Interim Management Statement
February 12 2009 - 5:46AM
UK Regulatory
TIDMOIG
RNS Number : 2204N
Oryx International Growth Fund Ld
12 February 2009
ORYX INTERNATIONAL GROWTH FUND LIMITED
INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2008
Oryx International Growth Fund Limited ("Oryx" or the "Company"), is publishing
this Interim Management Statement in accordance with DTR 4.3 of the FSA
Handbook.
This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.
This interim management statement relates to the period from 1 October 2008 to
31 December 2008, and contains information that covers this period, and up to
the date of publication of this interim management statement, unless otherwise
specified.
Manager's Review
The stock market finally showed a flicker of life in December, with the FTSE All
Share Total Return Index up 3.67% in sterling terms. Bad news on the economic
and corporate fronts continued unabated, but began to lose its power to shock.
Only time will tell if December's advance is the start of a more enduring move,
but valuations are undeniably attractive and any improvement in credit
conditions, signs that the fiscal stimulus is having some effect, or a pick-up
in corporate activity will have a big positive impact.
For the quarter ended 31 December 2008, the Fund's NAV declined by 19.5%, whilst
the share price was down 38.3%. The discount to NAV widened to around 31%. As
the Chairman reported in his half year statement, in order to manage the
discount, the Board will purchase shares in the market when appropriate, in a
bid to reduce the current discount level.
Material Transactions
Since 1 October 2008 the Company purchased for cancellation 175,000 ordinary
shares on 6 November 2008 at 130p per share and 40,000 ordinary shares on 20
November 2008 at 107p per share.
Material Events
There were no material events during the quarter ended 31 December 2008.
Report and Accounts
On 28 November 2008, the Company posted its Interim Report for the six months
ended 30 September 2008, to Shareholders.
Financial Highlights
+--------------------+-------------+--------------+-----------+-------------+
| | 31 December | 30 September | 30 June | 31 March |
| | 2008 | 2008 | 2008 | 2008 |
+--------------------+-------------+--------------+-----------+-------------+
| | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| NAV | GBP1.73 | GBP2.15 | GBP2.45 | GBP2.55 |
+--------------------+-------------+--------------+-----------+-------------+
| | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| Mid-market price | 118.5p | 192.00p | 231.75p | 239.00p |
+--------------------+-------------+--------------+-----------+-------------+
| | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| FTSE All-Share | 2209.29 | 2483.67 | 2855.69 | 2927.05 |
| Index | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| Standard & Poor's | | | | |
| 500 | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| Composite Index** | 628.2 | 653.4 | 643.2 | 665.5 |
+--------------------+-------------+--------------+-----------+-------------+
| | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| Russell 2000** | 347.4 | 381.3 | 346.5 | 346.1 |
+--------------------+-------------+--------------+-----------+-------------+
| | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| US Dollar / | 1.4378 | 1.7825 | 1.9902 | 1.9875 |
| Sterling Exchange | | | | |
| Rate | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| | | | | |
+--------------------+-------------+--------------+-----------+-------------+
| ** Sterling | | | | |
| adjusted | | | | |
+--------------------+-------------+--------------+-----------+-------------+
Twenty Largest Equity Investments at 31 December 2008
+------------------------------------+-------------+
| | % |
+------------------------------------+-------------+
| RPC Group Plc | 6.97 |
+------------------------------------+-------------+
| Celcis International Plc | 5.24 |
+------------------------------------+-------------+
| Orthoplastics Ltd | 5.19 |
+------------------------------------+-------------+
| Bavaria Industriekapital AG | 5.08 |
+------------------------------------+-------------+
| Dialight Plc | 4.81 |
+------------------------------------+-------------+
| Electronic Data Process PLC | 4.68 |
+------------------------------------+-------------+
| Augean Plc | 4.42 |
+------------------------------------+-------------+
| Fayrewood Plc | 4.35 |
+------------------------------------+-------------+
| Communisis plc | 3.96 |
+------------------------------------+-------------+
| Castle Support Services plc | 3.71 |
+------------------------------------+-------------+
| Journey Group Plc | 3.16 |
+------------------------------------+-------------+
| Quarto Group Inc | 3.02 |
+------------------------------------+-------------+
| Inspired Gaming Group | 3.01 |
+------------------------------------+-------------+
| Payzone Plc | 2.85 |
+------------------------------------+-------------+
| BBA Aviation plc | 2.85 |
+------------------------------------+-------------+
| Avanti Communications Plc | 2.84 |
+------------------------------------+-------------+
| AssetCo plc | 2.71 |
+------------------------------------+-------------+
| Meadow Value Corp Inc | 2.60 |
+------------------------------------+-------------+
| Bionostics Holdings Ltd | 2.46 |
+------------------------------------+-------------+
| Catalyst Media Group Plc | 2.21 |
+------------------------------------+-------------+
| | |
+------------------------------------+-------------+
| | |
+------------------------------------+-------------+
| % of total portfolio | 76.12 |
+------------------------------------+-------------+
The financial information for the quarter ended 31 December 2008 contained
within this Interim Management Statement has not been audited.
By order of the Board
BNP Paribas Fund Services (Guernsey) Limited, for and on behalf of
Oryx International Growth Fund Limited
as Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
END
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