RNS Number:4909P
Oryx International Growth Fund Ld
29 July 2005
FOR IMMEDIATE RELEASE
RELEASED BY HSBC SECURITIES SERVICES (GUERNSEY) LIMITED
ORYX INTERNATIONAL GROWTH FUND LIMITED
PRELIMINARY ANNOUNCEMENT
THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCE
RESULTS FOR THE YEAR ENDED 31 MARCH 2005:
UNAUDITED BALANCE SHEET
As at 31 MARCH 2005
(Expressed in pounds sterling)
2005 2004
# #
INVESTMENTS
Listed investments at market value
(cost 18,181,422 13,699,574
#15,740,509 (2004 - #12,188,659))
Unlisted investments
(cost #3,216,893 (2004 4,278,849 4,204,026
- #2,208,106))
22,460,271 17,903,600
CURRENT ASSETS
Dividends and interest receivable 115,903 266,718
Amounts due from broker - 187,653
Bank Balances 3,754,505 3,250,789
Other receivables 226,084 -
4,096,492 3,705,160
CURRENT LIABILITIES
Bank overdrafts
Amounts due to brokers 6 -
627,322 132,851
Creditors and accrued expenses 169,833 61,202
797,161 194,053
NET CURRENT ASSETS 3,299,331 3,511,107
TOTAL ASSETS LESS CURRENT LIABILITIES 25,759,602 21,414,707
LONG TERM LIABILITES
Convertible loan stock 372,551 2,414,522
TOTAL NET ASSETS 25,387,051 19,000,185
EQUITY SHARE CAPITAL 5,143,159 3,941,616
RESERVES
Share premium 5,488,524 4,279,077
Capital redemption reserve 1,246,500 1,239,000
Other reserves 13,508,868 9,540,492
20,243,892 15,058,569
EQUITY SHAREHOLDERS FUNDS 25,387,051 19,000,185
Net Asset Value per share #2.47 #2.41
Fully diluted Net Asset Value per Share #2.42 #2.00
UNAUDITED STATEMENT OF OPERATIONS
For the year ended 31 March 2005
(Expressed in Pounds Sterling)
2005 2004
# #
INCOME
Deposit interest 99,780 57,738
Dividends and Investment income 504,356 777,862
604,136 835,600
Expenditure
Management and investment adviser's fee 371,356 228,161
Finance charge 12,858 23,152
Custodian fee 18,724 15,680
Administration fee 21,256 20,050
Register and transfer agent fees 4,170 3,644
Director's fees and expenses 117,852 119,136
Audit fees 10,643 12,516
Insurance 10,000 9,500
Legal and professional fees 96,239 47,434
Printing and advertising expenses 4,665 6,425
Miscellaneous expenses 27,199 25,345
694,962 511,043
NET (EXPENSE)/INCOME BEFORE TAXATION (90,826) 324,557
Taxation (42,319) (96,548)
NET (EXPENSE)/INCOME FOR THE (133,145) 228,009
YEAR AFTER TAXATION
Realised gain on investments 4,376,620 703,397
Loss on foreign currency translation (6,047) (79,012)
Premium on convertible loan stock (269,695) (25,712)
Movement in unrealised (loss)/gain on revaluation of (3,966) 5,353,186
investments
TOTAL SURPLUS ON ATTRIBUTABLE TO SHAREHOLDERS FOR THE 3,963,767 6,179,868
YEAR
EARNINGS PER SHARE FOR THE YEAR #0.43 #0.77
FULLY DILUTED EARNINGS PER SHARE FOR THE YEAR #0.38 #0.57
UNAUDITED STATEMENT OF CASH FLOWS
For the year ended 31 March 2005
(Expressed in Pounds Sterling)
2005 2004
# #
Net cash (outflow)/ inflow from (86,925) 51,771
operating activities
INVESTING ACTIVITIES
Purchase of investments (17,846,379) (13,647,072)
Sale of investments 18,344,486 17,142,329
Net cash inflow from investing 498,107 3,495,257
activities
FINANCING ACTIVITIES
Payment to holders of convertible (593,360) (70,946)
stock
Payment to holders of warrants 30,479 -
Payment to shareholders (25,870) (413,828)
Shares issued on excise of 687,326 (75,150)
warrants
Net cash inflow/(outflow) from 98,575 (559,924)
financing activities
Net cash inflow 509,757 2,987,104
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
Net cash inflow 509,757 2,987,104
Exchange movements (6,047) (79,012)
Net cash at beginning of the 3,250,789 342,697
year
Net cash at end of year 3,754,499 3,250,789
CHAIRMAN'S STATEMENT
This year is the tenth anniversary of the Fund's existence and I am very pleased
to report another set of excellent results. The Net Asset Value rose by 21%,
which as the Investment Manager points out significantly outperforms the
relevant indices. It also underlines the validity of our strategy of only
investing in companies where value can be identified and realised through
pro-active management.
With the company reaching its tenth anniversary, the outstanding #819,612
Convertible Loan Stock fell due for conversion. The company had acquired during
the year 918,575 Convertible Loan Stock and 763,950 warrants for cancellation.
The purchase price was at a discount to the net asset value thus benefiting all
shareholders. In line with our stated policy, your Board do not propose paying a
dividend, however it will be our intention to continue buying in ordinary shares
when the discount allows it to be enhancing to net asset value.
In the interim statement, I indicated that in line with the original prospectus
a special resolution will be included in the 2005 Annual General Meeting to wind
the Company up. However, as I reported then, we have consulted with a number of
significant shareholders and your board does not believe it will succeed. If
that is the case, a similar resolution will be put in 2007 and every two years
thereafter.
The Management options have been waived.
Nigel Cayzer
Chairman
INVESTMENT ADVISER'S REPORT
During the period under review the net asset value per share rose by 21.5% as
compared with a rise in the FTSE Small Cap of 10.4% and a rise in the FTSE of
11.6%.
Over the past ten years the net asset value per share has risen by 156.3% as
compared with a rise in the FTSE Small Cap of 69.3% and a rise in the FTSE of
55.9%.
This performance is mainly attributable to the activist approach taken to many
of our investments. TBI was taken over during the period as was Mentmore and
Hartstone. Other stocks that performed notably well include East Surrey
Holdings, Dowding & Mills, Lonrho, Whatman and Quarto.
The Unquoted Portfolio also performed well as Executive Air was taken over.
However, the takeover of Waterbury was particularly significant as the price was
an 80% premium to our holding value in March 2004 and at nine times cost. We are
also optimistic that the unquoteds will add value in the current year and, in
particular, we expect Nationwide Accident to go public at a significant uplift
to our current valuation.
The Quoted market is more challenging as it becomes increasingly difficult to
find attractive opportunities trading at substantial discounts to the value of
the underlying business. Consequently, cash balances at the year end were
#3,754,499. Nevertheless, the year has started well with the takeover of East
Surrey Holdings at a 25% premium to the valuation at 30th March 2005 and we are
hopeful that further value will be added to the portfolio as the year
progresses.
North Atlantic Value LLP
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAAXNAANSEFE
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