Half-year Report

RNS Number : 2598I

Oryx International Growth Fund Ld

10 December 2020

 

10 December 2020

FOR IMMEDIATE RELEASE

RELEASED BY BNP PARIBAS SECURITIES SERVICES S.C.A., GUERNSEY BRANCH

HALF-YEARLY RESULTS ANNOUNCEMENT

THE BOARD OF DIRECTORS OF Oryx International Growth Fund Limited ANNOUNCE UNAUDITED CONDENSED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020

A copy of the Company's Unaudited Condensed Half Yearly Financial Report will be available via the following link:

www.oryxinternationalgrowthfund.co.uk

 

HALF-YEARLY BOARD REPORT

PERFORMANCE SUMMARY AND DIVIDEND HISTORY

Performance Summary

	At 30 September 2020	At 31 March 2020
(£ in millions, except per share data and the number of Ordinary Shares in issue)
Number of Ordinary Shares in issue	14,052,125	14,192,125
Net Asset Value ("NAV") attributable to shareholders
- Ordinary Shares	172.17	124.87
Investments	160.57	117.27
Cash and cash equivalents	11.67	7.74
NAV per share attributable to shareholders
- Ordinary Shares	12.25	8.80
Share Price	10.20	6.70
Discount to NAV	16.73%	23.86%
Earnings/(loss) per share1	3.44	(0.60)

Dividend history

No Ordinary Share dividend was declared during the period.  

¹ - The earnings per share of £3.44 relates to the six month period from 1 April 2020 to 30 September 2020 whereas loss per share of (£0.60) relates to the financial year from 1 April 2019 to 31 March 2020.

CHAIRMAN'S STATEMENT

I am pleased to report another excellent set of results for the period ended 30 September 2020. As was prefaced in the Chairman's statement accompanying the Annual Report, we had seen a substantial recovery from the lows of March, I am therefore pleased to report that the Net Asset Value per share rose by 39.20%.

As you will see from the Manager's report set out below, there were notable successes during the period and encouragingly only two companies required support as a consequence of the effects of the Covid-19 crisis. This, once again, reflects the skills of the team at Harwood Capital led by Christopher Mills to invest in companies where they see opportunities for value creation through active management and, when appropriate, realisation of capital gains, but at the same time ensuring that the companies have strong balance sheets to underpin their business models.

In line with the Company's stated policy, no dividend will be paid.

We remain confident that the portfolio will continue to provide opportunity for growth even in these exceptional and volatile times.

Nigel Cayzer

Chairman

10 December 2020

executive sUMMARY

This Executive Summary is designed to provide information about the Company's business and results for the six month period ended 30 September 2020. It should be read in conjunction with the Chairman's Statement and the Investment Adviser's Report which gives a detailed review of investment activities for the period and an outlook for the future. 

Corporate summary

The Company is a Guernsey Authorised Closed-Ended Collective Investment Scheme pursuant to the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended, and the Authorised Closed Ended Investment Scheme Rules 2008 issued by the Guernsey Financial Services Commission. It was incorporated and registered with limited liability in Guernsey on 2 December 1994, with registration number 28917. The Company has a premium listing on the Main Market of the London Stock Exchange.

 

The Company's share capital is denominated in Sterling and each Ordinary Share carries equal voting rights.

The investment manager and investment adviser was Harwood Capital Management (Gibraltar) Limited (the "Investment Manager" and the "Investment Adviser") during the six month period ended 30 September 2020.

Harwood Capital Management (Gibraltar) Limited is an authorised manager by the Gibraltar Financial Services Commission as a small scheme funds to manage Alternative Investment Funds under the Alternative Investment Managers Regulations 2013.

Company investment objective and policy

The investment objective of the Company is to seek to generate consistently high absolute returns whilst maintaining a low level of risk for shareholders.

The Company principally invests in small and mid-size quoted and unquoted companies in the United Kingdom and the United States. The Investment Manager targets companies that have fundamentally strong business models, but where there may be specific factors which are constraining the maximisation or realisation of shareholder value, which may be realised through the pursuit of an activist shareholder agenda by the Investment Manager. Dividend income is a secondary consideration when making investment decisions.

 

Director interests

The Board comprises seven non-executive Directors, five of whom are independent: Nigel Cayzer (Chairman), Walid Chatila, Rupert Evans, John Grace and John Radziwill. Information on each Director is presented below.

Christopher Mills is a Partner and Chief Executive Officer of the Investment Manager and Investment Adviser.  Harwood Capital Management (Gibraltar) Limited is entitled to fees as detailed in notes 3 and 4. Rupert Evans is a consultant to the law firm Mourant Ozannes, the legal adviser to the Company.

No fees were paid or are payable to Harwood Capital Management Limited of which Sidney Cabessa is a Director.

Information on the Directors' remuneration is detailed in note 7. Other than fees payable in the ordinary course of business, there have been no material transactions with these related parties.

The Company has not set any requirements or guidelines for Directors to own shares in the Company. As at the date of approval of the Half-Yearly Financial Report, Directors and their connected persons held the following number of Ordinary Shares in the Company:

Director	Directors' holdings in the Company's Ordinary Shares
Christopher Mills	350,000
John Grace 1	130,000 346,607

¹ John Grace holds a beneficial interest of 130,000 Ordinary Shares and is also a member of a class of beneficiaries which holds an interest in 346,607 Ordinary Shares.

Principal risks and uncertainties

When considering the total return of the Company, the Board takes account of the risk which has been taken in order to achieve that return. The Directors have carried out a robust assessment of the principal risks facing the Company including those which would threaten its business model, future performance, solvency or liquidity. The Board looks at the following risk factors as listed below:

· Investment activity and performance

· Level of discount or premium

· Market price risk

· Covid-19 (as an emerging risk)

Information on these risks and how they are managed is given in the Annual Report and Financial Statements for the year ended 31 March 2020. In the view of the Board, these principal risks and uncertainties were applicable to the six months under review and are not expected to change for the remaining six months of the financial year.

Events after the reporting date

There were no events after the reporting period.

Going conc ern

Under the UK Corporate Governance Code and applicable regulations, the Directors are required to satisfy themselves that it is reasonable to assume that the Company is a going concern from the date of approval of this Half-Yearly Financial Report.

The Directors have considered the Company's investment objective and risk management policy, its assets and the expected income and return from its investments while factoring in the current economic conditions caused by the outbreak of Covid-19. The Directors are of the opinion that the Company is able to meet its liabilities and ongoing expenses as they fall due and they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, these condensed financial statements have been prepared on a going concern basis and the Directors believe it is appropriate to continue to adopt this basis for a period of at least 12 months from the date of approval of these condensed financial statements.

Under Article 51 of the Articles of Incorporation, the Directors shall give due notice of and propose or cause to be proposed a special resolution that the Company be wound up at the Annual General Meeting ("AGM") of the Company every two years. The next notice will be given in the 2021 AGM documents where the Board will recommend that shareholders vote against resolution. The Directors, based on discussions with the Company's most significant shareholder, have a reasonable expectation that the special resolution outlined in Article 51 of the Articles of Incorporation and under "Life of the Company" will not be passed at the AGM in 2021.

Future strategy

The Board continues to believe that the investment strategy and policy adopted by the Company is appropriate for and is capable of meeting the Company's investment objective.

The overall strategy remains unchanged and it is the Board's assessment that the Investment Manager's and Investment Adviser's resources are appropriate to properly manage the Company's portfolio in the current and anticipated investment environment.

Refer to the Investment Adviser's report for detail regarding performance to date of the investment portfolio and the main trends and factors likely to affect those investments.

BOARD MEMBERS

Directors

All Directors are non-executive.

Nigel Cayzer (Chairman)

British

Nigel Cayzer is Chairman of Aberdeen Asian Smaller Companies Investment Trust PLC. He is also a Director of a number of private companies. He has been Chairman or a Director of a number of Investment Companies and was Chairman of Maggie's, a leading cancer charity, from 2005 until 2014.

Sidney Cabessa

French

Sidney Cabessa is also a Director of Club-Sagem and Mercator/Nature et découvertes.  He was Chairman of CIC Finance, an Investment Fund and a subsidiary of French banking group, CIC - Credit Mutuel and was previously a Director of other investment companies. He has previously been Senior Adviser with Rothschild and Co (2012 to 2017); and is now Senior Adviser at Essling Capital. He is also a Director of Harwood Capital Management Limited.

Walid Chatila

Canadian

Walid Chatila is a retired Certified Public Accountant (Texas 1984) and a Certified Professional Accountant (Ontario 1991). His career includes international audit and special assignment experience mostly in financial services in the Middle East and North America from 1983 to 1993. A resident of Abu Dhabi, United Arab Emirates, since 1993, he was the Finance Director of Emirates Holdings from 1994 to 2006, and between 2006 and 2011, he assumed the role of General Manager of Al Nowais Investment LLC. He was also the General Manager of Arab Development Establishment until June 2017.

Rupert Evans

British

Rupert Evans is a Guernsey Advocate and was a partner in the firm of Ozannes between 1982 and 2003, since then he has been a consultant to Ozannes (now Mourant Ozannes). He is a non-executive Director of a number of other investment companies some of which are quoted on recognised stock exchanges. He is a Guernsey resident.

Christopher Mills

British

Christopher Mills is a Partner and the Chief Executive Officer of Harwood Capital LLP.  He is also Chief Investment Officer of North Atlantic Smaller Companies Investment Trust plc ("NASCIT"). NASCIT is the winner of numerous Micropal and S&P Investment Trust awards.  In addition, he is a non-executive Director of numerous UK companies which are either currently, or have in the past five years been, publicly quoted.

John Radziwill

British

John Radziwill is currently a Director of StoneX Group Inc. (known as INTL FCStone Inc. up to 5 July 2020), Goldcrown Group Limited, Fourth Street Capital Ltd, Fifth Street Capital Ltd and Netsurion Ltd. In the past ten years, he also served as a Director of Acquisitor Plc and Acquisitor Holdings (Bermuda) Ltd, Air Express International Corp., Radix Ventures Inc, Baltimore Capital Plc, Lionheart Group Inc, USA Micro Cap Value Co Ltd and Radix Organisation Inc. Mr Radziwill is a member of the Bar of England and Wales.

John Grace

New Zealander

John Grace is actively involved in the management of several global businesses including asset management, financial services, and real estate. He is a Director and Founder of Sterling Grace International Ltd. Sterling Grace and its affiliates manage investments for high net-worth investors, institutions and investment partnerships. The company is active in global money management, financial services, private equity and real estate investments. He is also Chairman of Trustees Executors Holdings Ltd, owner of the premier and oldest New Zealand trust company established in 1882. It is the market leader in the corporate trust business. Its clients include government divisions, corporations and banks. The company is active in wholesale financial services including trust accounting, securities custody and mutual fund registry. It is also actively engaged in the personal trust business. He graduated from Georgetown University. He has served as a Director of numerous public companies and charities. He currently supports genetic research and education initiatives in science at the University of Lausanne, EPFL École polytechnique fédérale de Lausanne and CERN, the European Organization for Nuclear Research.

INVESTMENT ADVISER'S REPORT

It is pleasing to note that the Company has had another successful period of performance, following a difficult start to 2020 with the damage done to the economy by Covid-19. The net asset value per share rose by 39.20% which compares very favourably with a significantly smaller increase in the appropriate indices during the six month period under review.

Quoted equities:

The rise in net asset value was positively impacted by gains in every one of the top ten holdings. EKF Diagnostics (+136.00%) was the most notable contributor, having introduced its PrimeStore MTM product into the market to provide a unique solution in Covid-19 test transportation. Renalytix soared 95.24% and listed on NASDAQ over the period, as its KidneyIntelX launched at Mt Sinai. Redcentric (+63.92%) resolved legacy issues over the period and we believe it is now well positioned to realise its potential.

The principal disappointment in the interim was Stobart Group, which faced substantial disruption to operations due to Covid-19, most notably at its Southend Airport. The group has raised £100 million from the market to fund operations in the medium term and should have ample capital for the next 12 months. It should be noted that Stobart Group received an investment proposal from a third party in March, valuing Southend airport at a higher amount, which was ultimately withdrawn with the uncertainty generated by the global pandemic.

Unquoted equities:

Tradewise

The company was further written down as past trading remains difficult, although this year has benefitted from the lockdown which has prevented motorists from driving.

Finally, it is pleasing to note that Source Bioscience has recently gone public at a significant premium to the valuation.

Outlook:

We have continued to support our existing holdings through the turbulent interim period although we were fortunate that only two required cash funding. Covid-19 remains a current and future global socio-economic issue that will continue to create volatility in the markets. The expected change in policies from the incoming US President and Brexit negotiations adds further uncertainty.

The diversification of holdings in the portfolio has provided stability in a difficult time and we are hopeful that there are sufficient catalysts in the companies that we own to create further growth in the underlying Net Asset Value of the fund over the balance of the year.

Harwood Capital Management (Gibraltar) Limited

10 December 2020

TEN LARGEST HOLDINGS

As at 30 September 2020

EKF Diagnostics Holdings plc

EKF Diagnostics is a global integrated market leader in the medical diagnostics business, offering a large range of haemoglobin and haematocrit analysers. The company focuses on diagnostics for the Point of Care market, demonstrating a way to make blood and anaemia screening more accessible and affordable. The business also has a clinical laboratory division where its liquid reagents can be used widely in analysers found in hospital laboratories.

Management upgraded forecasts several times over the interim period as demand for its Primestore MTM device generated significant sales. Public Health England recently approved the use of Primestore MTM as the best commercially available device to transport a virus, which has led to further sales in the UK.

Augean plc

Augean is the market leader specializing in hazardous waste management practices and provides waste management solutions across the United Kingdom. The group is strategically positioned to provide compliance and commercial solutions operated through five business units: Energy & Construction, Radioactive Waste Services, Industry and Infrastructure, Augean Integrated Services and Augean North Sea Services.

The group was negatively impacted by Covid-19 related lockdown measures and reduced activity levels in its North Sea services business due to the low price of oil. Despite a reduction in profit before tax to £8.5m, the group was able to generate £10.5 million of cash in the first half of the year, reducing net debt to £3.3 million. The tax tribunal hearings for the recovery of circa £50 million continue, of which £1.6 million was recently received. Management remain confident that all landfill tax has been appropriately collected and paid and will continue to pursue additional repayment from HMRC.

Redcentric PLC

The company is a leading UK IT managed services business that provides IT and cloud services to meet its customers and clients' needs. The group benefits from an established reputation as an end to end managed service provider delivering innovative technology to improve business productivity and efficiency.

Redcentric raised gross proceeds of £5.8 million in June and resolved the four-year dispute with the FCA that had been depressing the value of the shares. Management have continued to reduce the cost base while improving the group's infrastructure, allowing EBIT margin to improve by 330 basis points and deliver a 6% free cash flow yield. We anticipate significant mergers and acquisitions in a consolidating industry and view the company as a likely target to be acquired by a larger competitor.

Renalytix AI Plc

Renalytix AI plc was spun out of EKF Diagnostics in 2018. The company manufactures artificial intelligence-enabled diagnostics for kidney disease, serving patients on a global scale. The company recently announced the completion of a joint venture with AKESOgen, an industry leading commercial laboratory facility and provider of clinical trial precision medicine services. The partnership will allow RenalytixAI to immediately scale operations to support additional partnerships without incurring additional fixed overheads. The business has a strong management team and is supported by the Icahn School of Medicine at Mt Sinai.

The KidneyIntelX product has now launched at Mt Sinai and management is focused on building out the platform, winning national reimbursement and driving test adoption. The company may be able to achieve Medicare coverage under new proposed rules as early as H1 2021, which would provide significant upside to the business. The company has a healthy balance sheet, with $13.3 million of cash providing ample liquidity for future operating costs. Renalytix's Kantaro Quantitative antibody test kits for Covid-19 are now approved for distribution in the EU and a decision should be made in the US in the coming weeks. This development is welcome news and will provide an alternative stream of income for the company.

Circassia Group PLC

Circassia is a commercial-stage specialty pharmaceutical company focused on respiratory diseases. Its core NIOX product provides a diagnostic FeNO test in asthma. The company is targeting £6.7m of cost savings in 2020 and intends to expand into new territories and leverage its commercial infrastructure to broaden its products range.

Ian Johnson has been installed as the group's Executive Chairman and has taken immediate steps to streamline the business. After a strategic review, the board terminated the development and commercialization agreement with AstraZeneca for the Turdoza and Duaklir products. This transforms Circassia into a pure diagnostics company centered on its NIOX platform and removes the outstanding debt and accrued interest of $150m it had owed to AstraZeneca. The company has had a challenging year due to Covid-19 restrictions but NIOX sales have begun to recover and the reduced cost base will generate positive EBITDA if next year's NIOX sales match those of 2019. The balance sheet is stable, with net cash of £9.6 million more than sufficient for the next 12 months.

Bigblu Broadband Plc

Bigblu Broadband operates as a leading global telecommunication offering very fast broadband to rural communities, which traditional broadband providers cannot deliver. The company has established a strong position as an alternative and rural broadband provider across multiple geographies using satellite, fixed wireless and 4G/5G technologies. Organic growth is expected to accelerate, while increased scale and further integration of previous acquisitions should lead to improved margins and cash generation. A recent partnership with Eutelsat will boost subscriber growth as the company expands its sales network.

The company had a solid performance in the first half of the year, growing organic revenue by 7% and maintaining EBITDA estimates of £6.2 million for the year, which management believe is conservative. In July, the company sold its UK and European satellite operations to Eutelsat at a 50% premium to the price it paid for the assets. The company is well positioned to win new contracts in its UK Quickline business, with the UK government committing £5 billion of funding to this market.

Tribal Group Plc

Tribal Group is a provider of technology products and services to the education, learning and training markets in the UK and overseas. It is active in administrative functions in three fields: student management services, professional services & analytics and quality assurance.

The company delivered a strong first half despite the ongoing Covid-19 restrictions at schools. Education services suffered, with sales dropping 17%, but this is revenue delayed rather than lost so of minor concern. The other parts of the business performed well, benefitting from high recurring revenues and new customer wins.

Gleeson (M.J.) Group Plc 

Gleeson Group operates two divisions, Gleeson Homes and Gleeson Strategic Land. Gleeson Homes was hurt by the Covid-19 lockdown but business has now resumed production with demand for affordable housing among the Group's core northern customer base unabated.  Gleeson Strategic Land continues to enjoy continuing success in securing residential planning permission as well as progressing the sale of several of its southern UK sites, with a strong future pipeline.

The shares have underperformed relative to peers in recent months, but demand has been resilient with two thirds of customers falling into the 'key worker' category and Strategic Land moves gradually back online as house builders become more active in the market. The company has net cash of £16.8 million and remains on track to deliver its target of 2000 units by 2020.

NAHL Group plc

Sureserve Group provides Compliance and Energy services to customers in the outsourced public and regulated services sectors in the UK. It is the market leader in social housing gas compliance and its markets are driven by government policy.

The group had a resilient performance through Covid-19 and generated £10.4m of cash in the year, to leave it with net cash of £3.1 million net of VAT deferral. The order book has grown to £375 million at the end of September from £325 million at the end of May, providing evidence that the strategy is being delivered.

Hargreaves Services plc

Hargreaves Services aims to deliver returns in two key asset classes: infrastructure and the property sector. The business has evolved from a traditional model of industrial services and logistics to incorporate renewable energy, civil engineering, land restoration and remediation. The company has developed a pipeline of opportunities with a land bank of 18,000 acres across the UK, which will have a mixed-use purpose of residential, commercial property and industrial use.

The company has announced its intention to cease production of coal and transition into a property and services business. Net assets have a stated worth of circa £130m, offering significant upside from current valuation and management have reinstated the dividend to demonstrate the strength of the current balance sheet. Hargreaves land was negatively impacted by Covid-19, which delayed sales at the Blindwells site, but it is hoped that progress will be made as the economy returns to a degree of normality.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable Guernsey law and regulations.

The Directors confirm to the best of their knowledge that:

· the condensed financial statements contained within the Half-Yearly Financial Report have been prepared in accordance with IAS 34 "Interim Financial Reporting" and provides a fair, balanced and understandable view of the affairs of the Company as at 30 September 2020, as required by the Financial Conduct Authority ("FCA") through the Disclosure Guidance and Transparency Rule ("DTR") 4.2.4R; and

· the Chairman's Statement, the Investment Adviser's Report, the Executive Summary and the notes to the condensed financial statements include a fair view of the information required by:

1.  DTR 4.2.7R, being an indication of important events that have occurred during the six months ended 30 September 2020 and their impact on the condensed financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

2.  DTR 4.2.8R, being related party transactions that have taken place during the six months ended 30 September 2020 and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions from the annual report that could have a material impact on the financial position or financial performance of the Company in the first six months of the current financial year.

By order of the Board

Walid Chatila    Rupert Evans 

Director    Director

10 December 2020    10 December 2020

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 September 2020

 

		Six months ended 30 September 2020	Six months ended  30 September 2019
		(Unaudited)	(Unaudited)
	Notes	£	£
Income
Dividends		113,848	955,376
Net realised gains/(losses) on investments		12,158,393	(616,682)
Unrealised gains on revaluation of investments		37,748,270	12,721,697
Net gains/(losses) on foreign currency translation		536	(22)
Total income		50,021,047	13,060,369
Expenses
Investment manager and adviser's fees	3	920,490	748,732
Transaction costs		81,169	26,340
Directors' fees and expenses	7	94,174	79,003
Audit fees		32,421	28,468
Administration fees	6	85,000	62,212
Legal and professional fees		-	32,553
Registrar and transfer agent fees		12,527	10,248
Custodian fees	5	15,000	16,612
Insurance fees		3,126	2,819
Regulatory fees		5,958	7,709
Printing fees		14,937	27,055
Other expenses		34,654	28,185
Total expenses		1,299,456	1,069,936
Total profit for the period before taxation		48,721,591	11,990,433
Withholding tax on dividends		(9,637)	(10,737)
Profit and total comprehensive income for the period		48,711,954	11,979,696
Earnings per Ordinary Share - basic and diluted	11	3.44	0.84

The Company has no items of other comprehensive income, and therefore the profit for the period is also the total comprehensive income.

All items in the above statement are derived from continuing operations. No operations were acquired or discontinued during the period.

The accompanying notes form an integral part of these condensed financial statements. 

 

CONDENSED STATEMENT OF FINANCIAL POSITION

as at 30 September 2020

			30 September 2020	31 March 2020
		Notes	(Unaudited)	(Audited)
			£	£
Non-current assets
Listed investments at fair value through profit or loss ( Cost - £115,920,563 (31 March 2020 - £110,366,131))		8	150,861,533	108,392,048
Unlisted investments at fair value through profit or loss ( Cost - £6,208,719(31 March 2020 - £6,208,720))		8	9,708,005	8,874,788
			160,569,538	117,266,836
Current assets
Cash and cash equivalents			11,671,889	7,743,607
Amounts due from brokers			100,473	314,075
Dividends receivable			141,725	118,500
Other receivables and prepayments			6,077	9,274
Total current assets			11,920,164	8,185,456
Total assets			172,489,702	125,452,292
Current liabilities
Other payables and accrued expenses			(319,312)	(577,452)
Amounts due to brokers			-	(2,404)
Total current liabilities			(319,312)	(579,856)
Net assets			172,170,390	124,872,436
Shareholders' equity
Share capital		9	49,719,346	49,789,346
Capital redemption reserve			1,246,500	1,246,500
Other reserves			121,204,544	73,836,590
Total shareholders' equity			172,170,390	124,872,436
Net Asset Value per Ordinary Share - basic and diluted		10,12	£12.25	£8.80

The condensed financial statements were approved by the Board of Directors on 10 December 2020 and are signed on its behalf by:

Walid Chatila       Rupert Evans

Director    Director

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

for the six months ended 30 September 2020 (Unaudited)

		Share Capital	Capital redemption reserve	Other reserves	Total
	Note	£	£	£	£
Balance at 1 April 2020		49,789,346	1,246,500	73,836,590	124,872,436
Total comprehensive income for the period		-	-	48,711,954	48,711,954
Transactions with owners, recorded directly in equity Contributions, redemptions and distributions to shareholders:
- Share repurchase	9	(70,000)		(1,344,000)	(1,414,000)
Balance at 30 September 2020		49,719,346	1,246,500	121,204,544	172,170,390

for the six months ended 30 September 2019 (Unaudited)

		Share Capital	Capital redemption reserve	Other reserves	Total
		£	£	£	£
Balance at 1 April 2019		49,789,346	1,246,500	82,290,052	133,325,898
Total comprehensive income for the period		-	-	11,979,696	11,979,696
Balance at 30 September 2019		49,789,346	1,246,500	94,269,748	145,305,594

 

CONDENSED   STATEMENT OF CASH FLOWS

for the six months ended 30 September 2020

		Six months ended 30 September 2020	Six months ended 30 September 2019
		£	£
		(Unaudited)	(Unaudited)
Cash flow from operating activities
Profit for the period		48,711,954	11,979,696
Net realised (gains) /losses on investments		(12,158,393)	616,682
Unrealised gains on revaluation of investments		(37,748,270)	(12,721,697)
Net (gains) /losses on foreign currency translation		(536)	22
Increase in dividends receivable		(23,225)	(44,870)
Decrease/(increase) in other receivables and prepayments		3,197	(83,438)
Decrease in amounts due from brokers		213,602	-
(Decrease)/increase other payables and accrued expenses		(258,140)	5,643
(Decrease)/increase other payables and accrued expenses		(2,404)	118,364
Purchase of investments		(24,555,029)	(13,188,427)
Sale of investments		31,158,990	7,500,973
Net cash inflow/(outflow) from operating activities		5,341,746	(5,817,052)
Cash flow from financing activities
Share repurchase		(1,414,000)	-
Net cash outflow from financing activities		(1,414,000)	-
Net increase/(decrease) in cash and cash equivalents in the period		3,927,746	(5,817,052)
Cash and cash equivalents at the beginning of the period		7,743,607	7,934,548
Effect of exchange rate fluctuations on cash and cash equivalents		536	(22)
Cash and cash equivalents at the end of period		11,671,889	2,117,474

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

1.  General information

The Company was registered in Guernsey on 2 December 1994 and commenced activities on 3 March 1995. The Company was listed on the London Stock Exchange on 3 March 1995.

The Company is a Guernsey Authorised Closed-Ended Investment Scheme and is subject to the Authorised Closed-Ended Investment Scheme Rules 2008.

The investment activities of the Company are managed by the Investment Manager and the administration of the Company is delegated to BNP Paribas Securities Services S.C.A., Guernsey Branch (the "Administrator").

Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

2.  Accounting policies

The Annual Report and Financial Statements (the "Annual Report") are prepared in accordance with  International Financial Reporting Standards ("IFRS") as adopted by the European Union which comprise standards and interpretations approved by the International Accounting Standards Board, and International Accounting Standards and Standing Interpretations Committee as approved by the International Accounting Standards Committee which remain in effect. The Half-Yearly Financial Report has been prepared in accordance with International Accounting Standards IAS 34 "Interim Financial Reporting". The accounting policies adopted are consistent with those of the previous financial year and corresponding interim period.

Several other amendments and interpretations apply for the first time in 2020, but these do not have an impact on the condensed financial statements.

2.1 Going Concern

The Half-Yearly Financial Report has been prepared under a going concern basis. Going concern refers to the assumption that the Company has the resources to continue in operation for the next 12 months from the date of approval of these financial statements. After analysing the following, the Directors believe that it is appropriate to adopt the going concern basis in preparing these financial statements:

· Working capital - As at 30 September 2020, there was a working capital surplus of £11,600,852. The Directors noted that as at 30 September 2020 (i) the profit and total comprehensive income   for the period from 1 April 2020 to 30 September 2020 was £48,971,954 and (ii) the Company had no borrowings, as such it has sufficient capital in hand to cover all expenses (which mainly consist of investment manager and investment advisory fees , Directors' fees and expenses, administration fees and legal and professional fees) and to meet all of its obligations as they fall due.

· Closed-ended Company --- The Company has been authorised by the Guernsey Financial Services Commission as an Authorised Closed-ended Collective Investment Scheme, as such there cannot be any shareholder redemptions, and therefore no cash flows out of the Company in this respect.

· Investments - The Company has a tradable portfolio, as 94% of the investments are listed and can therefore be readily sold for cash. The fair value of the listed investments has recovered and increased from 31 March 2020 ( £108,392,048 ) to 30 September 2020 (£150,861,533).

Under Article 51 of the Articles of Incorporation, the Directors shall give due notice of and propose or cause to be proposed a special resolution that the Company be wound up at the Annual General Meeting ("AGM") of the Company every two years. The next notice will be given in the 2021 AGM documents where the Board will recommend that shareholders vote against resolution. The Directors, based on discussions with the Company's most significant shareholder, have a reasonable expectation that the special resolution outlined in Article 51 of the Articles of Incorporation and under "Life of the Company" will not be passed at the AGM in 2021.

Based on the above assessments, the Directors are of the opinion that the Company is able to meet its liabilities as they fall due for payment because it has and is expected to maintain adequate cash resources. Given the nature of the Company's business, the Directors have a reasonable expectation that the Company has adequate financial resources to continue in operational existence for the next 12 months from the date of approval of these financial statements. Accordingly, these financial statements have been prepared on a going concern basis.

2.2 Use of judgements and estimates

In preparing these condensed financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

The significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those applied to the Annual Report and Financial Statements for the year ended 31 March 2020.

2. 3 Segment reporting

The Directors view the operations of the Company as one operating segment, being the investment business. All significant operating decisions are based upon analysis of the Company's investments as one segment. The financial results from this segment are equivalent to the financial results of the Company as a whole, which are evaluated regularly by the chief operating decision-maker (the Board with insight from the Investment Manager).

2.4 Financial instruments

Financial Assets  

Classification

All investments of the Company are designated as financial assets at fair value through profit or loss. The investments are purchased mainly for their capital growth and the portfolio is managed, and performance evaluated, on a fair value basis in accordance with the Company's documented investment strategy, therefore the Directors consider that this is the most appropriate classification.

Initial recognition

Financial assets are measured initially at fair value being the transaction price. Subsequent to initial recognition on trade date, all assets classified as fair value through profit or loss are measured at fair value with changes in their fair value recognised in profit or loss in the Statement of Comprehensive Income. Transaction costs are separately disclosed in profit or loss in the Statement of Comprehensive Income.

Fair value measurement principles

Listed investments have been valued at the bid market price ruling at the reporting date. In the absence of the bid market price, the closing price has been taken, or, in either case, if the market is closed on the financial reporting date, the bid market or closing price on the preceding business day.

Fair value of unlisted investments is derived in accordance with the International Private Equity and Venture Capital (IPEV) valuation guidelines. Their valuation includes all factors that market participants would consider in setting a price. The primary valuation techniques employed to value the unlisted investments are earnings multiples and the net asset basis. Cost is considered appropriate for early stage investments.  The relevance of this methodology can be eroded over time and in these cases the carrying values will be adjusted to reflect fair value. 

For certain of the Company's financial instruments, including cash and cash equivalents, dividends and interest receivable and amounts due from brokers, the carrying amounts approximate fair value due to their immediate or short-term maturity.

De-recognition

De-recognition of financial assets occurs when the rights to receive cash flows from financial instruments expire or are transferred and substantially all of the risks and rewards of ownership have been transferred.

Amounts due to brokers represent payables for investments that have been contracted for but not yet settled or delivered at the year end. Financial liabilities include other payables and accrued expenses and amounts due to brokers which are held at amortised cost using the effective interest rate method.

Financial liabilities are recognised initially at fair value, net of transaction costs incurred and are subsequently carried at amortised cost using the effective interest rate method. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expires.

3.  Investment manager and adviser's fees

In line with the Alternative Investment Fund Management Agreement, dated 1 October 2019, the Investment Manager and Investment Adviser, is entitled to an annual fee of 1.25% on the first £15 million of the Net Asset Value of the Company, and 1% of any excess, payable monthly in arrears. The agreement can be terminated giving 12 months' notice or immediately should the Investment Manager be placed into receivership or liquidation.  The Investment Manager is entitled to all the fees accrued and due up to the date of such termination but is not entitled to compensation in respect of any termination. Investment Manager and Investment Adviser fees payable as at 30 September 2020: £147,791 (31 March 2020: £390,866).

4.  Supplementary management fee

The Investment Manager agreed to waive its right to exercise management options to subscribe for Ordinary Shares in exchange for a discretionary bonus ("supplementary management fee").

As at approval of these condensed financial statements , no recommendation was made in respect of the 2020 supplementary management fee. The supplementary management fee is paid annually in arrears.

5.  Custodian fees

BNP Paribas Securities Services S.C.A., Guernsey Branch was appointed as custodian on 1 April 2007 and is entitled to an annual safekeeping fee based upon the value of investments held plus transactions fees, subject to a minimum of £4,000 per annum. Custodian fee payable as at 30 September 2020 was £7,500 (31 March 2020: £7,500). This amount is included in other payables and accrued expenses.

6.  Administration fees

The Administrator was appointed on 1 April 2007 and is entitled to an annual fee at a rate of 0.125% on the first £20 million, 0.10% on the next £20 million and 0.075% of any excess of the Total Assets, subject to a minimum of £50,000 per annum. Administration fee payable as at 30 September 2020 was £42,500 (31 March 2020: £42,500). This amount is included in other payables and accrued expenses.

7.  Directors' fees, expenses and interests

With the exception of the Chairman and Audit Committee Chairman, who are entitled to a fee of £27,500 and £25,000 per annum respectively, each Director is entitled to £20,000 per annum from the Company. In addition, all Directors are entitled to reimbursement of travel, hotel and other expenses incurred by them in course of their duties relating to the Company.

The Company has no employees other than the Directors. Directors' fees payable as at 30 September 2020 were £38,972 (31 March 2020: £38,125). This amount is included in other payables and accrued expenses.

As at the date of approval of these condensed financial statements, Christopher Mills and John Grace held Ordinary Shares in the Company. No other Director holds shares in the Company.

No pension contributions were payable in respect of any of the Directors (31 March 2020: £nil).

8.  Investments at fair value through profit or loss

	30 September 2020	31 March 2020
	(Unaudited)	(Audited)
	£	£
Cost at beginning of period/year	116,574,851	112,177,066
Additions	24,555,029	40,258,266
Disposals	(31,158,990)	(40,901,238)
Net realised gains on investments	12,158,393	5,040,757
Cost at end of period/year	122,129,283	116,574,851
Net unrealised gains on investments	38,440,255	691,985
Fair value at end of the period/year	160,569,538	117,266,836

Representing:

	30 September 2020	31 March 2020
	(Unaudited)	(Audited)
	£	£
Listed equities	150,861,533	108,392,048
Unlisted equities	9,708,005	8,874,788
	160,569,538	117,266,836

Investments are predominantly comprised of equity and equity-related investments in small and mid-sized quoted and unquoted companies in the United Kingdom and United States.

Fair value hierarchy

Fair value measurement should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions, IFRS 13 Fair Value measurement, establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets (Level 1) and lowest priority to unobservable inputs (Level 3). The three levels of the value hierarchy are as follows. 

Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2: Inputs reflect quoted prices of similar assets and liabilities in active markets and quoted prices of identical assets and liabilities in markets that are considered to be inactive, as well as inputs other than quoted prices within level 1 that are observable for the asset or liability either directly or indirectly; and

Level 3: Inputs that are unobservable for the asset or liability and reflect the Investment Manager's own assumptions in accordance with the accounting policies disclosed within note 2 to the financial statements.

30 September 2020	Level 1	Level 2	Level 3	Total
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
	£	£	£	£
Financial assets at fair value
through profit or loss
Listed securities	144,861,033	6,000,500	-	150,861,533
Unlisted securities	-	-	9,708,005	9,708,005
	144,861,033	6,000,500	9,708,005	160,569,538

31 March 2020	Level 1	Level 2	Level 3	Total
	(Audited)	(Audited)	(Audited)	(Audited)
	£	£	£	£
Financial assets at fair value
through profit or loss
Listed securities	101,229,548	7,162,500	-	108,392,048
Unlisted securities	-	-	8,874,788	8,874,788
	101,229,548	7,162,500	8,874,788	117,266,836

The following table summarises the changes in fair value of the Company's Level 3 investments.

	30 September 2020	31 March 2020
	(Unaudited)	(Audited)
	£	£
Opening balance	8,874,788	9,602,986
Net realised losses on investments	-	(6,088,982)
Unrealised gains on investments	833,217	5,468,784
Purchase of investments	-	-
Sale of investments		(108,000)
Closing balance	9,708,005	8,874,788
Change in unrealised losses on investments included in Condensed Statement of Comprehensive Income for Level 3 investments held	833,217	5,468,784

During the period ended 30 September 2020, there were no transfers between the three levels of the fair value hierarchy (31 March 2020: there were no transfers to and from level 3, there was one transfer from Level

1 to Level 2 as a result of low market activity). 

Transfers between levels are determined based on changes to the significant inputs used in the fair value estimation. The Directors have selected an accounting policy to apply transfers between levels in the fair value hierarchy at the beginning of the relevant reporting period.

Quantitative information of significant unobservable inputs - Level 3

The table below sets out information about significant unobservable inputs used at 30 September 2020 and 31 March 2020 in measuring financial instruments categorised as Level 3 in the fair value hierarchy.

Valuation Method	Fair Value at 30 September 2020  (£)	Unobservable inputs	Factor	Sensitivity to changes in significant unobservable inputs
Comparable Company Multiples	2,024,426	Earnings (EBITDA) multiple	18.6x	The estimated fair value would increase if: - the Earnings (EBITDA) multiple was increased
Comparable Company Multiples	2,137,122	Earnings (EBITDA) multiple	6.4x	The estimated fair value would increase if: - the Earnings (EBITDA) multiple was increased
Comparable Company Multiples	273,632	Earnings (EBITDA) & Net Asset Value multiples	6.8x	The estimated fair value would increase if: - the Earnings (EBITDA) or NAV multiple was increased

Valuation Method	Fair Value at 31 March 2020 (£)	Unobservable inputs	Factor	Sensitivity to changes in significant unobservable inputs
Comparable Company Multiples	1,406,300	Earnings (EBITDA) multiple	14.5x	The estimated fair value would increase if: - the Earnings (EBITDA) multiple was increased
Comparable Company Multiples	2,228,205	Earnings (EBITDA) multiple	7x	The estimated fair value would increase if: - the Earnings (EBITDA) multiple was increased

The remaining investments classified as Level 3 have not been included in the above analysis as they have either a fair value that either approximates a recent transaction price or is cash held in escrow pending the outcome of certain post sale conditions (i.e. warranties).

Although the Company believes that its estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. For fair value measurements in Level 3, changing one or more of the assumptions used to reasonably possible alternative assumptions would have the following effects on the net assets attributable to the shareholders.

Sensitivity analysis to significant changes in unobservable inputs within Level 3 hierarchy

As at 30 September 2020

Valuation Method	Input	Sensitivity used	£
Comparable Company Multiples	Earnings (EBITDA) multiple	+/-1.0x (19.6/17.6)	122,417 /(127,453)
Comparable Company Multiples	Earnings (EBITDA) multiple	+/-10% (7.1/5.8)	198,999/(198,999)
Comparable Company Multiples	Earnings (EBITDA) and NAV multiple	+/-10% (8.3x/6.8x EBITDA) (0.6x/0.4x NAV)	135,968/(135,968)

As at 31 March 2020

Valuation Method	Input	Sensitivity used	£
Comparable Company Multiples	Earnings (EBITDA) multiple	+/-1.0x (15.5/13.5)	60,940/(53,060)
Comparable Company Multiples	Earnings (EBITDA) multiple	+/-10.0% (7.7/6.3)	226,424/(226,424)

A sensitivity of 10% has been considered appropriate given the earnings (EBITDA) multiple for comparable company multiples lies within this range.

Please refer to note 2.4 for valuation methodology of financial assets at fair value through profit or loss.

9.  Share Capital

Authorised share capital

			Number of Shares	£
Authorised:
Ordinary shares of 50 pence each			90,000,000	45,000,000

Ordinary Shares Issued - 1 April 2020 to 30 September 2020 

Ordinary Shares of 50 pence each		Number of Shares	Share capital £
At 1 April 2020		14,192,125	49,789,346
Share repurchase		(140,000)	(70,000)
At 30 September 2020		14,052,125	49,719,346

Ordinary Shares Issued - 1 April 2019 to 31 March 2020

Ordinary Shares of 50 pence each		Number of Shares	Share capital £
At 1 April 2019		14,192,125	49,789,346
At 31 March 2020		14,192,125	49,789,346

Rights attributable to Ordinary Shares

In a winding-up, the holders of Ordinary Shares are entitled to the repayment of the nominal amount paid up on their shares. In addition, they have the right to receive surplus assets available for distribution. The shares confer the right to dividends, and at general meetings, on a poll, confer the right to one vote in respect of each Ordinary Share held.

Share buybacks

In accordance with section 315 of The Companies (Guernsey) Law 2008, (as amended) (the "Law"), the Company has been granted authority to make one or more market acquisitions (as defined in section 316 of the Law, of Ordinary Shares of 50 pence each in the capital of the Company ("Ordinary Shares") on such terms and in such manner as the Directors of the Company may from time to time determine, provided that:

a) the maximum aggregate number of Ordinary Shares authorised to be acquired does not exceed 10% of the issued Ordinary Share capital of the Company on the date the shareholders' resolution is passed;

b) the minimum price (exclusive of expenses) payable by the Company for each Ordinary Share is 50 pence and the maximum price payable by the Company for each Ordinary Share is an amount equal to 105% of the average of the middle market quotations for an Ordinary Share as derived from The London Stock Exchange Daily Official List for the five business days immediately preceding the day on which that Ordinary Share is purchased and that stipulated by Article 5(1) of the Buy-back and Stabilisation Regulation being the higher of the price of the last independent trade and the highest current independent bid available in the market;

c) subject to paragraph (d), this authority shall expire (unless previously renewed or revoked) at the earlier of the conclusion of the next annual general meeting of the Company or on the date which is 18 months from the date of the previous shareholders' resolution;

d) notwithstanding paragraph (c), the Company may make a contract to purchase Ordinary Shares under the authority from the shareholders' before its expiry which will or may be executed wholly or partly after the expiry of the authority and may make a purchase of Ordinary Shares in pursuance of any such contract after such expiry; and

e) the price payable for any Ordinary Shares so purchased may be paid by the Company to the fullest extent permitted by the Companies Law.

A renewal of the authority to make purchases of the Company's own Ordinary Shares will be sought from existing shareholders at each annual general meeting of the Company.

Between 1 April 2020 and 31 March 2020, the Company carried out one share buyback, resulting in a total reduction of 140,000 shares for a cost of £1,414,000. These shares were subsequently cancelled.

Between 1 April 2019 and 30 September 2019, the Company did not carry out any share buybacks.

9.  Reconciliation of the net asset value to the published net asset value

	30 September 2020		31 March 2020
	£	£ per share	£	£ per share
Published net asset value	175,914,744	12.52	128,446,303	9.05
Adjustment due to revaluation of investments at bid price	(3,744,354)	(0.27)	(3,753,867)	(0.25)
Net asset value attributable to shareholders	172,170,390	12.25	124,872,436	8.80

10. Basic and diluted earnings per Ordinary Share

				Six months ended 30 September 2020 (Unaudited)	Six months ended 30 September 2019  (Unaudited)
				£	£
Total comprehensive income for the period				48,711,954	11,979,696
Weighted average number of shares during the period				14,174,529	14,192,125
Basic and diluted earnings per share				3.44	0.84

11. Net Asset Value per Ordinary Share

				30 September 2020 (Unaudited)	31 March 2020 (Audited)
				£	£
Net asset value				172,170,390	124,872,436
Number of shares at period/year end				14,052,125	14,192,125
Net asset value per share				12.25	8.80

12. Related Parties

All transactions with related parties are carried out at arm's length and the prices reflect the prevailing fair market value of the assets on the date of the transaction.

The Investment Manager and Investment Adviser are considered to be a related party. The fees paid are included in the Condensed Statement of Comprehensive Income and further detailed in notes 3 and 4.

The Directors are also considered to be related parties and their fees are disclosed in the Condensed Statement of Comprehensive Income. At 30 September 2020, £38,972 (31 March 2020: £ 38,125 ) included in other payables and accrued expenses was payable to the Directors.

Christopher Mills is a Director and shareholder of Oryx International Growth Fund Limited. He is also a Partner and the Chief Executive of Harwood Capital Management (Gibraltar) Limited, the Company's Investment Manager and Investment Adviser and Chief Investment Officer of  NASCIT, which is a substantial shareholder of the Company.

Rupert Evans is a consultant to the law firm Mourant Ozannes, the legal adviser to the Company. The Company neither paid fees to Mourant Ozannes during the period nor had any dues outstanding at the Condensed Statement of Financial Position date (31 March 2020: £nil).

The Company entered into an agreement for an unsecured loan facility from Harwood Holdco Limited to provide short term funding to the Company to enable it to make new investments with settlement due by 30 April 2020, unless otherwise extended by Harwood Holdco Limited. The transactions that occurred on this facility during the period amounted to £2,750,000 and were all repaid by 17 June 2020. The terms of this loan included 2.5% interest per annum using 365 days, however, Harwood Holdco Limited waived the interest due.

Sidney Cabessa is a Director of Harwood Capital Management Limited, the parent company of Harwood Capital Management (Gibraltar) Limited LLP. No fees were paid or are payable to Harwood Capital Management Limited.

Christopher Mills and John Grace hold Ordinary Shares in the Company.

13. Subsequent events

The Board of Directors has evaluated subsequent events for the Company through 10 December 2020, the date the condensed financial statements were available to be issued, and has concluded there are no material events that require disclosure or adjustment of the condensed financial statements.

ALTERNATIVE PERFORMANCE MEASURES

NAV per Ordinary Share

NAV per Ordinary Share means an amount equal to, as at the relevant date, the NAV attributable to Ordinary Shares divided by the number of Ordinary Shares in issue as at such date.

Reason for use

Common industry performance benchmark for calculating the Total Return and Share Price (Discount)/Premium to NAV per Ordinary Share .

Recalculation

NAV per Ordinary Share is calculated as follows:

	30 September 2020 (Unaudited)	31 March 2020 (Audited)
Net Assets as per Condensed Statement of Financial Position	£172,170,390	£124,872,436
Number of Ordinary Shares in issue at period/year	14,052,125	14,192,125
NAV per Ordinary Share	£12.25	£8.80

Share Price Discount to NAV per Ordinary Share

Closing price as at such date as published on the London Stock Exchange divided by the NAV per Ordinary Share.

Reason for use

Common industry measure to understand the price of the Company's shares relative to its net asset valuation.

Recalculation

	30 September 2020 (Unaudited)	31 March 2020 (Audited)
Closing price as published on the London Stock Exchange	£10.20	£6.70
NAV per Ordinary Share	£12.25	£8.80
Share Price Discount	16.73%	23.86%

COMPANY INFORMATION

Registered Office

BNP Paribas House,

St Julian's Avenue,

St Peter Port, Guernsey, GY1 1WA

Investment Manager and Investment Adviser

Harwood Capital Management (Gibraltar) Limited

Suite 827 Europort, Europort Road, Gibraltar

Custodian

BNP Paribas Securities Services S.C.A., Guernsey Branch

BNP Paribas House, St Julian's Avenue,

St Peter Port, Guernsey, Channel Islands, GY1 1WA

Secretary and Administrator

BNP Paribas Securities Services S.C.A., Guernsey Branch

BNP Paribas House, St Julian's Avenue,

St Peter Port, Guernsey, Channel Islands, GY1 1WA

Registrars

Link Market Services (Guernsey) Limited

PO Box 627, St Sampson, Guernsey, GY1 4PP

Stockbroker

Winterflood Securities Limited

The Atrium Building, Cannon Bridge House

25 Dowgate Hill, London, EC4R 2GA

Legal Advisers

To the Company as to Guernsey law:
Mourant Ozannes
Royal Chambers, St Peter Port,
Guernsey, Channel Islands, GY1 4HP
To the Company as to English law:
Bircham Dyson Bell
One Bartholomew Cl
London, EC1A 7BL

Website

www.oryxinternationalgrowthfund.co.uk

Enquiries:

Jasper Cross

BNP Paribas Securities Services SCA, Guernsey Branch

Tel: [phone]

A copy of the Company's Half Yearly Financial Report will be available shortly from the Company Secretary, BNP Paribas Securities Services S.C.A., Guernsey Branch at BNP Paribas House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1WA, or on the Company's website ( www.oryxinternationalgrowthfund.co.uk ).

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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