RNS Number:6726G
Oryx International Growth Fund Ld
21 December 2004
FOR IMMEDIATE RELEASE
RELEASED BY MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED
ORYX INTERNATIONAL GROWTH FUND LIMITED
PRELIMINARY ANNOUNCEMENT
THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCE
RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004:
UNAUDITED BALANCE SHEET
As at 30 September 2004
(Expressed in pounds sterling)
2004 2003
# #
INVESTMENTS
Listed investments at market value
(Cost #17,626,868: 2003 - #11,556,855) 18,601,484 9,851,644
Unlisted investments
(Cost #1,387,764: 2003 - #3,888,292) 3,233,628 6,044,433
21,835,112 15,896,077
CURRENT ASSETS
Dividends and interest receivable 172,051 359,393
Amounts due from brokers 31,429 65,604
Bank balances 1,212,359 2,358,693
Other receivables 33,623 6,958
1,449,462 2,790,648
CURRENT LIABILITIES
Amounts due to brokers 440,125 573,327
Creditors and accrued expenses 74,525 52,977
514,650 626,304
NET CURRENT ASSETS 934,812 2,164,344
TOTAL ASSETS LESS CURRENT LIABILITIES 22,769,924 18,060,421
LONG TERM LIABILITIES
Convertible loan stock 687,709 2,516,647
TOTAL NET ASSETS 22,082,215 15,543,774
EQUITY SHARE CAPITAL 5,143,159 4,049,116
RESERVES
Share premium 5,488,522 4,247,457
Reserve relating to warrants - (18,704)
Capital redemption reserve 1,246,500 1,099,000
Other reserves 10,204,034 6,166,905
16,939,056 11,494,658
EQUITY SHAREHOLDERS' FUNDS 22,082,215 15,543,774
Net Asset Value per Share # 2.15 # 1.92
Fully Diluted Net Asset Value per Share # 2.07 # 1.65
UNAUDITED STATEMENT OF OPERATIONS
For the six months ended 30 September 2004
(Expressed in pounds sterling)
2004 2003
# #
INCOME
Deposit interest 28,452 28,861
Dividends and investment income 134,300 462,950
162,752 491,811
EXPENDITURE
Management and investment adviser's fee 129,635 106,765
Finance charge 9,317 11,719
Custodian fees 8,933 9,288
Administration fee 10,162 10,027
Registrar and transfer agent fees 2,289 1,750
Directors' fees and expenses 66,030 52,806
Audit fees 15,684 5,014
Insurance 5,273 9,500
Legal and professional fees 40,072 4,031
Printing and advertising expenses - 6,793
Miscellaneous expenses 12,701 10,461
300,096 228,154
NET (EXPENSE)/INCOME BEFORE TAXATION (137,344) 263,657
Taxation (27,964) (14,584)
NET (EXPENSE)/INCOME FOR THE
PERIOD AFTER TAXATION (165,308) 249,073
Realised gain/(loss) on investments 1,552,657 (162,322)
Loss on foreign currency translation (549) (30,237)
Movement in unrealised (loss)/gain on
revaluation of investments (686,356) 2,297,281
TOTAL SURPLUS ATTRIBUTABLE TO SHAREHOLDERS FOR THE PERIOD 700,444 2,353,795
EARNINGS PER SHARE FOR THE PERIOD #0.09 #0.29
FULLY DILUTED EARNINGS PER #0.07 #0.22
SHARE FOR THE PERIOD
UNAUDITED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2004
(Expressed in pounds sterling)
2004 2003
# #
Net cash outflow from operating activities (81,624) (46,456)
INVESTING ACTIVITIES
Purchase of investments (10,141,885) (7,620,928)
Sale of investments 7,540,172 9,764,609
Net cash (outflow)/inflow from investing activities (2,601,713) 2,143,681
FINANCING ACTIVITIES
Payment to holders of convertible stock (8,776) (50,992)
Payment to holders of warrants (7,222) -
Payment to shareholders (25,870) -
Shares issued on exercise of warrants 687,324 -
Net cash inflow/(outflow) from financing activities 645,456 (50,992)
Net cash (outflow)/inflow (2,037,881) 2,046,233
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Net cash (outflow)/inflow (2,037,881) 2,046,233
Exchange movements (549) (30,237)
Net cash at beginning of period 3,250,789 342,697
Net cash at end of period 1,212,359 2,358,693
CHAIRMAN'S STATEMENT
As you will see from the report of the Investment Manager, the first half was
relatively quiet with the company performing better than the benchmark. This
again justifies the strategy of investing in fundamentally good businesses which
are undervalued by the equity markets where active management can assist in
unlocking value.
The Company reaches its tenth anniversary next year and it is your board's
intention to put forward proposals during the first quarter concerning the
future of the Company. A special resolution will be included in the 2005 Annual
General Meeting to wind the Company up, however following consultation with a
number of shareholders, it is believed that this resolution will not be favoured
by the majority of them. Should the shareholders want the Company to continue
its current activities the future of the Company will be re discussed in 2007
and every two years thereafter.
In line with our stated policy, your Board do not propose paying a dividend.
However, we have continued with our policy of buying back shares when discounts
allow. During the period the Fund acquired 5000 Convertible Loan Notes and
763,950 warrants for cancellation. The purchase price was at a discount to net
asset value and therefore benefited all shareholders.
Nigel Cayzer
Chairman
INVESTMENT ADVISER'S REPORT
The Fund continued to perform acceptably during the six month period rising by
3.5% as compared with a fall in the FTSE Small Cap Index of 3.0%.
During the period the market drifted within a tight band making it difficult to
deliver exceptional performance.
Certain stocks did however perform well. Mentmore rose by 7% on the completion
of the takeover; Paramount rose by 17% due to a proposed takeover and Hartstone
Prefs rose by nearly 20% for similar reasons. Finally Whatman also performed
well rising by nearly 10%.
This good performance was to some extent offset by Ennstone which fell by nearly
13% and Austin Reed falling by 8%.
There were no changes in the unquoted portfolio (other than the completion of
the sale of Executive Air Support) during the period. However, negotiations have
started to sell Waterbury which, if successful, would be at a substantial
premium to the current valuation.
During the period the Company acquired 5,000 convertible loan notes and 763,950
warrants for cancellation. The purchase price was at a discount to net asset
value and therefore benefited all shareholders.
The stock market is currently benefiting from a not untypical fourth quarter
rally. Notwithstanding this, we remain concerned about rising inflation and
interest rate control with a level of consumer debt which, in our opinion, is
unsustainable over the long term.
The Trust however has a portfolio of special situations which we believe have
the potential to give positive absolute return over the balance of the current
financial year.
North Atlantic Value LLP
This information is provided by RNS
The company news service from the London Stock Exchange
END
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