Oryx International Growth Regulatory News (OIG)

29 Jul 2005 12:39

Oryx International Growth Fund Ld29 July 2005 FOR IMMEDIATE RELEASE RELEASED BY HSBC SECURITIES SERVICES (GUERNSEY) LIMITED ORYX INTERNATIONAL GROWTH FUND LIMITED PRELIMINARY ANNOUNCEMENT THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCERESULTS FOR THE YEAR ENDED 31 MARCH 2005: UNAUDITED BALANCE SHEET As at 31 MARCH 2005 (Expressed in pounds sterling) 2005 2004 £ £INVESTMENTSListed investments at market value(cost 18,181,422 13,699,574£15,740,509 (2004 - £12,188,659))Unlisted investments(cost £3,216,893 (2004 4,278,849 4,204,026- £2,208,106)) 22,460,271 17,903,600CURRENT ASSETSDividends and interest receivable 115,903 266,718Amounts due from broker - 187,653Bank Balances 3,754,505 3,250,789Other receivables 226,084 - 4,096,492 3,705,160CURRENT LIABILITIESBank overdraftsAmounts due to brokers 6 - 627,322 132,851Creditors and accrued expenses 169,833 61,202 797,161 194,053 NET CURRENT ASSETS 3,299,331 3,511,107 TOTAL ASSETS LESS CURRENT LIABILITIES 25,759,602 21,414,707 LONG TERM LIABILITES Convertible loan stock 372,551 2,414,522TOTAL NET ASSETS 25,387,051 19,000,185 EQUITY SHARE CAPITAL 5,143,159 3,941,616 RESERVESShare premium 5,488,524 4,279,077Capital redemption reserve 1,246,500 1,239,000Other reserves 13,508,868 9,540,492 20,243,892 15,058,569 EQUITY SHAREHOLDERS FUNDS 25,387,051 19,000,185 Net Asset Value per share £2.47 £2.41Fully diluted Net Asset Value per Share £2.42 £2.00 UNAUDITED STATEMENT OF OPERATIONS For the year ended 31 March 2005 (Expressed in Pounds Sterling) 2005 2004 £ £INCOMEDeposit interest 99,780 57,738Dividends and Investment income 504,356 777,862 604,136 835,600 ExpenditureManagement and investment adviser's fee 371,356 228,161Finance charge 12,858 23,152Custodian fee 18,724 15,680Administration fee 21,256 20,050Register and transfer agent fees 4,170 3,644Director's fees and expenses 117,852 119,136Audit fees 10,643 12,516Insurance 10,000 9,500Legal and professional fees 96,239 47,434Printing and advertising expenses 4,665 6,425Miscellaneous expenses 27,199 25,345 694,962 511,043NET (EXPENSE)/INCOME BEFORE TAXATION (90,826) 324,557 Taxation (42,319) (96,548) NET (EXPENSE)/INCOME FOR THE (133,145) 228,009YEAR AFTER TAXATION Realised gain on investments 4,376,620 703,397Loss on foreign currency translation (6,047) (79,012)Premium on convertible loan stock (269,695) (25,712)Movement in unrealised (loss)/gain on revaluation of (3,966) 5,353,186investments TOTAL SURPLUS ON ATTRIBUTABLE TO SHAREHOLDERS FOR THE 3,963,767 6,179,868YEAR EARNINGS PER SHARE FOR THE YEAR £0.43 £0.77FULLY DILUTED EARNINGS PER SHARE FOR THE YEAR £0.38 £0.57 UNAUDITED STATEMENT OF CASH FLOWS For the year ended 31 March 2005 (Expressed in Pounds Sterling) 2005 2004 £ £Net cash (outflow)/ inflow from (86,925) 51,771operating activities INVESTING ACTIVITIESPurchase of investments (17,846,379) (13,647,072)Sale of investments 18,344,486 17,142,329 Net cash inflow from investing 498,107 3,495,257activities FINANCING ACTIVITIESPayment to holders of convertible (593,360) (70,946)stockPayment to holders of warrants 30,479 -Payment to shareholders (25,870) (413,828)Shares issued on excise of 687,326 (75,150)warrantsNet cash inflow/(outflow) from 98,575 (559,924)financing activities Net cash inflow 509,757 2,987,104 RECONCILIATION OF NET CASH FLOW TOMOVEMENT IN NET DEBTNet cash inflow 509,757 2,987,104Exchange movements (6,047) (79,012)Net cash at beginning of the 3,250,789 342,697year Net cash at end of year 3,754,499 3,250,789 CHAIRMAN'S STATEMENT This year is the tenth anniversary of the Fund's existence and I am very pleasedto report another set of excellent results. The Net Asset Value rose by 21%,which as the Investment Manager points out significantly outperforms therelevant indices. It also underlines the validity of our strategy of onlyinvesting in companies where value can be identified and realised throughpro-active management. With the company reaching its tenth anniversary, the outstanding £819,612Convertible Loan Stock fell due for conversion. The company had acquired duringthe year 918,575 Convertible Loan Stock and 763,950 warrants for cancellation.The purchase price was at a discount to the net asset value thus benefiting allshareholders. In line with our stated policy, your Board do not propose paying adividend, however it will be our intention to continue buying in ordinary shareswhen the discount allows it to be enhancing to net asset value. In the interim statement, I indicated that in line with the original prospectusa special resolution will be included in the 2005 Annual General Meeting to windthe Company up. However, as I reported then, we have consulted with a number ofsignificant shareholders and your board does not believe it will succeed. Ifthat is the case, a similar resolution will be put in 2007 and every two yearsthereafter. The Management options have been waived.Nigel CayzerChairman INVESTMENT ADVISER'S REPORT During the period under review the net asset value per share rose by 21.5% ascompared with a rise in the FTSE Small Cap of 10.4% and a rise in the FTSE of11.6%. Over the past ten years the net asset value per share has risen by 156.3% ascompared with a rise in the FTSE Small Cap of 69.3% and a rise in the FTSE of55.9%. This performance is mainly attributable to the activist approach taken to manyof our investments. TBI was taken over during the period as was Mentmore andHartstone. Other stocks that performed notably well include East SurreyHoldings, Dowding & Mills, Lonrho, Whatman and Quarto. The Unquoted Portfolio also performed well as Executive Air was taken over.However, the takeover of Waterbury was particularly significant as the price wasan 80% premium to our holding value in March 2004 and at nine times cost. We arealso optimistic that the unquoteds will add value in the current year and, inparticular, we expect Nationwide Accident to go public at a significant upliftto our current valuation. The Quoted market is more challenging as it becomes increasingly difficult tofind attractive opportunities trading at substantial discounts to the value ofthe underlying business. Consequently, cash balances at the year end were£3,754,499. Nevertheless, the year has started well with the takeover of EastSurrey Holdings at a 25% premium to the valuation at 30th March 2005 and we arehopeful that further value will be added to the portfolio as the yearprogresses. North Atlantic Value LLP This information is provided by RNS The company news service from the London Stock Exchange