
By Emily Parsons, Alliance News reporter
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