RNS Number:4611A
Oryx International Growth Fund Ld
02 July 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 YEAR ENDED 31 MARCH 2004:
UNAUDITED BALANCE SHEET
As at 31 March 2004
(Expressed in pounds sterling)
2004 2003
# #
INVESNTS
Listed investments at market value 11,549,574 9,836,877
(cost #10,672,174; 2003 - #13,426,553)
Unlisted investments 6,354,026 5,385,454
(cost #3,724,591; 2003 - #3,642,490)
17,903,600 15,222,331
CURRENT ASSETS
Dividends and interest receivable 266,718 68,868
Amounts due from brokers 187,653 223,746
Bank balances 3,250,789 342,697
3,705,160 635,311
CURRENT LIABILITIES
Amounts due to brokers 132,851 49,001
Creditors and accrued expenses 61,202 62,742
194,053 111,743
NET CURRENT ASSETS 3,511,107 523,568
TOTAL ASSETS LESS CURRENT LIABILITIES 21,414,707 15,745,899
LONG TERM LIABILITIES
Convertible loan stock 2,414,522 2,504,928
TOTAL NET ASSETS #19,000,185 #13,240,971
EQUITY SHARE CAPITAL 3,941,616 4,049,116
RESERVES
Share premium 4,279,077 4,247,457
Reserve relating to warrants - 32,288
Capital redemption reserve 1,239,000 1,099,000
Other reserves 9,540,492 3,813,110
15,058,569 9,191,855
EQUITY SHAREHOLDERS' FUNDS #19,000,185 #13,240,971
Net Asset Value per Share #2.41 #1.64
Fully Diluted Net Asset Value per Share #2.00 #1.44
UNAUDITED STATEMENT OF OPERATIONS
For the year ended 31 March 2004
(Expressed in pounds sterling)
2004 2003
# #
INCOME
Deposit interest 57,738 33,707
Dividends and investment income 777,862 321,020
835,600 354,727
EXPENDITURE
Management and investment adviser's fee 228,161 219,876
Finance charge 23,152 25,723
Custodian fees 15,680 13,980
Administration fees 20,050 15,740
Registrar and transfer agent fees 3,644 4,396
Directors' fees and expenses 119,136 91,087
Audit fee 12,516 9,498
Insurance 9,500 6,750
Legal and professional fees 47,434 7,791
Printing and advertising expenses 6,425 10,601
Miscellaneous expenses 25,345 11,278
511,043 416,720
NET INCOME / (EXPENSE)
BEFORE TAXATION 324,557 (61,993)
Taxation (96,548) (27,295)
NET INCOME / (EXPENSE) FOR THE YEAR AFTER TAXATION 228,009 (89,288)
Realised gain/ (loss) on investments 703,397 (1,557,611)
Loss on foreign currency translation (79,012) (122,370)
Movement in unrealised gain/ (loss) on revaluation of investments 5,353,186 (624,988)
TOTAL SURPLUS/ (DEFICIT) ATTRIBUTABLE TO SHAREHOLDERS FOR THE YEAR #6,205,580 #(2,394,257)
EARNINGS PER SHARE FOR THE YEAR #0.77 #(0.28)
FULLY DILUTED EARNINGS PER SHARE FOR THE YEAR #0.57 #(0.20)
UNAUDITED STATEMENT OF CASH FLOWS
For the year ended 31 March 2004
(Expressed in pounds sterling)
2004 2003
# #
Net cash inflow/ (outflow) from operating activities 51,771 (108,082)
INVESTING ACTIVITIES
Purchase of investments (13,647,072) (18,202,781)
Sale of investments 17,142,329 15,377,676
Net cash inflow/ (outflow) from investing activities 3,495,257 (2,825,105)
FINANCING ACTIVITIES
Payment to holders of warrants (70,946) (6,012)
Shares issued on exercise of warrants - 4,500
Payment to shareholders (413,828) (1,203,001)
Payment to holders of convertible stock (75,150) (110,221)
Net cash outflow from financing activities (559,924) (1,314,734)
Net cash inflow/ (outflow) 2,987,104 (4,247,921)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Net cash inflow/ (outflow) 2,987,104 (4,247,921)
Exchange movements (79,012) (122,370)
Net cash at beginning of year 342,697 4,712,988
Net cash at end of year #3,250,789 #342,697
CHAIRMAN'S STATEMENT
The year under review saw a substantial recovery in equities across the world.
During the year the net asset value rose by 43.5%. While this was disappointing
in relation to our benchmark, the FTSE small cap index, it represents a very
credible performance as 33% of the portfolio is in unquoted investments, where
your board takes a very conservative view on valuation. In addition, a further
17% was held in cash awaiting investment.
In line with our stated policy, your Board do not propose paying a dividend,
however we will be continuing with our policy of buying back shares when
discounts allow. Consistent with this commitment, we purchased 280,000 ordinary
shares, 50,000 convertible loan notes and 242,375 warrants for cancellation.
This was modestly accretive to the NAV.
During the course of the coming year, the Board will be formulating proposals to
put to shareholders as the Fund will reach the end of its initial ten year term.
With confidence in markets overshadowed by threats of terrorism, our policy of
investing in situations where we believe value can be realised should continue
to provide us with opportunities.
Nigel Cayzer
Chairman
INVESTMENT ADVISER'S REPORT
During the year under review, the net asset value rose by 43.5%. This compares
with a rise in the FTSE 100 Index of 21.4% and a rise in the FTSE Small Cap of
59.8%. The performance was adversely impacted by the weakness of the Dollar,
which fell by 16.6% over the year, and lack of activity in the unquoted
portfolio.
I am however pleased to note that the quoted portfolio maintained the excellent
momentum of the first half. Since September 30th, Mentmore, our largest holding,
rose 30%, Quarto 20%, Whatman approximately 50%, Simon Group 15%, Charter 75%,
Paramount over 100% and Harstone Pref nearly 75%. Only two shares performed
poorly, Dowding & Mills and Lonrho Africa although the overall impact on the
portfolio was negligible.
The current year has started reasonably well with an offer to acquire Mentmore
at a premium to the value at 31st March. We are also optimistic that the
unquoted portfolio will perform well over the current year. Santa Maria is in
advanced discussions to be acquired. Waterbury has also appointed an investment
banker to sell the company and this should also result in a significant uplift
to the current holding price and Executive Air Support is subject to an offer,
which has been accepted at a 132% premium to book value.
The overall prospects for equity markets are increasingly uncertain. Interest
rates are certain to rise over the next twelve months whilst debt fed economic
growth is unlikely in the long run to be sustainable or healthy for the economy.
In the circumstances, we continue to adopt a conservative investment policy so
as to at least preserve shareholder value in the coming twelve months.
North Atlantic Value LLP
This information is provided by RNS
The company news service from the London Stock Exchange
END
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