Oryx International Growth Regulatory News (OIG)

12 Feb 2009 10:46



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

Twenty Largest Equity Investments at 31 December 2008

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