RNS Number:0539B
Oryx International Growth Fund Ld
27 July 2007
FOR IMMEDIATE RELEASE
27 July 2007
ORYX INTERNATIONAL GROWTH FUND LIMITED
PRELIMINARY ANNOUNCEMENT
THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCE
UNAUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2007
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 31 March 2007
(expressed in pounds sterling)
ASSETS 2007 2006
# #
Bank balances 5,201,509 6,716,707
Dividends and interest receivable 405,259 108,474
Other receivables 661,039 97,424
Listed investments at fair value
(Cost #66,699,127: 2006 -
#15,411,613) 74,036,006 18,916,400
Unlisted investments at fair
value
(Cost #4,423,640: 2006 -
#5,388,047) 4,692,071 7,020,250
--------- ----------
TOTAL ASSETS 84,995,884 32,859,255
--------- ----------
LIABILITIES
Amounts due to brokers 2,671,986 1,221,770
Creditors and accrued expenses 600,531 104,685
--------- ----------
TOTAL LIABILITIES 3,272,517 1,326,455
--------- ----------
NET ASSETS 81,723,367 31,532,800
========= ==========
REPRESENTED BY:
CAPITAL AND RESERVES
Called up share capital 20,638,610 5,333,044
--------- ----------
Share premium 36,309,116 5,678,410
Capital redemption reserve 1,246,500 1,246,500
Other reserves 23,529,141 19,274,846
--------- ----------
61,084,757 26,199,756
--------- ----------
TOTAL EQUITY SHAREHOLDERS' FUNDS 81,723,367 31,532,800
========= ==========
Net Asset Value per Share -
Ordinary Shares #3.27 #2.96
========= ==========
Net Asset Value per Share - C
Shares #1.14 N/A
========= ==========
Diluted Net Asset Value per Share
- Ordinary Shares #3.27 # 2.96
========= ==========
Diluted Net Asset Value per Share
- C Shares #1.14 N/A
========= ==========
UNAUDITED CONSOLIDATED INCOME STATEMENT
For the year ended 31 March 2007
(Expressed in pounds sterling)
2007 2006
# #
INCOME
Deposit interest 647,706 318,237
Dividends and investment income 1,836,920 854,290
---------- --------
--------
2,484,626 1,172,527
---------- --------
---------- --------
EXPENDITURE
Management and investment adviser's fee 610,796 324,682
Finance charge - 7,220
Custodian fees 33,649 18,155
Administration fee 99,009 27,344
Registrar and transfer agent fees 76,554 1,391
Directors' fees and expenses 184,488 109,311
Audit fees 21,410 11,500
Insurance 9,651 9,000
Legal and professional fees 346,668 73,960
Performance fee 100,000 -
Printing expense 72,348 -
Setting up costs 1,117,161 -
Salary costs 159,465 -
Miscellaneous expenses 753,620 37,713
---------- --------
---------- --------
3,584,819 620,276
---------- --------
----------
NET (EXPENSE)/INCOME BEFORE TAXATION (1,100,193) 525,251
Taxation (81,345) (83,665)
---------- --------
---------- --------
NET (EXPENSE)/INCOME FOR THE
YEAR AFTER TAXATION (1,181,538) 468,586
Realised gain on investments 3,867,406 3,772,030
(Loss)/gain on foreign currency
translation (136,228) 18,002
Movement in unrealised gain on
revaluation of investments 2,334,760 1,634,122
Transaction costs (630,105) (126,762)
TOTAL SURPLUS ATTRIBUTABLE TO
---------- --------
SHAREHOLDERS FOR THE YEAR 4,254,295 5,765,978
========== ========
========
Basic Earnings per share for the year -
Ordinary Shares # 0.25 # 0.54
========== ========
Basic Earnings per share for the year - C
Shares # 0.08 N/A
========== ========
Diluted Earnings per share for the year -
Ordinary Shares # 0.25 # 0.54
========== ========
Diluted Earnings per share for the year -
C Shares # 0.08 N/A
========== ========
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2007
(Expressed in pounds sterling)
2007 2006
# #
Net cash (outflow)/inflow from
operating activities (2,622,093) 546,748
INVESTING ACTIVITIES
Purchase of (78,517,387) (18,009,316)
investments
Sale of investments 44,937,286 20,533,536
Transaction costs (630,105) (126,762)
--------- ----------
Net cash (outflow)/inflow from
investing activities (34,210,206) 2,397,458
FINANCING ACTIVITIES
Issue of shares 35,453,329 -
--------- ----------
Net cash inflow from financing
activities 35,453,329 -
Net cash (outflow)/inflow (1,378,970) 2,944,206
========= ==========
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET FUNDS
Net cash (outflow)/inflow (1,378,970) 2,944,206
Exchange movements (136,228) 18,002
Net cash at beginning of year 6,716,707 3,754,499
--------- ----------
--------- ----------
Net cash at end of 5,201,509 6,716,707
year ========= ==========
--- ----------- ------------------- -- --------- ---- ---------- ----
CHAIRMAN'S STATEMENT
The year under review was one of significant change for your company.
In the first half of the year, the company successfully completed the
acquisition of Baltimore PLC. This was done through the issuance of a new class
of "C" shares. These shares have traded in parallel with the ordinary shares
since the completion in July 2006. Since that date the Investment Manager, North
Atlantic Value, has been aligning the two portfolios so as to allow the two
classes of shares to be merged into one. The Board is hopeful of bringing
forward proposals to effect this during the second half of the year.
In the second half of the year, your company merged with American Opportunity
Trust PLC and this was completed in February 2007.
The cost of these transactions was largely paid by third parties. The costs of
acquiring Baltimore was borne by the shareholders of Baltimore and a significant
part of the cost of the merger with American Opportunity Trust was borne by that
company's shareholders and North Atlantic Value. The effect of these two
transactions was to bring additional assets to the company of #46m. This will
help liquidity and spread the costs over a significantly greater asset base,
thereby benefiting all shareholders.
I am very pleased to report another set of solid results with the Net Asset
Value of the ordinary shares rising by 11% and the C shares (since July 2006) by
15%. This satisfactory trend of delivering value to shareholders is derived from
our strategy of only investing in companies where value can be identified and
realized through proactive management.
In 2005, in line with the original prospectus, a special resolution was included
in the 2005 Annual General Meeting to wind the Company up. At that time, we
indicated that a similar resolution would be put to shareholders in 2007 and
every two years thereafter. We will include the same resolution in this year's
AGM but, having consulted with a number of significant shareholders, your Board
does not believe it will succeed. If that is the case, a similar resolution will
be put in 2009.
In line with our stated policy, your Board does 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.
The current year has started well and your Board views the future with
confidence.
Nigel Cayzer
Chairman
Enquiries
Jean McMillan/Sara Radford
BNP Paribas Fund Services (Guernsey) Limited
Tel: 01481 743000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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