RNS Number:6990F
Oryx International Growth Fund Ld
05 July 2006
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 2006
BALANCE SHEET
As at 31 March 2006
(expressed in pounds sterling)
ASSETS 2006 2005
# #
Bank balances 6,716,707 3,754,505
Dividends and interest receivable 108,474 115,903
Other receivables 97,424 226,084
Listed investments at fair value
(Cost #15,411,613: 2005 - #15,740,509) 18,916,400 18,181,422
Unlisted investments at fair value
(Cost #5,388,047: 2005 - #3,216,893) 7,020,250 4,278,849
TOTAL ASSETS 32,859,255 26,556,763
LIABILITIES
Bank overdrafts - 6
Amounts due to brokers 1,221,770 627,322
Creditors and accrued expenses 104,685 169,833
Convertible loan stock - 372,551
TOTAL LIABILITIES 1,326,455 1,169,712
NET ASSETS 31,532,800 25,387,051
REPRESENTED BY:
CAPITAL AND RESERVES
Called up share capital 5,333,044 5,143,158
Share premium 5,678,410 5,488,525
Capital redemption reserve 1,246,500 1,246,500
Other reserves 19,274,846 13,508,868
26,199,756 20,243,893
TOTAL EQUITY SHAREHOLDERS' FUNDS 31,532,800 25,387,051
Net Asset Value per Share # 2.96 # 2.47
Diluted Net Asset Value per Share # 2.96 # 2.42
INCOME STATEMENT
For the year ended 31 March 2006
(Expressed in pounds sterling)
2006 2005
# #
INCOME
Deposit interest 318,237 99,780
Dividends and investment income 854,290 504,356
1,172,527 604,136
EXPENDITURE
Management and investment adviser's fee 324,682 371,356
Finance charge 7,220 12,858
Custodian fees 18,155 18,724
Administration fee 27,344 21,256
Registrar and transfer agent fees 1,391 4,170
Directors' fees and expenses 109,311 117,852
Audit fees 11,500 10,643
Insurance 9,000 10,000
Legal and professional fees 73,960 96,239
Transaction costs 126,762 -
Miscellaneous expenses 37,713 31,864
747,038 694,962
NET INCOME/(EXPENSE) BEFORE TAXATION 425,489 (90,826)
Taxation (83,665) (42,319)
NET INCOME/(EXPENSE) FOR THE
YEAR AFTER TAXATION 341,824 (133,145)
Realised gain on investments 3,772,030 4,376,620
Gain/(loss) on foreign currency translation 18,002 (6,047)
Premium on redemption on convertible loan stock - (269,695)
Movement in unrealised gain/(loss) on
revaluation of investments 1,634,122 (3,966)
TOTAL SURPLUS ATTRIBUTABLE TO
SHAREHOLDERS FOR THE YEAR 5,765,978 3,963,767
BASIC EARNINGS PER SHARE FOR THE YEAR # 0.54 # 0.43
DILUTED EARNINGS PER SHARE FOR THE YEAR # 0.55 # 0.38
STATEMENT OF CASH FLOWS
For the year ended 31 March 2006
(Expressed in pounds sterling)
2006 2005
# #
Net cash inflow/(outflow) from operating activities 419,986 (86,925)
INVESTING ACTIVITIES
Purchase of (18,009,316) (17,846,379)
investments
Sale of investments 20,533,536 18,344,486
Net cash inflow from investing activities 2,524,220 498,107
FINANCING ACTIVITIES
Payment to holders of convertible stock - (593,360)
Payment to holders of warrants - (7,222)
Lapsed warrants - 37,701
Payment to - (25,870)
shareholders
Shares issued on exercise of warrants - 687,326
Net cash inflow from financing activities - 98,575
Net cash inflow 2,944,206 509,757
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET FUNDS
Net cash inflow 2,944,206 509,757
Exchange movements 18,002 (6,047)
Net cash at beginning of year 3,754,499 3,250,789
Net cash at end of year 6,716,707 3,754,499
CHAIRMAN'S STATEMENT
I am very pleased to report another set of solid results with the Net Asset
Value rising by just under 22% which follows last years increase of 21%. This
satisfactory trend of delivering value to shareholders is derived from our
strategy of only investing in companies where value can be identified and
realised through pro-active management.
During the course of last year, the Convertible Loan Stock fell due for
conversion and the outstanding warrants were cancelled. The special resolution
included in the 2005 Annual General Meeting to wind the Company up was defeated.
This was anticipated but it means that a similar resolution will be put in 2007
and every two years thereafter.
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.
Nigel Cayzer
Chairman
INVESTMENT ADVISER'S REPORT
During the period under review the net asset value per share rose by 22.3% as
compared with a rise in the FTSE All share of 24.0%.
Over the past eleven years the net asset value per share has risen by 208.3% as
compared with a rise in the FTSE All Share of 103.3%.
This performance is mainly attributable to the activist approach taken to many
of our investments. During the financial year end 31 March 2006, holdings in
East Surrey Holdings, Dowding & Mills and Parkdean were acquired. Other stocks
that performed well include Highway, Gleeson, Georgica, Lonrho Africa and
Whatman.
The Unquoted Portfolio also performed well as Nationwide Accident is planning an
IPO. We are also optimistic that the unquoteds will add value in the current
year and, in particular, we expect Santa Maria/Ontario to be taken over at a
significant uplift to our current valuation.
The Quoted market was challenging as it became 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 #6.7m or
just over 20% of the portfolio.
The current year has seen a major retraction in equity markets during May. This
is providing opportunities to invest the portfolio's considerable cash position
in undervalued securities which we believe will build value for shareholders
over the balance of the year.
North Atlantic Value LLP
June 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSMSUISMSEDW
Oryx International Growth (LSE:OIG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Oryx International Growth (LSE:OIG)
Historical Stock Chart
From Jul 2023 to Jul 2024
