Regular reporting to the Risk Committee of
the Board provides for ongoing analysis and
monitoring against risk appetite. Strategic
considerations of the Board as it relates to
nancial prospects of the Company include:
• Use of leverage. The Company has to date
chosen not to lever its balance sheet.
• Foreign exchange risk hedging. The
Company does not hedge its foreign
exchange exposure due to the unpredictable
timing and quantum of private equity fund
capital calls and distributions.
• Cash management – monitoring of cash
ow forecasts enabling the Company to
meet ongoing commitments to the Funds.
• Commitment to future Oakley Fund
contributions based on analyses of liquidity
forecasts and investment opportunities
• Utilising, periodically, surplus cash
balances to implement share buy-backs
for cancellation.
Viability statement
Based upon this assessment, the Directors
conrm they have a reasonable expectation
that the Company will continue in operation and
meet its liabilities as they fall due over the period
of three years from the date of this report.
Going concern
After making enquiries and given the nature
of the Company and its investments, the
Directors, after due consideration, conclude
that the Company will be able to continue
for the foreseeable future (being a period
of 12 months from the date of this report).
Furthermore, the Directors are not aware
of any material uncertainty regarding the
Company’s ability to do so.
In reaching this conclusion, the Directors have
assessed the nature of the Company’s assets
and cash ow forecasts and consider that
adverse investment performance should not
have a material impact on the Company’s ability
to meet its liabilities as they fall due. Accordingly,
they are satised that it is appropriate to adopt
a going concern basis in preparing these
Consolidated Financial Statements.
Disclosure of information to the auditor
Having made enquiries of fellow Directors and
key service providers, each of the Directors
conrms that:
• to the best of their knowledge and belief,
there is no relevant audit information of which
the Company’s auditor is unaware; and
• they have taken all the steps a Director
might reasonably be expected to have taken
to be aware of relevant audit information
and to establish that the Company’s auditor
is aware of that information.
DIRECTORS‘ REPORT CONTINUED
Political donations and expenditure
The Company has made no political donations
in the year and has no expectation of doing so
in the future.
Annual General Meeting (‘AGM’)
An AGM is held each year, where a separate
resolution is proposed on each substantially
separate issue along with the presentation of
the Annual Report and Accounts. All proxy votes
are counted and, except where a poll is called,
the level of proxies lodged for each resolution is
announced at the Meeting and is published on
the Company’s website. The notice of AGM and
related papers are sent to shareholders at least
21 working days before the Meeting.
The Chair and the Directors can be contacted
through the Company Secretary, Oakley Capital
Manager Limited, 3rd Floor, Mintower Place,
8 Par-la-Ville Road, Hamilton HM08, Bermuda.
In compliance with the bye-laws of the
Company, the AGM will be conducted prior
to 20 August 2021. Details of the AGM will
be notied to shareholders separately to
this report.
Events after balance sheet date
Following the year-end, the following events
have been noted that impact the Company’s
look-through balance sheet:
Dividends – on 10 March 2021, the Board
of Directors approved a nal dividend of 2.25
pence per share in respect of the nancial year
ended 31 December 2020. This is due to be
paid on 15 April 2021 to shareholders registered
on or before 26 March 2021. The ex-dividend
date is 25 March 2021.
Partial sale – on 7 January 2021, the Oakley
Fund II portfolio company, Daisy Group,
announced an agreement to sell its stake
in its Digital Wholesale Solutions division.
OCI’s share of proceeds will be c.£22 million
following this transaction, which includes the
full repayment of OCI’s outstanding c.£17
million direct loan to the Daisy Group. The
transaction is subject to regulatory approval.
Origin Fund – on 25 January 2021, Oakley
announced that the Origin Fund was closed
to institutional investors, with an expected nal
fund size of €455 million. OCI committed a
further €24.3 million to the Fund following the
year end, taking the total OCI commitment to
the Origin Fund to €129.3 million.
Acquisition – on 26 January 2021, Oakley
Fund IV agreed to make a minority investment
in idealista, the leading online real estate
classieds platform in Southern Europe.
OCI’s indirect contribution via Fund IV was
c.£43 million.
Acquisition – on 25 February, Oakley Fund IV
completed its investment in Dexters, one
of London’s leading independent chartered
surveyors and estate agents. OCI’s indirect
contribution via Fund IV was c.£13 million.
Renancing – on 1 March 2021, Oakley
Fund III completed a renancing of its
investment in Career Partner Group. OCI’s
share of overall proceeds on a look-through
basis was
c.£28 million.
On behalf of the Board.
Caroline Foulger
Chair
10 March 2021
An AGM is held
each year, where
a separate
resolution is
proposed on
each substantially
separate issue.
53
Strategic ReportOverview Governance Consolidated Financial Statements