Fair values are derived as follows:
- Where assets and liabilities are denominated in a foreign
currency, they are converted into Sterling using year-end rates of
exchange.
- Financial assets (non current and held for trading) - as set
out in the accounting policies on pages 28 to 30.
- Cash and cash equivalents - at face value of the account.
Capital management policies and procedures
The Group's capital management objectives are:
- to ensure that the Group will be able to continue as a going
concern, and
- to maximise the income and capital return to its equity
shareholders through an appropriate balance of equity capital and
long-term debt. The policy is that gearing should not exceed 20% of
net assets.
The Group's capital at 31 March comprises:
2011 2010
GBP GBP
Long-term Debt - -
----------- -----------
Equity
Equity share capital 10,280,385 11,252,912
Retained earnings and other reserves 45,601,510 38,785,091
----------- -----------
55,881,895 50,038,003
----------- -----------
Long-term Debt as a % of net assets - -
----------- -----------
The Board, with the assistance of the Investment Manager
monitors and reviews the broad structure of the Company's capital
on an ongoing basis. This review includes:
- the planned level of gearing, which takes account of the
Investment Manager's views on the market;
- the need to buy back equity shares for cancellation, which
takes account of the difference between the net asset value per
share and the share price (i.e. the level of share price discount
or premium);
- the need for new issues of equity shares; and
- the extent to which revenue in excess of that which is
required to be distributed should be retained.
The Group's objectives, policies and processes for managing
capital are unchanged from the preceding accounting period. The
Company's information and analysis is not materially different to
the Group.
20. Fair Value hierarchy
Where an asset or liability's value is determined based on
inputs from different levels of the hierarchy, the level in the
fair value hierarchy assumed for the valuation assessment is the
lowest level input significant to the fair value measurement in its
entirety.
Investments whose values are based on quoted market prices in
active markets, and therefore classified within level 1, include
active listed equities. The Company does not adjust the quoted
price for these instruments.
Financial instruments that trade in markets that are not
considered to be active but are valued based on quoted market
prices, dealer quotations or alternative pricing sources supported
by observable inputs are classified within level 2. As level 2
investments include positions that are not traded in active markets
and/or are subject to transfer restrictions, valuations may be
adjusted to reflect illiquidity and/or non-transferability, which
are generally based on available market information.
Investments classified within level 3 have significant
unobservable inputs. Level 3 instruments include private equity and
corporate debt securities. As observable prices are not available
for these securities, the Company has used valuation techniques to
derive the fair value. In respect of unquoted instruments, or where
the market for a financial instrument is not active, fair value is
established by using recognised valuation methodologies, in
accordance with International Private Equity and Venture Capital
("IPEVC") Valuation Guidelines. New investments are initially
carried at cost, for a limited period, being the price of the most
recent investment in the investee company. In accordance with IPEVC
Guidelines changes and events since the acquisition date are
monitored to assess the impact on the fair value of the investment
and the valuation derived from cost is adjusted if necessary. Fair
value is the amount for which an asset could be exchanged between
knowledgeable, willing parties in an arm's length transaction.
The table below analyses financial instruments measured at fair
value at the end of the reporting period by the level in the fair
value hierarchy into which the fair value measurement is
categorised.
Level Level Level
1 2 3 Total
31 March
2011
Financial
assets at
fair value
through
profit or
loss
Equity
securities 44,388,567 - 8,092,683 52,481,250
Debt
securities 560,000 - 1,425,334 1,985,334
Warrants - - - -
44,948,567 - 9,518,017 54,466,584
--------------- ---------- -------------- ---------------
The following table summarises the changes in fair value of the
Group's Level 3 investments for the year ended 31 March 2011.
Total
Balance at 1 April
2010 3,583,381
Net realised loss
on investments (11,225)
Unrealised gain on
investments (183,316)
Purchase of investments 378,158
Sale of investments (3,098,065)
Level 3 transfers
in 8,849,084
Level 3 transfers
out -
------------
Balance at 31 March
2011 9,518,017
------------
Level 3 transfers in refers to the changes in circumstances and
valuation approach in respect of investments that were previously
classified as level 2. Valuations derived from reasonable alternate
methods and assumptions would not generate amounts that are
materially different from the valuations currently adopted.
21. Related Parties
The Investment Adviser is considered to be a related party. The
fees paid are included in the Consolidated Statement of
Comprehensive Income.
At 31 March 2011 GBP302,563 included in other accruals and
payables 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 31 March 2011 GBP29,540 included in other accruals and
payables was payable to the Directors.
Christopher Mills is a Director and shareholder of Oryx
International Growth Fund Limited. As disclosed previously
Christopher Mills is a principal shareholder and Director of JO
Hambro Capital Management (Holdings) Limited, which in turn holds
100% of issued share capital in North Atlantic Value LLP, the
Manager and Investment Adviser.
There were no transactions between the Company and its
subsidiaries in the year and at 31 March 2011.
During the period, a loan agreement was entered in to between JO
Hambro Capital Management (Holdings) Limited and Oryx International
Growth Fund Limited. The loan amounted to GBP990,000 upon execution
of the agreement on 24(th) December 2010 and was repaid, including
interest at a rate of 3%, on 2(nd) February 2011.
22. Post Balance Sheet Events
There were no Post Balance Sheet Events.
23. Going Concern
In accordance with the Company's articles of association, the
shareholders are to vote on the continuation of the Company at the
Annual General Meeting in 2011. Accordingly a resolution that the
Company should cease to continue as presently constituted has been
included in the resolutions to be proposed at the general meeting.
While the outcome of the vote is uncertain and may result in the
wind up of the Company, the Board, after making enquiries and
bearing in mind the nature of Company's business and assets, have a
reasonable expectation that the Company has adequate resources to
continue in operational existence for the foreseeable future. For
this reason, they continue to adopt the going concern basis in
preparing the consolidated financial statements.
Enquiries:
BNP Paribas Fund Services (Guernsey) Limited 01481 750850
Company Secretary
Sara Bourne / Madiha Loveless
Westhouse Securities Limited 020 7601 6118
Alastair Moreton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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