Annual Report and Accounts

Oryx International Growth Fund Ld 27 July 2007 FOR IMMEDIATE RELEASE 27 July 2007 ORYX INTERNATIONAL GROWTH FUND LIMITED PRELIMINARY ANNOUNCEMENT THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCE UNAUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2007 UNAUDITED CONSOLIDATED BALANCE SHEET As at 31 March 2007 (expressed in pounds sterling) ASSETS 2007 2006 £ £ Bank balances 5,201,509 6,716,707 Dividends and interest receivable 405,259 108,474 Other receivables 661,039 97,424 Listed investments at fair value (Cost £66,699,127: 2006 - £15,411,613) 74,036,006 18,916,400 Unlisted investments at fair value (Cost £4,423,640: 2006 - £5,388,047) 4,692,071 7,020,250 --------- ---------- TOTAL ASSETS 84,995,884 32,859,255 --------- ---------- LIABILITIES Amounts due to brokers 2,671,986 1,221,770 Creditors and accrued expenses 600,531 104,685 --------- ---------- TOTAL LIABILITIES 3,272,517 1,326,455 --------- ---------- NET ASSETS 81,723,367 31,532,800 ========= ========== REPRESENTED BY: CAPITAL AND RESERVES Called up share capital 20,638,610 5,333,044 --------- ---------- Share premium 36,309,116 5,678,410 Capital redemption reserve 1,246,500 1,246,500 Other reserves 23,529,141 19,274,846 --------- ---------- 61,084,757 26,199,756 --------- ---------- TOTAL EQUITY SHAREHOLDERS' FUNDS 81,723,367 31,532,800 ========= ========== Net Asset Value per Share - Ordinary Shares £3.27 £2.96 ========= ========== Net Asset Value per Share - C Shares £1.14 N/A ========= ========== Diluted Net Asset Value per Share - Ordinary Shares £3.27 £ 2.96 ========= ========== Diluted Net Asset Value per Share - C Shares £1.14 N/A ========= ========== UNAUDITED CONSOLIDATED INCOME STATEMENT For the year ended 31 March 2007 (Expressed in pounds sterling) 2007 2006 £ £ INCOME Deposit interest 647,706 318,237 Dividends and investment income 1,836,920 854,290 ---------- -------- -------- 2,484,626 1,172,527 ---------- -------- ---------- -------- EXPENDITURE Management and investment adviser's fee 610,796 324,682 Finance charge - 7,220 Custodian fees 33,649 18,155 Administration fee 99,009 27,344 Registrar and transfer agent fees 76,554 1,391 Directors' fees and expenses 184,488 109,311 Audit fees 21,410 11,500 Insurance 9,651 9,000 Legal and professional fees 346,668 73,960 Performance fee 100,000 - Printing expense 72,348 - Setting up costs 1,117,161 - Salary costs 159,465 - Miscellaneous expenses 753,620 37,713 ---------- -------- ---------- -------- 3,584,819 620,276 ---------- -------- ---------- NET (EXPENSE)/INCOME BEFORE TAXATION (1,100,193) 525,251 Taxation (81,345) (83,665) ---------- -------- ---------- -------- NET (EXPENSE)/INCOME FOR THE YEAR AFTER TAXATION (1,181,538) 468,586 Realised gain on investments 3,867,406 3,772,030 (Loss)/gain on foreign currency translation (136,228) 18,002 Movement in unrealised gain on revaluation of investments 2,334,760 1,634,122 Transaction costs (630,105) (126,762) TOTAL SURPLUS ATTRIBUTABLE TO ---------- -------- SHAREHOLDERS FOR THE YEAR 4,254,295 5,765,978 ========== ======== ======== Basic Earnings per share for the year - Ordinary Shares £ 0.25 £ 0.54 ========== ======== Basic Earnings per share for the year - C Shares £ 0.08 N/A ========== ======== Diluted Earnings per share for the year - Ordinary Shares £ 0.25 £ 0.54 ========== ======== Diluted Earnings per share for the year - C Shares £ 0.08 N/A ========== ======== UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 March 2007 (Expressed in pounds sterling) 2007 2006 £ £ Net cash (outflow)/inflow from operating activities (2,622,093) 546,748 INVESTING ACTIVITIES Purchase of (78,517,387) (18,009,316) investments Sale of investments 44,937,286 20,533,536 Transaction costs (630,105) (126,762) --------- ---------- Net cash (outflow)/inflow from investing activities (34,210,206) 2,397,458 FINANCING ACTIVITIES Issue of shares 35,453,329 - --------- ---------- Net cash inflow from financing activities 35,453,329 - Net cash (outflow)/inflow (1,378,970) 2,944,206 ========= ========== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Net cash (outflow)/inflow (1,378,970) 2,944,206 Exchange movements (136,228) 18,002 Net cash at beginning of year 6,716,707 3,754,499 --------- ---------- --------- ---------- Net cash at end of 5,201,509 6,716,707 year ========= ========== --- ----------- ------------------- -- --------- ---- ---------- ---- CHAIRMAN'S STATEMENT The year under review was one of significant change for your company. In the first half of the year, the company successfully completed the acquisition of Baltimore PLC. This was done through the issuance of a new class of 'C' shares. These shares have traded in parallel with the ordinary shares since the completion in July 2006. Since that date the Investment Manager, North Atlantic Value, has been aligning the two portfolios so as to allow the two classes of shares to be merged into one. The Board is hopeful of bringing forward proposals to effect this during the second half of the year. In the second half of the year, your company merged with American Opportunity Trust PLC and this was completed in February 2007. The cost of these transactions was largely paid by third parties. The costs of acquiring Baltimore was borne by the shareholders of Baltimore and a significant part of the cost of the merger with American Opportunity Trust was borne by that company's shareholders and North Atlantic Value. The effect of these two transactions was to bring additional assets to the company of £46m. This will help liquidity and spread the costs over a significantly greater asset base, thereby benefiting all shareholders. I am very pleased to report another set of solid results with the Net Asset Value of the ordinary shares rising by 11% and the C shares (since July 2006) by 15%. This satisfactory trend of delivering value to shareholders is derived from our strategy of only investing in companies where value can be identified and realized through proactive management. In 2005, in line with the original prospectus, a special resolution was included in the 2005 Annual General Meeting to wind the Company up. At that time, we indicated that a similar resolution would be put to shareholders in 2007 and every two years thereafter. We will include the same resolution in this year's AGM but, having consulted with a number of significant shareholders, your Board does not believe it will succeed. If that is the case, a similar resolution will be put in 2009. In line with our stated policy, your Board does not propose paying a dividend, however it will be our intention to continue buying in ordinary shares when the discount allows it to be enhancing to net asset value. The current year has started well and your Board views the future with confidence. Nigel Cayzer Chairman Enquiries Jean McMillan/Sara Radford BNP Paribas Fund Services (Guernsey) Limited Tel: 01481 743000 This information is provided by RNS The company news service from the London Stock Exchange

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