3rd Aug 2007 08:01
Oakley Capital Investments Limited03 August 2007 OAKLEY CAPITAL INVESTMENTS LIMITED First day of dealing on AIM The Board of Oakley Capital Investments Limited (the "Company"), today announcesthe placing of 100,000,000 ordinary shares at £1.00 per ordinary share withwarrants attached on a 1 for 2 basis, raising gross proceeds of £100 million.All of the ordinary shares and warrants in the Company have today been admittedto trading on AIM. Collins Stewart Europe Limited acted as broker to theplacing. The Company has been set up to invest primarily in Oakley Capital Private EquityL.P. (the "Fund"), a new private equity fund being established by a team ofexperienced investment professionals led by Peter Dubens, executive chairman ofPipex Communications plc and former chairman of 365 Media Group plc. The Fund'sinvestment advisory team has an average of 10 years' successful investmentexperience, in M&A, private equity and operational management. The Fund will invest primarily in mid-market buy-outs in the UK and Europe. Itwill seek to acquire controlling positions in companies with scope forperformance improvement, and in industries with strong underlying growth driversand the potential for consolidation. The Fund will utilise the investmentadvisory team's proven ability to self-source transactions and actively manageportfolio companies to improve operational performance. The Fund will targetequity transactions in the range of £20 to £100 million and will seek to delivergross IRR on its investments in excess of 25% per annum and a blended grossmultiple of three times. The Fund is seeking commitments of up to £375 million from limited partners.The directors and employees of the investment advisory team have committed toinvest £12 million of their own capital in the Fund. The first closing of theFund is expected to be shortly after admission. Following the placing, the Company is aware of the following persons who have aninterest either directly or indirectly in 3% or more in the capital of theCompany: Invesco Perpetual 25.0%Kingdon Capital Offshore 10.0%Moore Capital 10.0%GAM 9.0%Fidelity 7.5%Schroders 6.0%Gartmore 5.0%Insight 5.0%Powe Capital 5.0%UBS 4.0% --oo-- For further information please contact: Oakley Capital Limited 020 7766 6900Peter Dubens (Chairman)David Boyd (Investor Relations) Collins Stewart 020 7523 8325Hugh FieldJonny Sloan Financial Dynamics 020 7831 3113Juliet ClarkeEdward BridgesHannah Sloane Collins Stewart Europe Limited, which is authorised and regulated by theFinancial Services Authority in the conduct of investment business, is actingexclusively for Oakley Capital Investments Limited and for no-one else inconnection with the placing and will not be responsible to anyone other thanOakley Capital Investments Limited for providing the protections afforded tocustomers of Collins Stewart Europe Limited or for providing advice in relationto the issue. 3 August 2007 Notes to Editors Background to previous experience of investment adviser's team Oakley Capital (Bermuda) Limited (the "Manager"), has been appointed as managerto the Company and the Fund. The Manager has appointed Oakley Capital Limited(the Investment Adviser") as investment adviser to the Manager. The InvestmentAdviser will be primarily responsible for advising the Manager on theinvestments of the assets of the Fund and the Company The Investment Adviser's team, who were instrumental in generating the returnsproduced by 365 Media Group plc ("365") and Pipex Communications plc ("Pipex")whilst those companies were under the Chairmanship of Peter Dubens, have managedcompanies with a combined enterprise value averaging over £210 million over the5 years to December 2006. 365 was sold to BSkyB in December 2006 generating an IRR of 23% from itsadmission to trading on AIM on 6 August 2001 to the end of December 2006. Theshare price of 365 increased by 2.7 times over the same period. Based on the average share price of 13.78 pence over the 3 months to 30 June2007, Pipex has delivered a 32% IRR to investors since Peter Dubens became adirector of Pipex on 23 October 2002, and the share price of Pipex has increasedby 6.1 times over the same period. Both businesses were grown by undertaking an active M&A, and capital raisingprogramme in conjunction with operational restructuring and strategicrepositioning. The Investment Adviser's team has worked together for over 5 years and hascompleted 26 acquisitions and disposal transactions on behalf of 365 and Pipex.The manager believes this track record demonstrates the Investment Adviser'steam's ability to source, execute, integrate, run, grow and then sellbusinesses. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Oakley