Conversion of Securities

Oryx International Growth Fund Ld
17 September 2004



                              COMPANY ANNOUNCEMENT

                     Oryx International Growth Fund Limited

   (an investment company registered with limited liability in Guernsey with
                            reference number 28917)



17th September 2004



The Board of Directors of Oryx International Growth Fund Limited wish to
announce that:

Following the 2004 conversion of Warrants and Loan Stock:-


  • 687,336 warrants were converted into 687,336 ordinary shares, and

  • 1,730,750 units of Convertible Unsecured Loan Stock 2005 were converted
    into 1,730,750 Ordinary Shares.

Application is being made to admit these shares to the official list of the
London Stock Exchange.

The Resulting total number of Ordinary Shares and Loan stock in issue is:

Ordinary Shares - 10,291,315

Convertible Unsecured Loan Stock 2005 - 699,771

Application is being made to cancel the outstanding 256,614 un-exercised
Warrants.



Enquiries :

Management International (Guernsey) Limited
Tamsin Hooton
Phone [phone]


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