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LONDON (Alliance News) - Oryx International Growth Fund Ltd said Tuesday it will not pay a dividend for the year despite an increase in net asset value per share in the 12 months ended March.
The company's NAV per share increased 10% to 882.00 pence from 802.00p the previous year. Oryx International's investments decreased to GBP107.4 million from GBP110.5 million the year before.
Share price stood at 760.00p at the end of the period, representing a 16% discount to NAV. Shares in Oryx International closed up 0.8% Tuesday at 833.75p each.
Oryx International did not propose the payment of a dividend for the year, unchanged from the prior year, but said it will continue to buy back shares when "the discount allows it to be enhancing to net asset value".
Despite the decrease in investment's, the company's net assets increased to GBP125.2 million from GBP119.2 million the year before.
The rise in the net asset value of the company was mainly due to the positive impact by the takeover of medicines manufacturer Quantum Pharma and technology firm Servelec Group PLC. Healthcare company EKF Diagnostics Holdings PLC also performed well for the Oryx, it said.
Looking forward, the company believes it is unlikely that smaller companies in the UK will perform notably well in the coming year.
The UK economy has grown consistently since 2008, due to increased consumer debt, and Oryx feel this "must inevitably result in a period of economic consolidation".
Oryx International does believe, however, that its portfolio has "a number of catalysts" that will allow the company's net asset value to progress further.
