Hardman & Co Research: "When it rains gold, put out the bucket"

Over 10 years, OCI has delivered a 156% total NAV return. Its investments in Oakley Capital's (Oakley) private equity (PE) funds have delivered total realised returns of 3.5x money multiple and 48% gross IRR to date since inception. Oakley has unique advantages in origination, management and complex-deal structuring. Portfolio companies benefit from improved operational efficiency, strategic development, ratings and governance. OCI's end-June cash was £261m (59% of market cap.) - well positioned to take market opportunities. The 1H'20 NAV total return was 4%, despite COVID-19. The 35% NAV discount appears anomalous with performance.

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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