Time Out equity fundraise and OCI loan repayment

22 May 2020

Oakley Capital Investments Limited 

Time Out equity fundraise and OCI loan repayment 

Oakley Capital Investments Limited¹ (the "Company" or "OCI"), announces that it has participated in a Time Out Group Plc ("Time Out") equity fundraise and is to receive repayment of its outstanding loan notes to the portfolio company.

Time Out, an Oakley Capital Private Equity L.P.² ("Oakley Fund I") and OCI direct investee company, has completed an equity placing to raise £45 million and up to a further £4 million via an Open Offer at an issue price of 35 pence per share. The funds will be used to:

OCI and Oakley Fund I have subscribed for up to 71.1 million new shares in the placing, of which 36 million are an OCI direct investment.

Outstanding loans and interest from OCI to Time Out totalling £27.1 million will be repaid following the fund raise and all loan facilities will be cancelled.

Time Out CEO, Julio Bruno, commented on the completion of the placing:

"A combination of this successful fundraising, a cost reduction programme and further strategic initiatives will ensure Time Out emerges from this period of COVID-19-led disruption with a stronger brand, a larger audience and a higher operating margin, and will be well positioned to continue the successful Time Out Markets roll-out which transformed the Group in 2019."

"Consumers and chefs alike are keen to return to the Markets, which will offer an appealing proposition following the lifting of lockdown. Large, well-ventilated Market venues are well suited to allow social distancing in an enjoyable environment, whilst continuing to offer the very best food a city has to offer."

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For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget, Investor Relations

Greenbrook Communications Limited

+44 20 7952 2000

Alex Jones / Gina Bell / James Williams

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Gillian Martin / Owen Matthews

Notes:

LEI Number: 213800KW6MZUK12CQ815

¹ About Oakley Capital Investments Limited ("OCI")

OCI is a Specialist Fund Segment ("SFS") traded investment vehicle, which provides access to the Oakley Funds². It is a liquid vehicle that aims to provide capital growth and dividends to investors.

² The Oakley Funds

Oakley Capital Private Equity L.P. and its successor funds, Oakley Capital Private Equity II, Oakley Capital Private Equity III and Oakley Capital IV, are unlisted mid-market private equity funds with the aim of providing investors with significant long-term capital appreciation. The investment strategy of the funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement.

 The Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability to source attractive growth assets at attractive prices. To do this it relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal generating entrepreneur network.

Important information

Specialist Fund Segment securities are not admitted to the Official List of the Financial Conduct Authority. Therefore the Company has not been required to satisfy the eligibility criteria for admission to listing on the Official List and is not required to comply with the Financial Conduct Authority's Listing Rules. The London Stock Exchange has not examined or approved the contents of the Prospectus.

The Specialist Fund Segment is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.