RNS Number:5384I
Oryx International Growth Fund Ld
27 November 2007
FOR IMMEDIATE RELEASE
RELEASED BY BNP PARIBAS FUND SERVICES (GUERNSEY) LIMITED
INTERIM RESULTS ANNOUNCEMENT
THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCE
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007
CHAIRMAN'S STATEMENT
As you will see from the report of the Investment Manager, the first half saw a
slightly disappointing performance with both classes of shares registering small
falls in their net asset values albeit outperforming their benchmark index. This
performance reflects the difficult markets which exist at the moment. However we
believe our strategy of investing in fundamentally good businesses which are
undervalued by the equity markets and where active management can assist in
unlocking value, will continue to deliver good returns over the medium term.
On 28 September 2007, the Company was pleased to announce that the Company's
Investment Adviser, North Atlantic Value, had notified the Directors that more
than 80 per cent. of C shareholders funds had been realised and invested in
assets selected by them. Accordingly, the C shares were converted into ordinary
shares on 12 October 2007 and the Company's share capital now consists of one
class of Ordinary shares.
In line with our stated policy, your Board do not propose paying a dividend,
however we will continue with our policy of buying back shares when discounts
allow.
Nigel Cayzer
Chairman
INVESTMENT ADVISER'S REPORT
During the six month period under review the net asset value fell by 2.4% as
compared to a fall in the FTSE Small Cap Indices of 6%. Whilst this performance
is disappointing the index excluding Natural Resource stocks which the Fund does
not invest in performed even worse. The Company's C shares fell by 4.3% with the
difference being made up by the weakness in Bavaria and Newfoundland, two of the
portfolios original holdings. The two portfolios have now come together and this
will result in a unified net asset value for shareholders going forward.
Investments that performed well during the period include Inspired Gaming
following a takeover approach; Aero Inventory prior to sale; Fayrewood as a
result of a tender offer; Lesco following a bid for the company; AssetCo
following very good results; WH Energy Services due to a significant improvement
in the oil price and Communisis following better than expected operating
performance.
These gains were however offset by weakness in Augean, BBA, Georgica, Ashstead
and Meadow Valley. In each case the fundamentals of the business remains sound
and we believe there are clear catalysts in place to create value.
Although the unquoted portfolio is now relatively small, the successful IPO of
DM Technical Services via a reverse takeover of Castle Acquisitions was achieved
at an excellent profit for shareholders. Results at Motherwell Bridge are also
better than expected and we contemplate an exit at a good uplift from the
current valuation in the next few months.
Markets are currently extremely difficult. Fortunately, the Fund has no exposure
to the banking industry and limited exposure to property. Institutions are
refocusing their porfolios away from small and medium sized companies and I
believe that this will create good opportunities for the Fund over the next
year.
Risks and Uncertainties
The significant events that have occurred in the six months under review are
disclosed in Note 1 to the financial statements.
The following risks are the principal risks which are considered by the
Directors to be material to Shareholders. These are summarised as follows:
Ordinary shares The market price and the realisable value of the Ordinary
shares, as well as being affected by their underlying net asset value, also take
into account supply and demand for the Ordinary shares, market conditions and
general investor sentiment.
As such, the market value and the realisable value of the Ordinary shares may
fluctuate and vary considerably from the net asset value of the Ordinary shares
and investors may not be able to realise the value of their original investment.
Market risks The Company's investments are subject to normal market fluctuations
and the risks inherent in the purchase, holding or selling of securities, and
there can be no assurance that appreciation in the value of those investments
will occur. The Company has a small exposure to unquoted investments and as no
market for such investments readily exists, the valuation of these investments
is estimated by the Directors in accordance with the accounting policies as set
out in Note 2 (b).
Foreign currency risks The functional currency of the Company is Sterling and,
therefore, the Company's principal exposure to foreign currency risk comprises
its investments priced in other currencies. No derivative or forward contracts
are used to hedge currency risk.
General The Company does not have a fixed winding-up date and, therefore, unless
Shareholders vote to wind up the Company, Shareholders will only be able to
realise their investment through the market.
Taxation and exchange controls Any change in the Company's tax status or in
taxation legislation (including the tax treatment of dividends or other
investment income received by the Company) could affect the value of the
investments held by the Company, affect the Company's ability to provide returns
to Shareholders or alter the post tax returns to Shareholders. The Company may
purchase investments that may be subject to exchange controls or withholding
taxes in various jurisdictions. In the event that exchange controls or
withholding taxes are imposed with respect to any of the Company's investments,
the effect will generally be to reduce the income received by the Company on its
investments and the capital value of the affected investments.
North Atlantic Value LLP
26 November 2007
TEN LARGEST EQUITY HOLDINGS
As at 30 September 2007
Inspired Gaming Group Plc - Cost #3,382,401 (1,500,000 shares)
Inspired Gaming Group Plc (INGG) is the leading player worldwide in the Open
Server-Based Gaming (Open SBGTM) market and is also the leading provider of
analogue and Open SBGTM machines in the UK for the leisure and gaming markets.
The Group provides Open SBGTM software systems and Open SBGTM digital and
networked terminals in seven countries today. The Group manages over 82,000
machines across the UK, of which in excess of 20,000 are already on the Open
SBGTM platform. The Group also has over 15,000 machines connected to its network
overseas.
The Group's customer base includes pubs, bars, casinos, bingo halls, licensed
betting offices, holiday parks and other out of home leisure venues. Key
customers include the major pub companies and gaming companies such as William
Hill and Gala Coral Group.
The Group is also the leading provider of Fixed Odds Betting Terminals, itbox
skill gaming terminals, and other Open SBGTM variants. The company is in
discussions which may lead to an offer.
Market value #5,332,500 representing 6.73% of Net Asset Value.
Telecoms Plus Plc - Cost #3,556,978 (2,300,000 shares)
The Company is the UK's leading bill aggregator for the utility industry,
offering its clients all of the major utilities through a simple monthly
payment. The Company has substantial cash balances and no debt.
Last year the Company entered into a performance related contract which gave
Powergen the right to acquire the business at about 50% above the current share
price. The Company's recent results were good.
Market value #4,134,250 representing 5.21% of Net Asset Value.
BBA Aviation Plc - Cost #4,477,362 (1,650,000 shares)
BBA Aviation serves two primary markets - Flight Support and Aftermarket
Services and Systems. Flight Support services include refuelling, cargo
handling, ground handling and other services to the business and commercial
aviation market. Aftermarket Services and Systems activities include overhaul of
jet engines, supply of aircraft parts, design, manufacture and overhaul of
landing gear, aircraft hydraulics and other aircraft equipment. BBA Aviation's
major markets include the USA, Asia, the UK and Europe, with Company
headquarters in London, England. With annual sales in excess of #1.0 billion BBA
Aviation's businesses have a leading market position and strong growth
potential. A key driver to future performance will be the continuing growth of
the private aviation sector.
Market value #3,766,125 representing 4.75% on Net Asset Value.
Cardpoint Plc - Cost #3,340,627 (3,750,000 shares)
Cardpoint is the market leader in the independent cash machine sector with
operations in the UK and Germany. The Company also operates cash machines for
banks and building societies. In the UK, Cardpoint operates cash machines for
Bradford & Bingley and Norwich and Peterborough Building Societies. In Germany
Cardpoint has a partnership with GE Money Bank. The Company, which has its
headquarters in Blackpool, has over 5,500 terminals in the UK & Europe. These
are split between:
i) Over 5,000 cash machines installed across the UK,
processing more than 8 million transactions a month and dispensing more than
#300 million in cash each month.
ii) 750 cash machines installed across Germany.
Cardpoint is a full member of the LINK Network, the only branded shared network
of cash machines and self-service terminals in the UK. The service provides a
telecoms and settlement infrastructure to its members. It allows some 98 million
cardholders of every member financial institution to use the cash machine of
another LINK member. The company has recently announced a merger with Alphyra.
This will result in considerable opportunities to expand into the European
market. The company will change its name into Payzone.
Market value #3,590,625 representing 4.53% of Net Asset Value.
Gleeson (MJ) Group Plc - Cost #3,248,073 (965,293 shares)
Gleeson (MJ) Group Plc is a construction operations company. The Group builds
houses and private purchases housing associations and local authorities, in
addition to providing electrical / mechanical engineering contracting, property
investment, and residential and commercial development services. The Company has
announced a radical restructuring of its business portfolio which is expected to
significantly enhance shareholder value over the next twelve months.
Market value #3,419,550 representing 4.31% of Net Asset Value.
AssetCo plc - Cost #2,471,385 (1,600,000 shares) - (AIM Listed)
AssetCo is a leading provider of total managed services to UK fire and rescue
authorities. The Company designs, builds and converts specialist vehicles and
equipment for emergency and mission critical service clients. AssetCo plc was
formed following the reverse takeover of AssetCo Group Limited by Asfare Group
plc on the 30th March 2007. AssetCo plc headquarters are in Ruislip, Greater
London and employ around 500 people in 8 locations.
The business is organised into two distinct operating divisions:
The Emergency Service Division brings together the combination of operational
management expertise and strength of Vehicles and Equipment within the emergency
services supply chain to deliver a range of fully managed services.
The Emergency Equipment Division has been established to ensure that clients
have access to an extensive range of specialist vehicles and equipment all from
under one roof. The company recently stated that results will be in excess of
budget and expectations.
Market Value #3,132,000 representing 3.95% of Net Asset Value.
Georgica Plc - Cost #3,523,196 (3,100,000 shares)
Georgica is the largest owner of ten pin bowling facilities in the United
Kingdom. The company has no debt and surplus property assets. The company is
seeking potential acquirers.
Market value #3,069,000 representing 3.87% of Net Asset Value.
RPC Group Plc - Cost #2,722,385 (1,000,000 shares) - (LSE Listed)
The RPC Group is Europe's leading manufacturer of rigid plastic packaging,
unique in offering products made by all three main conversion processes,
blowmoulding, injection moulding and thermoforming. It has over 50 autonomous
manufacturing sites in 13 countries employing in excess of 6,800 people.
RPC serves a comprehensive range of customers, from the largest European
manufacturers of consumer products, to smaller national businesses. It has a
particularly strong position in the beauty and personal care sector, the vending
and drinking cup market, the margarine and spreads sector and multiplayer sheet
and packs for oxygen sensitive food products. The shares were acquired at around
5 x EBITDA to enterprise value - a significant discount to most comparable
businesses.
Market value #2,817,500 representing 3.55% of Net Asset Value.
Electronic Data Processing Plc - Cost #2,390,263 (4,164,587 shares)
Electronic Data is a property and software company. Recent results have been
satisfactory and the balance sheet has cash and no debt.
Market value #2,665,336 representing 3.36% of Net Asset Value.
Castle Support Services Plc - Cost #948,828 (3,020,718 shares)
Castle Support is the largest company in the United Kingdom repairing and
maintaining heavy electro mechanical equipment. Overseas operations in Australia
and the United States focus on coal mining industry. Last years results were
excellent and the outlook for the current year appears favourable.
Market value #2,544,955 representing 3.21% of Net Asset Value.
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 September 2007
(Expressed in pounds sterling)
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2007 2006 2007
(Restated) (Restated)
# # #
Income
Deposit interest 232,646 297,969 744,706
Dividends and investment
income 1,163,233 642,366 1,823,920
---------- -------- ---------
1,395,879 940,335 2,568,626
Realised gains on
investments 1,045,960 2,860,764 5,626,070
Movement in unrealised
(loss)/gain on
revaluation (3,841,229) (885,770) 878,445
of investments
Transaction costs (184,911) (361,468) (693,472)
(Loss)/gain on foreign
currency translation (1,767) 49,880 (139,228)
--------- ------- ---------
Income and (losses)/gains
from investments (1,586,068) 2,603,741 8,240,441
----------- --------- ---------
Expenses
Management and investment
adviser's fee 171,368 225,708 610,796
Custodian fees 43,387 12,529 33,649
Administration fees 49,036 19,672 99,009
Registrar and transfer
agent fees 16,374 997 76,554
Directors' fees
and 45,515 63,507 184,488
expenses
Audit fees 47,089 6,588 21,410
Insurance 5,974 4,458 9,651
Legal and 338,178 1,963 823,668
professional
fees
Withholding tax
on 114,201 50,466 98,745
dividends
Performance fee - - 100,000
Setting up costs - 459,465 423,228
Miscellaneous 197,707 50,066 8,629
expenses
---------- -------- ---------
Total expenses 1,028,829 895,419 2,489,827
---------- -------- ---------
Net (loss)/
income for the (2,614,897) 1,708,322 5,750,614
period / year ----------- --------- ---------
Basic earnings
per share - (# 0.08) #0.14 # 0.26
Ordinary
----------- ------- -------
Basic earnings
per share - (# 0.05) # 0.01 # 0.20
C share
----------- ------- -------
Diluted earnings
per share (# 0.08) #0.14 # 0.26
- Ordinary ----------- ------ -------
(#0.05) #0.01 # 0.20
Diluted earnings per ----------- ------ -------
share - C share
CONSOLIDATED BALANCE SHEET
As at 30 September 2007
(Expressed in pounds sterling)
30 September 30 September 31 March
2007 2006 2007
(Restated) (Restated)
# # #
Non-current
assets
Investments
at fair value 76,349,998 40,370,983 78,728,077
through ---------- ----------- -----------
profit or
loss
Current
assets
Other 1,048,552 540,822 1,581,039
receivables
Dividends and
interest 290,620 335,573 405,259
receivable
Amounts due 292,334 471,217 -
from brokers
Cash and cash 3,841,043 20,581,721 5,593,509
equivalents
---------- ----------- ----------
5,472,549 21,929,333 7,579,807
---------- ----------- ----------
---------- ----------- ----------
Total 81,822,547 62,300,316 86,307,884
assets ---------- ----------- ----------
Current
liabilities
Bank - 71,921 -
overdrafts
Amounts due 609,815 804,659 2,671,986
to brokers
Creditors and
accrued 1,923,262 1,792,403 1,731,531
expenses
---------- ----------- ------------
2,533,077 2,668,983 4,403,517
--------- ----------- ------------
--------- ----------- ------------
Net assets 79,289,470 59,631,333 81,904,367
----------- ----------- ------------
Shareholders
equity
Called up 20,638,610 18,029,988 20,638,610
share capital
Share 34,993,797 19,588,739 34,993,797
premium
Capital 1,246,500 1,246,500 1,246,500
redemption
reserve
Other 22,410,563 17,643,852 25,025,460
reserves
------------ ----------- ------------
Total 79,289,470 56,509,079 81,904,367
equity ------------ ----------- -----------
Minority - 3,122,254 -
Interests
----------- ----------- -----------
79,289,470 59,631,333 81,904,367
----------- ----------- -----------
Net Asset
Value per # 3.19 # 3.10 # 3.27
Share - ----------- -------- --------
Ordinary
Net Asset
Value per # 1.10 # 1.06 # 1.15
Share - ----------- ------- -------
C share
Diluted Net
Asset Value # 3.19 # 3.10 # 3.27
per ---------- ------- --------
Share -
Ordinary
Diluted Net
Asset Value # 1.10 # 1.06 # 1.15
per ---------- ------ -------
Share - C
share
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2007
(Expressed in pounds sterling)
Six months Six months Year ended
ended ended
30 September 30 September 31 March 2007
2007 2006
(Restated) (Restated)
# # #
Equity at
beginning 81,904,367 31,532,800 31,532,800
of ---------- ---------- ----------
period /
year
(Loss)/
profit for 2,614,897) 1,708,322 5,750,614
the
period /
year
------------ ---------- ---------
Total
recognised (2,614,897) 1,708,322 5,750,614
income and ------------ --------- ---------
expenses
Issued
share
capital
during
period/
year
- Ordinary - - 18,682,994
shares
- C - 26,390,211 25,937,959
shares
---- ----------- -----------
- 26,390,211 44,620,953
---- ---------- -----------
Minority - (3,122,254) -
Interests
---- ----------- ----
Equity at
end of 79,289,470 56,509,079 81,904,367
period / ----------- ---------- ----------
year
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2007
(Expressed in pounds sterling)
Six months Six months Year ended
ended ended
30 September 30 September 31 March 2007
2007 2006
(Restated) (Restated)
# # #
Net cash
(outflow)/inflow from
operating activities (1,750,699) 13,743,213 331,348
---------- ---------- --------
Financing
Activities
Costs associated with
issue of shares - - (1,315,318)
---- ---- -----------
Cash flow from
financing activities - - (1,315,318)
---- ---- -----------
---- ---- -----------
Net
(decrease)/increase
in
cash and cash (1,750,699) 13,743,213 (983,970)
equivalents
Cash and cash
equivalents at
beginning of
period/year 5,593,509 6,716,707 6,716,707
Exchange movements (1,767) 49,880 (139,228)
---------- --------- -----------
Cash and cash
equivalents at end of
period / year 3,841,043 20,509,800 5,593,509
---------- ---------- ---------
NOTES TO THE FINANCIAL STATEMENTS
1. General
Oryx International Growth Fund limited (the "Company") was incorporated in
Guernsey on 2 December 1994 and commenced activities on 3 March 1995.
Oryx C Shares
On 26 July 2006 the Company acquired the entire issued share capital of
Baltimore plc. Under the terms of the offer, the consideration payable for these
shares was in the form of an issue of a new class of shares, Oryx C shares ("C
shares"), whereby each Baltimore shareholder was entitled to 1,000 C shares for
every 5,319 Baltimore shares held.
On 26 July 2006, C shares were issued as a result of Baltimore shareholders
holding 140,286,701 Baltimore shares accepting the offer.
At a Directors meeting on 3 October 2006 it was resolved that the Company
acquire all the remaining shares in Baltimore pursuant to a compulsory
acquisition procedure.
On 12 October 2007 the C shares were converted into Ordinary shares whereby each
C shareholder was entitled to 34,581 Ordinary shares for every 100,000 C shares
held.
AOT Merger
On 23 February 2007 the Company merged with American Opportunity Trust PLC
("AOT"). The merger was effected through a court approved scheme whereby the
share capital of AOT was cancelled and its assets and liabilities were
transferred to the Company. Shareholders in AOT received 5,586,686 new ordinary
shares in the Company.
2. Accounting Policies
Basis of Accounting
The financial statements of the Group have been prepared in accordance with
International Accounting Standard (IAS) 34, "Interim Financial Reporting". These
are the Group's first results prepared in conformity with IFRS and IFRS 1: First
Time Adoption has been applied. All accounting policies are consistent with the
policies used in previous UK Generally Accepted Accounting Principles ("GAAP")
financial statements..
The transition from UK GAAP to IFRS had no effect on the reported financial
position and financial performance of the Group.
The financial statements have been prepared on the historical cost basis except
for the revaluation of certain financial instruments. The principal accounting
policies are set out below. The preparation of financial statements in
conformity with International Financial Reporting Standards requires the Group
to make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period.
a) Income Recognition
Dividends arising on the Group's listed and unlisted investments have been
accounted for on an ex-dividend basis. Deposit interest is accrued on a
day-to-day basis. Loan interest is accounted for using the effective interest
method. All income is shown gross of any applicable withholding tax.
b) Investments
Classification
All investments of the Group are designated into the financial assets at fair
value through profit or loss category. The investments are purchased mainly for
their capital growth and the portfolio is managed, and performance evaluated, on
a fair value basis in accordance with the Group's documented investment
strategy. Therefore the Directors consider that this is the most appropriate
classification.
This category comprises financial instruments designated at fair value though
profit or loss upon initial recognition - these include financial assets that
are not held for trading purposes and which may be sold. These are principally
investments in listed and unlisted equities.
Measurement
Financial instruments are measured initially at fair value being the transaction
price. Subsequent to initial recognition, all instruments classified as fair
value through profit or loss are measured at fair value with changes in their
fair value recognised in the Income Statement. Transaction costs are separately
disclosed in the Income Statement.
Fair value measurement principles
Listed investments have been valued at the bid market price ruling at the
balance sheet date. In the absence of the bid market price, the closing price
has been taken, or, in either case, if the market is closed on the Balance Sheet
date, the bid market or closing price on the preceding business day.
Unlisted investments traded on AIM have been valued at their published bid
prices at the Balance Sheet date. Unlisted investments where there is not an
active market are valued using an appropriate valuation technique so as to
establish fair value at the Balance Sheet date.
Transaction costs applicable to investment transactions have been recognised in
the Income Statement.
c) Other receivables
Other receivables do not carry any interest and are short term in nature and are
accordingly stated at their nominal value as reduced by appropriate allowances
for estimated irrecoverable amounts.
d) Cash and cash equivalents
Cash and cash equivalents are defined as cash in hand and short term deposits in
banks.
e) Other Accruals and Payables
Other accruals and payables are not interest bearing and are stated at their
nominal value.
f) Foreign Currency Translation
Items included in the Group's financial statements are measured using the
currency of the primary economic environment in which it operates (the
"functional currency"). This is the pound sterling which reflects the Group's
primary activity of investing in sterling securities. The Group's shares are
also issued in sterling.
Foreign currency assets and liabilities have been translated at the exchange
rates ruling at the Balance Sheet date. Transactions in foreign currency during
the period have been translated into pounds sterling at the spot exchange rate
in effect at the date of the transaction. Realised and unrealised gains and
losses on currency translation are recognised in the Income Statement.
g) Realised and Unrealised Gains and Losses
Realised gains and losses arising on the disposal of investments are calculated
by reference to the cost attributable to those investments and the sales
proceeds, and are included in the Income Statement. Unrealised gains and losses
arising on investments held at the Balance Sheet date are also included in the
Income Statement.
h) Expenses
Expenses are recognised in the Income Statement upon utilisation of the service
or at the date they are incurred. Expenses in relation to the placing of C
shares were borne by the subscribers of the C shares and have been written off
against share premium.
i) Consolidation
These consolidated financial statements comprise the financial statements of the
Company and its wholly owned subsidiary undertakings, Baltimore plc and American
Opportunity Trust PLC. The results of the subsidiary undertakings and the
businesses acquired are included in the Consolidated Income Statement.
3. Share Capital and Share Premium
a) Authorised Share Capital
Number of #
Shares
Authorised:
Ordinary shares of 50p each 50,000,000 25,000,000
C shares of 50p each 20,000,000 20,000,000
------------
45,000,000
------------
b) Ordinary shares issued - 1 April 2007 to 30 September 2007
Ordinary shares of 50p each and Number of Share Capital Share Premium
Management shares of 50p each Shares
# #
At 1 April 2007 and 30
September 2007 16,252,774 8,126,387 21,568,061
---------- ---------- -----------
C shares of 50p each Number of Share Capital Share Premium
Shares
# #
At 1 April 2007 and 30
September 2007 25,024,445 12,512,223 13,425,736
---------- ---------- -----------
4. Other Reserves
31 March Movement 30 September
2007 # 2007
# #
Net investment income 788,899 182,139 971,038
Realised gain on investments 23,639,243 1,045,960 24,685,203
Loss on foreign currency transactions (914,356) (1,767) (916,123)
Unrealised gain on revaluation of
investments held 6,015,436 (3,841,229) 2,174,207
Repurchase of ordinary shares (3,174,872) - (3,174,872)
Repurchase of warrants (8,179) - (8,179)
Discount on repurchase of Convertible
Loan Stock (1,320,711) - (1,320,711)
----------- ---------- -----------
25,025,460 (2,614,897) 22,410,563
----------- ---------- -----------
5. Cash Flows from Operating Activities
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2007 2006 2007
(Restated) (Restated)
# # #
Net (loss)/income
for the period /
year (2,614,897) 1,708,322 5,750,614
------------ ---------- ----------
Realised gains on
investments (1,045,960) (2,860,764) (5,626,070)
Movement in
unrealised
loss/(gain) on
revaluation of
investments 3,841,229 885,770 (878,445)
Loss/(gain) on
foreign currency
translation 1,767 (49,880) 139,228
---------- ---------- ----------
2,797,036 (2,024,874) (6,365,287)
---------- ---------- ----------
Purchase of
investments (44,212,358) (23,684,207) (60,500,558)
Proceeds from sale
of investments 41,185,891 21,895,483 44,330,285
Cash acquired on
acquisition of
Baltimore plc - 15,907,268 16,052,408
Cash acquired on
acquisition of AOT - - 1,217,440
---------- ---------- ----------
(3,026,467) 14,118,544 1,099,575
---------- ---------- ----------
Decrease/(increase)
in dividends and
interest receivable 114,639 (227,099) (296,785)
Decrease /(increase)
in debtors 787,259 33,602 (1,483,615)
Increase in
creditors and
accrued charges 191,731 134,718 1,626,846
---------- ---------- -----------
1,093,629 (58,779) (153,554)
---------- ---------- -----------
---------- ---------- -----------
(1,750,699) 13,743,213 331,348
---------- ---------- -----------
6. Reconciliation of Net Asset Value to Published Net Asset Value
30 September 30 September 31 March
2007 2006 2007
Ordinary # # per share # # per # # per share
shares
Published
Net 52,152,928 3.21 33,294,771 3.12 53,584,915 3.30
Asset Value
Management
Shares in 1 - 1 - 1 -
issue
Unrealised
loss
on
revaluation
of
investments (249,871) (0.02) (270,189) (0.02) (463,442) (0.03)
at bid / mid
price (ref
note
(a) below)
Additional
accruals (125,058) - - - - -
------------ ------ ------------ ------ -------- ------
Net Asset
Value
attributable 51,778,000 3.19 33,024,583 3.10 53,121,474 3.27
to ------------ ------ ------------ ------ -------- ------
shareholders
C shares
Published
Net 27,493,392 1.11 26,776,644 1.06 28,884,961 1.15
Asset Value
Unrealised
loss
on
revaluation
of
investments (193,920) (0.01) (169,894) - (283,068) (0.01)
at bid / mid
price (ref
note
(a) below)
Baltimore
plc
adjustment - - - - 181,000 0.01
(ref
note (b)
below)
Cancellation
of
C shares
received as
part of
proceeds on
underlying
investment 254,772 - - - - -
(ref
note (c)
below)
Additional
accruals (42,774) - - - - -
---------- ------ ------------ ------ --------- -----
Net Asset
Value
attributable 27,511,470 1.10 26,606,750 1.06 28,782,893 1.15
to ----------- ------ ------------ ------ --------- -----
shareholders
(a) In accordance with International Financial Reporting Standards the Group's
long investments have been valued at bid price. However, in accordance with the
Group's principal documents the Net Asset Value reported each month reflects the
investments being valued at the closing, last or mid- market (as the Directors in
all circumstances consider appropriate) price as notified to the Group on the
valuation day by a member of the stock exchange concerned. Certain investments
remain at fair value as determined in good faith by the Directors.
(b) The financial year end of the subsidiary is 31 December 2006. In preparing
the March 2007 financial statements the December 2006 balances were used as they
were not materially different to that of March 2007. The Directors believe it is
impractical to change the year end of Baltimore as it will be winding up within
the next 12 months.
(c) As part of the proceeds of the sale of an underlying investment in September
2007 the C Class received a total of 249,777 C shares. Instructions for the
cancellation of the shares were placed immediately but the cancellations did not
take place until October 2007.
7. Earnings per Share and Net Asset Value per Share
The calculation of basic earnings per share for the Ordinary share is based on a
deficit of #1,343,476 (30 September 2006 - surplus #1,491,783, 31 March 2007 -
surplus #2,905,680) and an average number of shares in issue during the period
of 16,252,774 shares (30 September 2006 - 10,666,088 shares, 31 March 2007 -
11,176,184 shares). The calculation of basic earnings per share for the C share
is based on a deficit of #1,271,421 (30 September 2006 - surplus #216,539, 31
March 2007 - surplus #3,412,934) and an average number of shares in issue during
the period of 25,024,445 shares (30 September 2006 - 25,393,888 shares, 31 March
2007 - 16,886,152 shares). In accordance with IAS 33 - Earnings Per Share, the
diluted earnings per share is also disclosed. At 30 September 2007 there was no
difference in the diluted earnings per share calculation for the Ordinary shares
or the C shares.
The calculation of Net Asset Value per Ordinary share is based on a Net Asset
Value of #51,778,000 (30 September 2006 - #33,024,583, 31 March 2007 -
#53,121,474) and the number of shares in issue at the period end of 16,252,772
shares (30 September 2006 - 10,666,086 shares, 31 March 2007 - 16,257,772
shares). The calculation of Net Asset Value per C share is based on a Net Asset
Value of #27,511,470 (30 September 2006 - #26,606,750, 31 March 2007 -
#28,782,893) and the number of shares in issue at the period end of 25,024,445
shares (30 September 2006 - 25,194,628 shares, 31 March 2007 - 25,024,445
shares). In accordance with IAS 33 - Earnings Per Share, the diluted Net Asset
Value per share is also disclosed. At 30 September 2007 there was no difference
in the diluted Net Asset Value per share calculation for the Ordinary shares or
the C shares.
8. Related Parties
The Manager and Investment Adviser are considered to be related parties. The
fees paid are included in the Consolidated Income Statement. At 30 September 2007
#251,878 included in creditors and accrued expenses was payable to the Investment
Adviser.
The Directors are also considered to be related parties and their fees are
disclosed in the Consolidated Income Statement. At 30 September 2007 #33,250
included in creditors and accrued expenses was payable to the Directors.
9. Post Balance Sheet Events
On 4 October 2007 224,799 C shares, acquired as part of the proceeds on an
underlying investment, were cancelled.
On 12 October 2007 the C shares were converted into Ordinary shares whereby each
C shareholder was entitled to 34,581 Ordinary shares for every 100,000 C shares
held.
8,637 Ordinary shares remain to be cancelled. These shares arose from 24,978 C
shares acquired as part of the proceeds on an underlying investment.
Equiries:
Sara Radford/Jean McMillan Tel: 01481 743000
BNP Paribas Fund Services (Guernsey) Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VQLFLDFBLFBF
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