RNS Number:0836W
Oryx International Growth Fund Ld
22 December 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 PERIOD ENDED 30 SEPTEMBER 2005:
UNAUDITED BALANCE SHEET
As at 30 September 2005
(Expressed in pounds sterling)
ASSETS 2005 2004
# #
Bank balances 4,927,702 1,212,359
Dividends and interest receivable 143,034 172,051
Amounts due from brokers 209,609 31,429
Other receivables 249,047 33,623
Listed investments at fair value through profit &
loss (2004: market value)
(Cost #16,052,462: 2004 - #17,626,868) 18,290,313 18,601,484
Unlisted investments at fair value through profit &
loss (2004: market value)
(Cost #3,906,297: 2004 - #1,387,764) 5,181,451 3,233,628
TOTAL ASSETS 29,001,156 23,284,574
LIABILITIES
Bank overdrafts 4,337 -
Amounts due to brokers 365,640 440,125
Creditors and accrued expenses 101,508 74,525
Convertible loan stock - 687,709
TOTAL LIABILITIES 471,485 1,202,359
NET ASSETS 28,529,671 22,082,215
REPRESENTED BY CAPITAL AND RESERVES:
Called up share capital 5,333,045 5,143,159
Share premium 5,678,409 5,488,522
Capital redemption reserve 1,246,500 1,246,500
Other reserves 16,271,717 10,204,034
23,196,626 16,939,056
TOTAL EQUITY SHAREHOLDERS' FUNDS 28,529,671 22,082,215
Net Asset Value per Share # 2.67 # 2.15
Fully Diluted Net Asset Value per Share # 2.67 # 2.07
UNAUDITED INCOME STATEMENT
For the period ended 30 September 2005
(Expressed in pounds sterling)
2005 2004
# #
INCOME
Deposit interest 90,350 28,452
Dividends and investment income 714,465 134,300
804,815 162,752
EXPENDITURE
Management and investment adviser's fee 156,421 129,635
Finance charge 7,220 9,317
Custodian fees 8,807 8,933
Administration fee 11,880 10,162
Registrar and transfer agent fees 527 2,289
Directors' fees and expenses 50,657 66,030
Audit fees 6,015 15,684
Insurance 4,746 5,273
Legal and professional fees 78,971 40,072
Transaction costs 35,133 -
Miscellaneous expenses 13,355 12,701
373,732 300,096
NET INCOME/(EXPENSE) BEFORE TAXATION 431,083 (137,344)
Taxation (69,392) (27,964)
NET INCOME/(EXPENSE) FOR THE
PERIOD AFTER TAXATION 361,691 (165,308)
Realised gain on investments 2,377,118 1,552,657
Gain/(loss) on foreign currency translation 13,904 (549)
Movement in unrealised gain/(loss) on
revaluation of investments 10,136 (686,356)
TOTAL SURPLUS ATTRIBUTABLE TO
SHAREHOLDERS FOR THE PERIOD 2,762,849 700,444
EARNINGS PER SHARE FOR THE PERIOD # 0.27 # 0.09
FULLY DILUTED EARNINGS PER SHARE FOR THE PERIOD # 0.26 # 0.07
UNAUDITED STATEMENT OF CASH FLOWS
For the period ended 30 September 2005
(Expressed in pounds sterling)
2005 2004
# #
Net cash inflow/(outflow) from operating 250,492 (81,624)
activities
INVESTING ACTIVITIES
Purchase of investments (10,388,446) (10,141,885)
Sale of investments 11,292,916 7,540,172
Net cash inflow/(outflow) from investing 904,470 (2,601,713)
activities
FINANCING ACTIVITIES
Payment to holders of convertible stock - (8,776)
Payment to holders of warrants - (7,222)
Payment to shareholders - (25,870)
Shares issued on exercise of warrants - 687,324
Net cash inflow from financing activities - 645,456
Net cash inflow/(outflow) 1,154,962 (2,037,881)
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET FUNDS
Net cash inflow/(outflow) 1,154,962 (2,037,881)
Exchange movements 13,904 (549)
Net cash at beginning of period 3,754,499 3,250,789
Net cash at end of period 4,923,365 1,212,359
CHAIRMAN'S STATEMENT
As you will see from the report of the Investment Manager, the first half saw
the company continuing to perform better than the benchmark. As we have said in
the past, this consistent good performance has again justified the strategy of
investing in fundamentally good businesses which are undervalued by the equity
markets where active management can assist in unlocking value.
In line with our stated policy, your Board do not propose paying a dividend,
however we have continued with our policy of buying back shares when discounts
allow.
Nigel Cayzer
Chairman
INVESTMENT ADVISER'S REPORT
During the six months under review, the net asset value rose by 12.3% as
compared to a rise in the FTSE Small Cap Index of 8.6%. This was encouraging
against a background where the Company maintained substantial liquid resources
and had no exposure to the speculative small cap oil companies which performed
very well during this period.
The good performance of the Company during the period can be attributed directly
to the 'active value' nature of the Company's investment policy.
Simon Group rose by over 20% and was sold; Infast was taken over at a 50%
profit; Delta rose by 15% and was sold and Highway rose by 50% and was partly
sold.
Recent new positions such as Georgica, Gleeson and Ferraris all performed well.
In the unquoted portfolio United Industries was written off due to substantial
problems in the pension fund. This was however more than offset by excellent
performance at Carwash and Nationwide Accident which were both written up during
the period.
Stock markets since the end of September have become more difficult. This should
however help create opportunities to deploy our cash resources favourably. We
are pleased to report that so far there has been no meaningful impact on the net
assets of the Company.
North Atlantic Value LLP
November 2005
This information is provided by RNS
The company news service from the London Stock Exchange
END
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