TIDMOIG
RNS Number : 1761D
Oryx International Growth Fund Ld
26 November 2009
FOR IMMEDIATE RELEASE
RELEASED BY BNP PARIBAS FUND SERVICES (GUERNSEY) LIMITED
HALF YEARLY RESULTS ANNOUNCEMENT
THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCE
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
CHAIRMAN'S STATEMENT
I am pleased to report that the Net Asset Value rose in the six months to 30
September 2009 by 29% to 216p. This compares to 215p at the equivalent time last
year. This reflects a substantial recovery in value but as you can see from the
investment manager's statement below, there is considerable uncertainty in the
economy generally and in small companies in particular.
North Atlantic's investment style is highly specialist, concentrating on
identifying value in target companies and then devising a strategy for unlocking
that value. Considerable success has been achieved over this period with a
number of good results being recorded. As I said at the time of the announcement
of last year's results, this process will provide an element of protection
against the volatility of the market and allow the company to continue to make
progress in a difficult climate
During the period the company purchased for cancellation 930,824 shares at a
cost of GBP1,368,782. This has resulted in the discount narrowing to NAV and as
these purchases were made at a discount to the net asset value, they will
benefit long term shareholders.
In line with our stated policy, no dividend will be paid for the period.
Nigel Cayzer
Chairman
26 November 2009
INVESTMENT ADVISER'S REPORT
In the six month period to 30 September 2009, the net asset value of the Fund
rose by 29% to 216p per share. This compares with a rise in the FTSE All Share
of 33%.
The quoted portfolio performed significantly better than the unquoted. Stock
that performed notably well during this period included Celsis +40% which was
subject to a buy out in which the Fund participated; RPC +110% as the new
management team refocused the business and Dialight +50% on the announcement of
major new contracts. Catalyst Media rose by 120% as SIS announced two major new
long term contracts. Better than expected results resulted in AssetCo, BBA and
Castle rising by 80%, 80% and 75% respectively. Finally, Gleeson and Parity
(prior to sale) also rose by around 50%.
Sadly these good results were offset by the disappointing performance of Journey
Group which fell by 20% due to lack of news on corporate restructuring. It was
also necessary to write off AT Communications at a cost from the March valuation
of around GBP470,000 as the company was placed into administration. Bavaria
adjusted for the return of capital rose by 15% whilst Electronic Data Products
was sold at the March valuation reflecting the tender offer for the company.
Unquoted Portfolio:
One new investment was made during the period of GBP1.5m in Nastor Investments
which represents the Fund's holding in the Celsis buyout vehicle. There was a
small fall in the value of those companies valued in United States dollars,
whilst Avanti was increased in value to reflect accrued interest. Orthoplastics
also made a small acquisition which increased the Fund's investment by
GBP300,000. Indicant was also written up during the period following good
trading results but the impact was not material.
Outlook:
Stock markets have recovered on the back of excess liquidity and better than
expected earnings. However, much of the improvement has been driven by investors
searching for income when the return on cash deposits has been minimal. The
inevitable result has been equity valuations rising to levels that in our
opinion will be hard to maintain as taxes rise to fill the parlous state of
government finances and customer expenditure declines. It is therefore more than
possible that any recovery in the economy will be short lived.
In these circumstances the challenge will be to find good companies in other
industries which will perform well despite these difficult circumstances. In
addition, the Fund should continue to benefit from corporate activity despite
the ongoing difficulty to secure bank financing.
North Atlantic Value LLP
26 November 2009
TEN LARGEST HOLDINGS
as at 30 September 2009
RPC Group Plc
Cost GBP3,393,591 (1,500,000 shares)
Market value GBP3,675,000 representing 7.46% of Net Asset Value
RPC is the largest company in Europe manufacturing plastic packaging for the
food, health and beauty industries. A new chairman has recently been appointed.
Results have exceeded expectations and the debt is falling rapidly through
better control of the working capital.
Avanti Communications Plc
Cost GBP2,709,237 Senior debt
Market value GBP2,709,237 representing 5.50% on Net Asset Value
Avanti is launching a communications satellite into space early in 2010. The
Company's investment is in the senior debt which yields LIBOR + 1000bp. Early
bookings to date for the satellite are extremely encouraging.
Dialight Plc
Cost GBP2,428,086 (1,600,000 shares)
Market value GBP2,560,000 representing 5.20% of Net Asset Value
The company is the world leader in LED lighting applications for applications
excluding consumer appliances. LED lighting has significant energy and
environmental benefits and demand is expected to grow strongly over the next
five years. The company is profitable and has no current debt. The shares have
performed well since the end of September and have now been sold.
Orthoproducts Limited
Cost GBP1,206,964 (319 shares)
Market value GBP2,552,000 representing 5.18% of Net Asset Value
Orthoproducts (previously Orthoplastics) is one of two companies in the world
capable of manufacturing advanced plastic materials to the orthopedics industry.
In addition the company has a successful and rapidly growing plastic components
for the same industry. Orthoproducts had an outstanding year to end March 2009
with profits up circa 70%. The company has made an acquisition which will give
good exposure to metal components used by the orthopedics industry.
BBA Aviation plc
Cost GBP3,785,823 (1,500,000 shares)
Market value GBP2,374,500 representing 4.82% on Net Asset Value
BBA Aviation is a leading provider of flight support and aftermarket services
and systems to the aviation industry. Recent results have been good and debt
reduction has exceeded market expectations.
Catalyst Media Group Plc
Cost GBP1,444,779 (3,125,000 shares)
Market value GBP2,281,250 representing 4.63% on Net Asset Value
Catalyst Media is the holding company for a 21% shareholding in SIS. SIS is a
highly profitable provider of services to the racing industry. It is expected
that Catalyst Media will seek to enhance shareholder value over the next twelve
months.
Bavaria Industriekapital AG
Cost GBP2,118,718 (235,000 shares)
Market value GBP2,272,254 representing 4.61% of Net Asset Value
Bavaria is a small German industrial holding company. The company has no debt
and substantial cash balances. At 31 March 2009 the shares were trading on a
very low price earnings ratio with a yield of circa 23%.
Augean Plc
Cost GBP4,036,992 (5,366,906 shares)
Market value GBP2,254,101 representing 4.58% of Net Asset Value
Augean is the UK's largest landfill company. The company has little debt and
generates substantial cashflow.
Quarto Group Inc
Cost GBP2,470,609 (2,050,000 shares)
Market value GBP2,193,500 representing 4.45% of Net Asset Value
Quarto is the world's largest publisher of 'coffee table' books, but also has
more traditional publishing operations.
Castle Support Services Plc
Cost GBP1,077,236 (3,120,035 shares)
Market value GBP2,059,223 representing 4.18% of Net Asset Value
Castle is the largest company in the UK that repairs and maintains electro and
electro mechanical equipment. The company is substantially profitable and has
been buying back its own shares and has little debt.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm to the best of their knowledge that:
* the interim accounts, which have been prepared in accordance with the applicable
accounting standard IAS 34, give a true and fair view of the assets,
liabilities, financial position and loss of the Company and its undertakings
included in the consolidation taken as a whole as required by DTR 4.2.4R ;
* the Interim Management Report and Investment Adviser's Report include a fair
review of the information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and uncertainties
for the remaining six months of the year); and
* the Interim Management Report includes a fair review of the information required
by DTR4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Nigel Cayzer Rupert Evans
Director Director
26 November 200926 November 2009
INTERIM MANAGEMENT REPORT
Review of Business
A summary of the performance of the Group and future outlook is provided in the
Investment Adviser's report on pages 5 and 6.
Dividend
The Directors do not propose payment of a dividend (30 September 2008 - Nil, 31
March 2009 - Nil).
Capital values
At 30 September 2009 the value of the assets available to shareholders was
GBP49,249,905 (30 September 2008 - GBP51,798,521, 31 March 2009 - GBP39,765,021)
and the Net Asset Value per share was GBP2.16 (30 September 2008 - GBP2.15, 31
March 2009 - GBP1.67).
Related party transactions
Related party transactions are disclosed in note 8 to the condensed financial
statements.
Risks and uncertainties
The main risks arising from the Group's financial instruments are:
(i) market risk, including currency risk, interest rate risk and other price
risk;
(ii) liquidity risk; and
(iii) credit risk
The Company Secretary, in close cooperation with the Board of Directors and the
Investment Manager, coordinates the Group's risk management. The policies for
managing each of these risks are summarised below and have been applied
throughout the period.
(i) Market risk
The fair value or future cash flows of a financial instrument held by the Group
may fluctuate because of changes in market prices. This market risk comprises
currency risk, interest rate risk and other price risk. The Board of Directors
reviews and agrees policies for managing these risks, which policies have
remained substantially unchanged from those applying in the year ended 31 March
2009. The Investment Manager assesses the exposure to market risk when making
each investment decision and monitors the overall level of market risk on the
whole of the investment portfolio on an ongoing basis.
Currency risk
The functional and presentational currency of the Group is Sterling and,
therefore, the Group's principal exposure to foreign currency risk comprises
investments priced in other currencies, principally US Dollars. The Investment
Manager monitors the Group's exposure to foreign currencies and reports to the
board on a regular basis. The Investment Manager measures the risk to the Group
of the foreign currency exposure by considering the effect on the net asset
value and income of a movement in the rates of exchange to which the Group's
assets, liabilities, income and expenses are exposed.
Income denominated in foreign currencies is converted to Sterling on receipt.
The Group's financial assets comprise fixed and equity investments, trade
receivables and cash balances.
The Group finances its investment activities through the Group's Ordinary Share
capital and reserves. The Group's financial liabilities comprise trade payables.
Interest rate risk
Interest rate movements may affect:
* the fair value of the investments in fixed rate securities;
* the level of income receivable on cash deposits.
The possible effects on fair value and cash flows that could arise as a result
of changes in interest rates are taken into account when making investment
decisions. The Board reviews on a regular basis the values of the unquoted loans
to companies in which private equity investment is made. Interest rate risk is
not significant to the Group.
Other price risk
Other price risks (i.e. changes in market prices other than those arising from
currency risk or interest rate risk) may affect the value of investments.
The Group's exposure to price risk comprises mainly movements in the value of
the Group's investments.
The Board of Directors manages the market price risks inherent in the investment
portfolios by ensuring full and timely access to relevant investment information
from the Investment Manager. The Board meets regularly and at each meeting
reviews investment performance. The Board monitors the Investment Manager's
compliance with the Group's objectives and is directly responsible for
investment strategy and asset allocation.
(ii) Liquidity risk
This is the risk that the Group will encounter difficulty in meeting obligations
associated with financial liabilities.
Liquidity risk is significant as the Group invests in unlisted equities and
other investments that may not be readily realisable.
In accordance with the Group's policy, the Investment Manager monitors the
Company's liquidity risk, and the Board of Directors reviews it.
(iii) Credit risk
The Group does not have any significant exposure to credit risk arising from any
one individual party. Credit risk is spread across a number of counterparties,
each having an immaterial effect on the Group's cash flows, should a default
happen.
By order of the Board
Nigel Cayzer Rupert Evans
Director Director
26 November 200926 November 2009
INDEPENDENT REVIEW REPORT TO ORYX INTERNATIONAL GROWTH FUND LIMITED
Introduction
We have been engaged by the Company to review the financial statements in the
half yearly financial report for the six months ended 30 September 2009 which
comprise the entity's condensed balance sheet and related statements of income,
changes in equity, cash flow and the related explanatory notes that have been
reviewed. We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent misstatements
or material inconsistencies with the information in the financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the Directors. The Directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
The financial statements included in this half-yearly financial report has been
prepared in accordance with International Accounting Standard 34, "Interim
Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the financial
statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom.
A review of interim financial information consists of making enquiries,
primarily of persons responsible for the financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less
in scope than an audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 30 September 2009 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 as
adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
Grant Thornton Limited
Chartered Accountants
Guernsey, CI
26 November 2009
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2009, expressed in GBP sterling
+----------------+--------+-------------+--------------+--------------+
| | | Six | Six | |
| | | months | months | Year |
| | | ended | ended | ended |
| | | 30 | 30 | 31 |
| | | September | September | March |
+----------------+--------+-------------+--------------+--------------+
| | | 2009 | 2008 | 2009 |
+----------------+--------+-------------+--------------+--------------+
| | Notes | GBP | GBP | GBP |
+----------------+--------+-------------+--------------+--------------+
| Income | | | | |
+----------------+--------+-------------+--------------+--------------+
| Interest | 2 a) | 197,239 | 317,768 | 532,972 |
+----------------+--------+-------------+--------------+--------------+
| Dividends | 2 a) | 1,179,003 | 1,549,868 | 1,957,538 |
| and | | | | |
| investment | | | | |
| income | | | | |
+----------------+--------+-------------+--------------+--------------+
| | | | | |
+----------------+--------+-------------+--------------+--------------+
| | | 1,376,242 | 1,867,636 | 2,490,510 |
+----------------+--------+-------------+--------------+--------------+
| | | | | |
+----------------+--------+-------------+--------------+--------------+
| Realised | 2 g) | (1,034,886) | 2,798,001 | (536,343) |
| (losses)/gains | | | | |
| on investments | | | | |
+----------------+--------+-------------+--------------+--------------+
| Movement | | | | |
| in | 2 g) | 11,375,113 | (13,834,920) | (21,891,039) |
| unrealised | | | | |
| gain/(loss) | | | | |
| on | | | | |
| revaluation | | | | |
| of | | | | |
| investments | | | | |
+----------------+--------+-------------+--------------+--------------+
| Transaction | | (51,644) | (87,348) | (107,757) |
| costs | | | | |
+----------------+--------+-------------+--------------+--------------+
| (Loss)/gain | 2 f) | (12,492) | 8,279 | 4,044 |
| on foreign | | | | |
| currency | | | | |
| translation | | | | |
+----------------+--------+-------------+--------------+--------------+
| | | | | |
+----------------+--------+-------------+--------------+--------------+
| | | | | |
| Income | | 11,652,333 | (9,248,352) | (20,040,585) |
| and | | | | |
| loss | | | | |
| from | | | | |
| investments | | | | |
+----------------+--------+-------------+--------------+--------------+
| | | | | |
+----------------+--------+-------------+--------------+--------------+
| Expenses | 2 j) | | | |
+----------------+--------+-------------+--------------+--------------+
| Management | | 253,032 | 324,128 | 550,833 |
| and | | | | |
| Investment | | | | |
| Advisers | | | | |
| fee | | | | |
+----------------+--------+-------------+--------------+--------------+
| Custodian | | 9,962 | 11,628 | 17,025 |
| fees | | | | |
+----------------+--------+-------------+--------------+--------------+
| Administration | | 25,226 | 33,743 | 59,161 |
| fees | | | | |
+----------------+--------+-------------+--------------+--------------+
| Registrar | | 10,822 | 52,980 | 112,314 |
| and | | | | |
| transfer | | | | |
| agent | | | | |
| fees | | | | |
+----------------+--------+-------------+--------------+--------------+
| Directors | | 92,352 | 77,302 | 170,090 |
| fees and | | | | |
| expenses | | | | |
+----------------+--------+-------------+--------------+--------------+
| Audit | | 12,534 | 13,534 | 36,000 |
| fees | | | | |
+----------------+--------+-------------+--------------+--------------+
| Insurance | | 5,264 | 4,512 | 9,000 |
+----------------+--------+-------------+--------------+--------------+
| Legal | | 143,179 | 118,729 | 294,206 |
| and | | | | |
| professional | | | | |
| fees | | | | |
+----------------+--------+-------------+--------------+--------------+
| Loan | | - | 52,714 | 117,942 |
| facility | | | | |
| interest | | | | |
+----------------+--------+-------------+--------------+--------------+
| Write | | - | - | (131,000) |
| back | | | | |
| of | | | | |
| accruals | | | | |
| in | | | | |
| Baltimore | | | | |
| Plc | | | | |
+----------------+--------+-------------+--------------+--------------+
| Other | | 23,938 | 37,415 | 284,556 |
| expenses | | | | |
+----------------+--------+-------------+--------------+--------------+
| | | | | |
+----------------+--------+-------------+--------------+--------------+
| Total | | 576,309 | 726,685 | 1,520,127 |
| expenses | | | | |
+----------------+--------+-------------+--------------+--------------+
| | | | | |
+----------------+--------+-------------+--------------+--------------+
| Net | | | | |
| income/(loss) | | 11,076,024 | (9,975,037) | (21,560,712) |
| for the | | | | |
| period / year | | | | |
| before | | | | |
| taxation | | | | |
+----------------+--------+-------------+--------------+--------------+
| Withholding | | 222,358 | 217,083 | 258,915 |
| tax on | | | | |
| dividends | | | | |
+----------------+--------+-------------+--------------+--------------+
| Net | | 10,853,666 | (10,192,120) | (21,819,627) |
| income/(loss) | | | | |
| for the | | | | |
| period / year | | | | |
+----------------+--------+-------------+--------------+--------------+
| Other | | - | - | - |
| comprehensive | | | | |
| income | | | | |
+----------------+--------+-------------+--------------+--------------+
| Total | | | | |
| comprehensive | | 10,853,666 | (10,192,120) | (21,819,627) |
| income for | | | | |
| the period | | | | |
+----------------+--------+-------------+--------------+--------------+
| | | | | |
+----------------+--------+-------------+--------------+--------------+
| Earnings | 7 | GBP0.47 | GBP(0.42) | GBP(0.90) |
| per | | | | |
| share - | | | | |
| basic | | | | |
| and | | | | |
| diluted | | | | |
+----------------+--------+-------------+--------------+--------------+
All of the income for the period and the total comprehensive income for the
period are attributable to the owners of the Group.
All items in the above statement are derived from continuing operations.
CONDENSED CONSOLIDATED BALANCE SHEET
As at 30 September 2009, expressed in GBP sterling
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | 30 September | 30 September | 31 March |
| | | 2009 | 2008 | 2009 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | Notes | GBP | GBP | GBP |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Non-current assets | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Investments at fair value through profit or loss | 2 b) | 44,617,393 | 53,571,431 | 38,532,549 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Current assets | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Other receivables | 2 c) | 88,812 | 796,399 | 368,865 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Dividends and interest receivable | | 207,557 | 163,683 | 318,876 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Amounts due from brokers | | 153,332 | - | 3,032 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Cash and cash equivalents | 2 d) | 5,469,891 | 655,283 | 906,097 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | 5,919,592 | 1,615,365 | 1,596,870 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Total assets | | 50,536,985 | 55,186,796 | 40,129,419 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Current liabilities | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Amounts due to brokers | | 959,415 | 467,401 | 15,978 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Interest bearing loans | | - | 2,250,000 | - |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Creditors and accrued expenses | 2 e) | 327,665 | 670,874 | 348,420 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | 1,287,080 | 3,388,275 | 364,398 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Net assets | | 49,249,905 | 51,798,521 | 39,765,021 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Shareholders equity | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Called up share capital | 3 | 11,422,913 | 12,063,324 | 11,888,325 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Share premium | 3 | 42,696,509 | 42,894,039 | 42,696,509 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Reserves | 4 | (4,869,517) | (3,158,842) | (14,819,813) |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Total equity shareholders funds | | 49,249,905 | 51,798,521 | 39,765,021 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------------------+--------+------------------+------------------+------------------+
| Net Asset Value per Share - basic and diluted | 7 | GBP2.16 | GBP2.15 | GBP1.67 |
+---------------------------------------------------+--------+------------------+------------------+------------------+
This interim report was approved by the Board of Directors on 26 November 2009
and signed on its behalf by:
Nigel Cayzer Rupert Evans
Director Director
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2009, expressed in GBP sterling
+--------------------------------------------+------+------------------+------------------+------------------+
| | | Six months ended | Six months ended | |
| | | | | Year ended |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | 30 September | 30 September | 31 March |
| | | 2009 | 2008 | 2009 |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | GBP | GBP | GBP |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | | | |
+--------------------------------------------+------+------------------+------------------+------------------+
| Equity at beginning of period / year | | 39,765,021 | 63,308,152 | 63,308,152 |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | | | |
+--------------------------------------------+------+------------------+------------------+------------------+
| Income/(loss) for the period / year | | 10,853,666 | (10,192,120) | (21,819,627) |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | | | |
+--------------------------------------------+------+------------------+------------------+------------------+
| Total recognised income and expenses | | 10,853,666 | (10,192,120) | (21,819,627) |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | | | |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | | | |
+--------------------------------------------+------+------------------+------------------+------------------+
| Reduction in share capital during the | | | | |
| period / year | | | | |
+--------------------------------------------+------+------------------+------------------+------------------+
| - Ordinary shares | | (1,368,782) | (1,317,511) | (1,723,504) |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | | | |
+--------------------------------------------+------+------------------+------------------+------------------+
| Equity at end of period / year | | 49,249,905 | 51,798,521 | 39,765,021 |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | | | |
+--------------------------------------------+------+------------------+------------------+------------------+
| | | | | |
+--------------------------------------------+------+------------------+------------------+------------------+
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2009, expressed in GBP sterling
+---------------------------------------+----------+------------------+------------------+------------------+
| | | Six months ended | Six months ended | |
| | | | | Year ended |
+---------------------------------------+----------+------------------+------------------+------------------+
| | | 30 September | 30 September | 31 March |
| | | 2009 | 2008 | 2009 |
+---------------------------------------+----------+------------------+------------------+------------------+
| | Notes | GBP | GBP | GBP |
+---------------------------------------+----------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------+----------+------------------+------------------+------------------+
| Net cash inflow/(outflow) from | | | | |
| operating activities | 5 | 5,945,068 | (327,777) | 2,523,265 |
+---------------------------------------+----------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------+----------+------------------+------------------+------------------+
| Financing Activities | | | | |
+---------------------------------------+----------+------------------+------------------+------------------+
| Cancellation of shares | | (1,368,782) | (1,317,511) | (1,663,504) |
+---------------------------------------+----------+------------------+------------------+------------------+
| Proceeds of borrowings | | - | 1,500,000 | 6,400,000 |
+---------------------------------------+----------+------------------+------------------+------------------+
| Repayment of borrowings | | - | - | (7,150,000) |
+---------------------------------------+----------+------------------+------------------+------------------+
| Cash flow from financing activities | | (1,368,782) | 182,489 | (2,413,504) |
+---------------------------------------+----------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------+----------+------------------+------------------+------------------+
| Net (decrease) / increase in cash and | | | | |
| cash equivalents | | 4,576,286 | (145,288) | 109,761 |
+---------------------------------------+----------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------+----------+------------------+------------------+------------------+
| Cash and cash equivalents at | | | | |
| beginning of period / year | | 906,097 | 792,292 | 792,292 |
+---------------------------------------+----------+------------------+------------------+------------------+
| Exchange movements | | (12,492) | 8,279 | 4,044 |
+---------------------------------------+----------+------------------+------------------+------------------+
| | | | | |
+---------------------------------------+----------+------------------+------------------+------------------+
| Cash and cash equivalents at end of | | | | |
| period / year | | 5,469,891 | 655,283 | 906,097 |
+---------------------------------------+----------+------------------+------------------+------------------+
NOTES TO THE CONDENSED SET OF 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.
2. Accounting Policies
Basis of Accounting
The annual financial statements are prepared in accordance with International
Financial Reporting Standards ("IFRS"). The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with International Accounting Standard (IAS) 34, Interim Financial
Reporting. The same accounting policies, presentation and methods of computation
are followed in the condensed set of financial statements as applied in the
Company's latest annual audited financial statements.
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.
Changes in accounting policy
In the current financial period, the group has adopted International Financial
Reporting Standard 8 "Operating Segments" and International Accounting Standard
1 "Presentation of Financial Statements" (revised 2007).
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the
Directors to allocate resources to the segments and to assess their performance.
In contrast, the predecessor Standard IAS 14 "Segmental Reporting" required the
Group to identify two sets of segments (business and geographical), using a
risks and rewards approach, with the Group's system of internal financial
reporting to Directors serving only as the starting point for the identification
of such segments. However, as the Group is engaged in a single segment of
business and no such segmental reporting is undertaken, this has not resulted in
any changes to the financial information provided.
IAS 1 (revised) requires the presentation of a statement of changes in equity as
primary statement, separate from the income statement and statement of
comprehensive income. As all result, a condensed statement of comprehensive
income has been included in the primary statements, showing changes in each
component of equity for each period presented.
Going Concern
The Directors believe it is appropriate to adopt the going concern basis in
preparing the financial statements as, after due consideration, the Directors
consider that the Group has adequate resources to continue in operational
existence for the foreseeable future.
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. 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 Statement of Comprehensive Income. Transaction
costs are separately disclosed in the Statement of Comprehensive Income.
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 are valued in accordance with the International Private
Equity and Venture Capital Association (IPEVCA) guidelines. Their valuation
includes all factors that market participants would consider in setting a price.
The primary valuation techniques employed to value the unlisted investments are
earnings multiples, recent transactions and the net asset basis. Cost is also
considered appropriate for early stage investments. The relevance of this
methodology can be eroded over time and in these cases the carrying values will
be adjusted to reflect fair value.
For certain of the Group's financial instruments, including cash and cash
equivalents, interest and other receivables and accrued expenses, the carrying
amounts approximate fair value due to their immediate or short-term maturity.
Derecognition of financial assets occur when the rights to receive cash flows
from financial instruments expire or are transferred and substantially all of
the risks and rewards of ownership have been transferred.
c) Other receivables
Other receivables do not carry any interest and are short term in nature and are
accordingly stated at their amortised cost as reduced by appropriate allowances
for impairment.
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
amortised cost.
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 Statement of Comprehensive
Income.
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 Statement of Comprehensive Income. Unrealised
gains and losses arising on investments held at the Balance Sheet date are also
included in the Statement of Comprehensive Income.
h) Financial liabilities
All bank loans and borrowings are initially recognised at cost, being the fair
value of the consideration received, less issue costs where applicable. After
initial recognition, all interest bearing loans and borrowings are subsequently
measured at amortised cost. Any difference between cost and redemption value has
been recognised in the Statement of Comprehensive Income over the period of the
borrowings on an effective interest basis.
Financial liabilities are derecognised from the balance sheet only when the
obligations are extinguished either through discharge, cancellation or
expiration.
i) Equity
Share Capital represents the nominal value of equity shares.
Share Premium Account represents the excess over nominal value of the fair value
of consideration received for equity shares, net of expenses of the share issue.
Reserves include all current and prior results as disclosed in the Statement of
Comprehensive Income.
j) Expenses
Expenses are recognised in the Statement of Comprehensive Income upon
utilisation of the service or at the date they are incurred.
k) 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 both UK regulated. The results of the subsidiary
undertakings and the businesses acquired are included in the Consolidated
Statement of Comprehensive Income. The investments in the wholly owned
subsidiaries are included in the accounts of the parent company at cost less any
provisions for impairment.
3. Share Capital and Share Premium
a) Authorised Share Capital
+--------------------------+-------------+--+------+---+--------------+---+---------------+
| | | | | | Number of | | GBP |
| | | | | | Shares | | |
+--------------------------+-------------+--+------+---+--------------+---+---------------+
| Authorised: | | | | | | | |
+--------------------------+-------------+--+------+---+--------------+---+---------------+
| Ordinary shares of 50p | | | | | 90,000,000 | | 45,000,000 |
| each | | | | | | | |
+--------------------------+-------------+--+------+---+--------------+---+---------------+
| | | | | | | | |
+--------------------------+-------------+--+------+---+--------------+---+---------------+
b) Ordinary Shares cancelled - 1 April 2009 to 30 September 2009
+--------------------------+--------------+------------+--+-------------+--+---------------+
| Ordinary Shares of 50p | | Number | | Share | | Share Premium |
| each and Management | | of | | Capital | | GBP |
| Shares of 50p each | | Shares | | GBP | | |
+--------------------------+--------------+------------+--+-------------+--+---------------+
| At 1 April 2009 | | 23,776,649 | | 11,888,325 | | 42,696,509 |
+--------------------------+--------------+------------+--+-------------+--+---------------+
| Share buy back | | (930,824) | | (465,412) | | - |
+--------------------------+--------------+------------+--+-------------+--+---------------+
| At 30 September 2009 | | 22,845,825 | | 11,422,913 | | 42,696,509 |
+--------------------------+--------------+------------+--+-------------+--+---------------+
During the period the Company repurchased for cancellation 930,824 shares at an
average cost of GBP1.471 per share. A further 300,000 shares have been
repurchased after the period end at an average cost of GBP1.758 per share.
4. Reserves
+------------------------------------+--+--------------+--+-------------+--+--------------+
| | | 31 March | | Movement | | 30 September |
| | | 2009 | | GBP | | 2009 |
| | | GBP | | | | GBP |
+------------------------------------+--+--------------+--+-------------+--+--------------+
| Net investment income | | 2,027,652 | | 525,931 | | 2,553,583 |
+------------------------------------+--+--------------+--+-------------+--+--------------+
| Realised gain on investments | | 23,971,965 | | (1,034,886) | | 22,937,079 |
+------------------------------------+--+--------------+--+-------------+--+--------------+
| Loss on foreign currency | | (884,369) | | (12,492) | | (896,861) |
| transactions | | | | | | |
+------------------------------------+--+--------------+--+-------------+--+--------------+
| Unrealised loss on revaluation of | | (35,657,208) | | 11,375,113 | | (24,282,095) |
| investments held | | | | | | |
+------------------------------------+--+--------------+--+-------------+--+--------------+
| Capital redemption reserve | | 1,246,500 | | - | | 1,246,500 |
+------------------------------------+--+--------------+--+-------------+--+--------------+
| Repurchase of ordinary shares | | (4,195,463) | | (903,370) | | (5,098,833) |
+------------------------------------+--+--------------+--+-------------+--+--------------+
| Repurchase of warrants | | (8,179) | | - | | (8,179) |
+------------------------------------+--+--------------+--+-------------+--+--------------+
| Discount on repurchase of | | (1,320,711) | | - | | (1,320,711) |
| Convertible Loan Stock | | | | | | |
+------------------------------------+--+--------------+--+-------------+--+--------------+
| | | (14,819,813) | | 9,950,296 | | (4,869,517) |
+------------------------------------+--+--------------+--+-------------+--+--------------+
5. Cash Flows from Operating Activities
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | Six months | | Six months | | Year ended |
| | | ended | | ended | | 31 March |
| | | 30 | | 30 | | |
| | | September | | September | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | 2009 | | 2008 | | 2009 |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | GBP | | GBP | | GBP |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| Net income/(loss) for the period / | | 10,853,666 | | (10,192,120) | | (21,819,627) |
| year | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| Realised losses/(gains) on | | 1,034,886 | | (2,798,001) | | 536,343 |
| investments | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| Movement in unrealised loss on | | (11,375,113) | | 13,834,920 | | 21,891,039 |
| revaluation of investments | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| Loss / (gain) on foreign currency | | 12,492 | | (8,279) | | (4,044) |
| translation | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | (10,327,735) | | 11,028,640 | | 22,423,338 |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| Purchase of investments | | (9,750,871) | | (19,964,966) | | (24,245,236) |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| Proceeds from sale of investments | | 14,799,391 | | 18,736,582 | | 26,210,816 |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | 5,048,520 | | (1,228,384) | | 1,965,580 |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| Decrease in dividends and interest | | 111,319 | | 132,613 | | (22,580) |
| receivable | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| Decrease in debtors | | 280,053 | | 1,203 | | 428,737 |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| (Decrease)/increase in creditors | | (20,755) | | (69,729) | | (452,183) |
| and accrued charges | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | 370,617 | | 64,087 | | (46,026) |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | 5,945,068 | | (327,777) | | 2,523,265 |
+------------------------------------+--+--------------+--+--------------+--+--------------+
| | | | | | | |
+------------------------------------+--+--------------+--+--------------+--+--------------+
6. Reconciliation of Net Asset Value to Published Net Asset Value
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
| | | 30 | | 30 | | 31 March | |
| | | September | | September | | | |
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
| | | 2009 | | 2008 | | 2009 | |
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
| Ordinary Shares | | GBP | GBP | GBP | GBP | GBP | GBP |
| | | | per | | per | | per |
| | | | share | | share | | share |
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
| Published Net Asset | | 50,460,569 | 2.21 | 52,784,399 | 2.19 | 41,608,087 | 1.75 |
| Value | | | | | | | |
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
| Management Shares in | | 1 | - | - | | 1 | - |
| issue | | | | | | | |
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
| Unrealised loss on | | (1,195,665) | (0.05) | (985,878) | (0.04) | (1,535,067) | (0.07) |
| revaluation of | | | | | | | |
| investments at bid / | | | | | | | |
| mid price (ref note | | | | | | | |
| 6(a) below) | | | | | | | |
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
| Reduction in value of | | (15,000) | - | - | - | (308,000) | (0.01) |
| Subsidiary | | | | | | | |
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
| Net Asset Value | | 49,249,905 | 2.16 | 51,798,521 | 2.15 | 39,765,021 | 1.67 |
| attributable to | | | | | | | |
| shareholders | | | | | | | |
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
| | | | | | | | |
+-----------------------+--+-------------+--------+-------------+--------+-------------+--------+
* 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.
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
profit of GBP10,853,666 (30 September 2008 - loss GBP10,192,120, 31 March 2009 -
loss GBP21,819,627) and the weighted average number of shares in issue during
the period of 23,112,553 shares (30 September 2008 - 24,689,085 shares, 31 March
2009 - 24,318,802 shares). In accordance with IAS 33 - Earnings per Share, the
diluted earnings per share is also disclosed. At 30 September 2009 there was no
difference in the diluted earnings per share calculation for the Ordinary
Shares.
The calculation of Net Asset Value per Ordinary Share is based on a Net Asset
Value of GBP49,249,905 (30 September 2008 - GBP51,798,521, 31 March 2009 -
GBP39,765,021) and the number of shares in issue at the period end of 22,845,825
shares (30 September 2008 - 24,126,649 shares, 31 March 2009 - 23,776,649
shares). The diluted Net Asset Value per share is also disclosed. At 30
September 2009 there was no difference in the diluted Net Asset Value per share
calculation for the Ordinary Shares.
8. Related Parties
The Manager and Investment Adviser are considered to be related parties. The
fees paid are included in the Consolidated Statement of Comprehensive Income. At
30 September 2009 GBP132,305 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 Statement of Comprehensive Income. At 30 September
2009 GBP33,432 included in creditors and accrued expenses was payable to the
Directors.
There were no transactions between the Company and its subsidiaries in the
period.
Enquiries:
Sara Bourne
BNP Paribas Fund Services (Guernsey) Limited
Tel: 01481 750858
Alastair Moreton
Hannah Pearce
Arbuthnot Securities Limited
Tel: 020 7012 2000
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUGMWGUPBGMQ
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