OEICs are companies that manage investment funds. You can purchase a stake in the investment fund by buying shares in the management company. This is an 'open-ended fund' like a unit trust, so the value of the investment will grow as more people buy shares, and will shrink as people sell the shares back to the investment company. The value of these shares is based on the current market value of the investments made by the company.
There is normally no difference between the buying and selling price of OEIC shares, so they are usually referred to as being 'single priced', although an initial charge is usually levied when you buy and sell OEIC shares. Like unit trusts, some OEICs have no initial charge and instead charge an 'exit fee' when you sell your shares in the company.
