Interim Results

Oryx International Growth Fund Ld 27 November 2007 FOR IMMEDIATE RELEASE RELEASED BY BNP PARIBAS FUND SERVICES (GUERNSEY) LIMITED INTERIM RESULTS ANNOUNCEMENT THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCE UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007 CHAIRMAN'S STATEMENT As you will see from the report of the Investment Manager, the first half saw a slightly disappointing performance with both classes of shares registering small falls in their net asset values albeit outperforming their benchmark index. This performance reflects the difficult markets which exist at the moment. However we believe our strategy of investing in fundamentally good businesses which are undervalued by the equity markets and where active management can assist in unlocking value, will continue to deliver good returns over the medium term. On 28 September 2007, the Company was pleased to announce that the Company's Investment Adviser, North Atlantic Value, had notified the Directors that more than 80 per cent. of C shareholders funds had been realised and invested in assets selected by them. Accordingly, the C shares were converted into ordinary shares on 12 October 2007 and the Company's share capital now consists of one class of Ordinary shares. In line with our stated policy, your Board do not propose paying a dividend, however we will continue with our policy of buying back shares when discounts allow. Nigel Cayzer Chairman INVESTMENT ADVISER'S REPORT During the six month period under review the net asset value fell by 2.4% as compared to a fall in the FTSE Small Cap Indices of 6%. Whilst this performance is disappointing the index excluding Natural Resource stocks which the Fund does not invest in performed even worse. The Company's C shares fell by 4.3% with the difference being made up by the weakness in Bavaria and Newfoundland, two of the portfolios original holdings. The two portfolios have now come together and this will result in a unified net asset value for shareholders going forward. Investments that performed well during the period include Inspired Gaming following a takeover approach; Aero Inventory prior to sale; Fayrewood as a result of a tender offer; Lesco following a bid for the company; AssetCo following very good results; WH Energy Services due to a significant improvement in the oil price and Communisis following better than expected operating performance. These gains were however offset by weakness in Augean, BBA, Georgica, Ashstead and Meadow Valley. In each case the fundamentals of the business remains sound and we believe there are clear catalysts in place to create value. Although the unquoted portfolio is now relatively small, the successful IPO of DM Technical Services via a reverse takeover of Castle Acquisitions was achieved at an excellent profit for shareholders. Results at Motherwell Bridge are also better than expected and we contemplate an exit at a good uplift from the current valuation in the next few months. Markets are currently extremely difficult. Fortunately, the Fund has no exposure to the banking industry and limited exposure to property. Institutions are refocusing their porfolios away from small and medium sized companies and I believe that this will create good opportunities for the Fund over the next year. Risks and Uncertainties The significant events that have occurred in the six months under review are disclosed in Note 1 to the financial statements. The following risks are the principal risks which are considered by the Directors to be material to Shareholders. These are summarised as follows: Ordinary shares The market price and the realisable value of the Ordinary shares, as well as being affected by their underlying net asset value, also take into account supply and demand for the Ordinary shares, market conditions and general investor sentiment. As such, the market value and the realisable value of the Ordinary shares may fluctuate and vary considerably from the net asset value of the Ordinary shares and investors may not be able to realise the value of their original investment. Market risks The Company's investments are subject to normal market fluctuations and the risks inherent in the purchase, holding or selling of securities, and there can be no assurance that appreciation in the value of those investments will occur. The Company has a small exposure to unquoted investments and as no market for such investments readily exists, the valuation of these investments is estimated by the Directors in accordance with the accounting policies as set out in Note 2 (b). Foreign currency risks The functional currency of the Company is Sterling and, therefore, the Company's principal exposure to foreign currency risk comprises its investments priced in other currencies. No derivative or forward contracts are used to hedge currency risk. General The Company does not have a fixed winding-up date and, therefore, unless Shareholders vote to wind up the Company, Shareholders will only be able to realise their investment through the market. Taxation and exchange controls Any change in the Company's tax status or in taxation legislation (including the tax treatment of dividends or other investment income received by the Company) could affect the value of the investments held by the Company, affect the Company's ability to provide returns to Shareholders or alter the post tax returns to Shareholders. The Company may purchase investments that may be subject to exchange controls or withholding taxes in various jurisdictions. In the event that exchange controls or withholding taxes are imposed with respect to any of the Company's investments, the effect will generally be to reduce the income received by the Company on its investments and the capital value of the affected investments. North Atlantic Value LLP 26 November 2007 TEN LARGEST EQUITY HOLDINGS As at 30 September 2007 Inspired Gaming Group Plc - Cost £3,382,401 (1,500,000 shares) Inspired Gaming Group Plc (INGG) is the leading player worldwide in the Open Server-Based Gaming (Open SBGTM) market and is also the leading provider of analogue and Open SBGTM machines in the UK for the leisure and gaming markets. The Group provides Open SBGTM software systems and Open SBGTM digital and networked terminals in seven countries today. The Group manages over 82,000 machines across the UK, of which in excess of 20,000 are already on the Open SBGTM platform. The Group also has over 15,000 machines connected to its network overseas. The Group's customer base includes pubs, bars, casinos, bingo halls, licensed betting offices, holiday parks and other out of home leisure venues. Key customers include the major pub companies and gaming companies such as William Hill and Gala Coral Group. The Group is also the leading provider of Fixed Odds Betting Terminals, itbox skill gaming terminals, and other Open SBGTM variants. The company is in discussions which may lead to an offer. Market value £5,332,500 representing 6.73% of Net Asset Value. Telecoms Plus Plc - Cost £3,556,978 (2,300,000 shares) The Company is the UK's leading bill aggregator for the utility industry, offering its clients all of the major utilities through a simple monthly payment. The Company has substantial cash balances and no debt. Last year the Company entered into a performance related contract which gave Powergen the right to acquire the business at about 50% above the current share price. The Company's recent results were good. Market value £4,134,250 representing 5.21% of Net Asset Value. BBA Aviation Plc - Cost £4,477,362 (1,650,000 shares) BBA Aviation serves two primary markets - Flight Support and Aftermarket Services and Systems. Flight Support services include refuelling, cargo handling, ground handling and other services to the business and commercial aviation market. Aftermarket Services and Systems activities include overhaul of jet engines, supply of aircraft parts, design, manufacture and overhaul of landing gear, aircraft hydraulics and other aircraft equipment. BBA Aviation's major markets include the USA, Asia, the UK and Europe, with Company headquarters in London, England. With annual sales in excess of £1.0 billion BBA Aviation's businesses have a leading market position and strong growth potential. A key driver to future performance will be the continuing growth of the private aviation sector. Market value £3,766,125 representing 4.75% on Net Asset Value. Cardpoint Plc - Cost £3,340,627 (3,750,000 shares) Cardpoint is the market leader in the independent cash machine sector with operations in the UK and Germany. The Company also operates cash machines for banks and building societies. In the UK, Cardpoint operates cash machines for Bradford & Bingley and Norwich and Peterborough Building Societies. In Germany Cardpoint has a partnership with GE Money Bank. The Company, which has its headquarters in Blackpool, has over 5,500 terminals in the UK & Europe. These are split between: i) Over 5,000 cash machines installed across the UK, processing more than 8 million transactions a month and dispensing more than £300 million in cash each month. ii) 750 cash machines installed across Germany. Cardpoint is a full member of the LINK Network, the only branded shared network of cash machines and self-service terminals in the UK. The service provides a telecoms and settlement infrastructure to its members. It allows some 98 million cardholders of every member financial institution to use the cash machine of another LINK member. The company has recently announced a merger with Alphyra. This will result in considerable opportunities to expand into the European market. The company will change its name into Payzone. Market value £3,590,625 representing 4.53% of Net Asset Value. Gleeson (MJ) Group Plc - Cost £3,248,073 (965,293 shares) Gleeson (MJ) Group Plc is a construction operations company. The Group builds houses and private purchases housing associations and local authorities, in addition to providing electrical / mechanical engineering contracting, property investment, and residential and commercial development services. The Company has announced a radical restructuring of its business portfolio which is expected to significantly enhance shareholder value over the next twelve months. Market value £3,419,550 representing 4.31% of Net Asset Value. AssetCo plc - Cost £2,471,385 (1,600,000 shares) - (AIM Listed) AssetCo is a leading provider of total managed services to UK fire and rescue authorities. The Company designs, builds and converts specialist vehicles and equipment for emergency and mission critical service clients. AssetCo plc was formed following the reverse takeover of AssetCo Group Limited by Asfare Group plc on the 30th March 2007. AssetCo plc headquarters are in Ruislip, Greater London and employ around 500 people in 8 locations. The business is organised into two distinct operating divisions: The Emergency Service Division brings together the combination of operational management expertise and strength of Vehicles and Equipment within the emergency services supply chain to deliver a range of fully managed services. The Emergency Equipment Division has been established to ensure that clients have access to an extensive range of specialist vehicles and equipment all from under one roof. The company recently stated that results will be in excess of budget and expectations. Market Value £3,132,000 representing 3.95% of Net Asset Value. Georgica Plc - Cost £3,523,196 (3,100,000 shares) Georgica is the largest owner of ten pin bowling facilities in the United Kingdom. The company has no debt and surplus property assets. The company is seeking potential acquirers. Market value £3,069,000 representing 3.87% of Net Asset Value. RPC Group Plc - Cost £2,722,385 (1,000,000 shares) - (LSE Listed) The RPC Group is Europe's leading manufacturer of rigid plastic packaging, unique in offering products made by all three main conversion processes, blowmoulding, injection moulding and thermoforming. It has over 50 autonomous manufacturing sites in 13 countries employing in excess of 6,800 people. RPC serves a comprehensive range of customers, from the largest European manufacturers of consumer products, to smaller national businesses. It has a particularly strong position in the beauty and personal care sector, the vending and drinking cup market, the margarine and spreads sector and multiplayer sheet and packs for oxygen sensitive food products. The shares were acquired at around 5 x EBITDA to enterprise value - a significant discount to most comparable businesses. Market value £2,817,500 representing 3.55% of Net Asset Value. Electronic Data Processing Plc - Cost £2,390,263 (4,164,587 shares) Electronic Data is a property and software company. Recent results have been satisfactory and the balance sheet has cash and no debt. Market value £2,665,336 representing 3.36% of Net Asset Value. Castle Support Services Plc - Cost £948,828 (3,020,718 shares) Castle Support is the largest company in the United Kingdom repairing and maintaining heavy electro mechanical equipment. Overseas operations in Australia and the United States focus on coal mining industry. Last years results were excellent and the outlook for the current year appears favourable. Market value £2,544,955 representing 3.21% of Net Asset Value. CONSOLIDATED INCOME STATEMENT for the six months ended 30 September 2007 (Expressed in pounds sterling) Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 (Restated) (Restated) £ £ £ Income Deposit interest 232,646 297,969 744,706 Dividends and investment income 1,163,233 642,366 1,823,920 ---------- -------- --------- 1,395,879 940,335 2,568,626 Realised gains on investments 1,045,960 2,860,764 5,626,070 Movement in unrealised (loss)/gain on revaluation (3,841,229) (885,770) 878,445 of investments Transaction costs (184,911) (361,468) (693,472) (Loss)/gain on foreign currency translation (1,767) 49,880 (139,228) --------- ------- --------- Income and (losses)/gains from investments (1,586,068) 2,603,741 8,240,441 ----------- --------- --------- Expenses Management and investment adviser's fee 171,368 225,708 610,796 Custodian fees 43,387 12,529 33,649 Administration fees 49,036 19,672 99,009 Registrar and transfer agent fees 16,374 997 76,554 Directors' fees and 45,515 63,507 184,488 expenses Audit fees 47,089 6,588 21,410 Insurance 5,974 4,458 9,651 Legal and 338,178 1,963 823,668 professional fees Withholding tax on 114,201 50,466 98,745 dividends Performance fee - - 100,000 Setting up costs - 459,465 423,228 Miscellaneous 197,707 50,066 8,629 expenses ---------- -------- --------- Total expenses 1,028,829 895,419 2,489,827 ---------- -------- --------- Net (loss)/ income for the (2,614,897) 1,708,322 5,750,614 period / year ----------- --------- --------- Basic earnings per share - (£ 0.08) £0.14 £ 0.26 Ordinary ----------- ------- ------- Basic earnings per share - (£ 0.05) £ 0.01 £ 0.20 C share ----------- ------- ------- Diluted earnings per share (£ 0.08) £0.14 £ 0.26 - Ordinary ----------- ------ ------- (£0.05) £0.01 £ 0.20 Diluted earnings per ----------- ------ ------- share - C share CONSOLIDATED BALANCE SHEET As at 30 September 2007 (Expressed in pounds sterling) 30 September 30 September 31 March 2007 2006 2007 (Restated) (Restated) £ £ £ Non-current assets Investments at fair value 76,349,998 40,370,983 78,728,077 through ---------- ----------- ----------- profit or loss Current assets Other 1,048,552 540,822 1,581,039 receivables Dividends and interest 290,620 335,573 405,259 receivable Amounts due 292,334 471,217 - from brokers Cash and cash 3,841,043 20,581,721 5,593,509 equivalents ---------- ----------- ---------- 5,472,549 21,929,333 7,579,807 ---------- ----------- ---------- ---------- ----------- ---------- Total 81,822,547 62,300,316 86,307,884 assets ---------- ----------- ---------- Current liabilities Bank - 71,921 - overdrafts Amounts due 609,815 804,659 2,671,986 to brokers Creditors and accrued 1,923,262 1,792,403 1,731,531 expenses ---------- ----------- ------------ 2,533,077 2,668,983 4,403,517 --------- ----------- ------------ --------- ----------- ------------ Net assets 79,289,470 59,631,333 81,904,367 ----------- ----------- ------------ Shareholders equity Called up 20,638,610 18,029,988 20,638,610 share capital Share 34,993,797 19,588,739 34,993,797 premium Capital 1,246,500 1,246,500 1,246,500 redemption reserve Other 22,410,563 17,643,852 25,025,460 reserves ------------ ----------- ------------ Total 79,289,470 56,509,079 81,904,367 equity ------------ ----------- ----------- Minority - 3,122,254 - Interests ----------- ----------- ----------- 79,289,470 59,631,333 81,904,367 ----------- ----------- ----------- Net Asset Value per £ 3.19 £ 3.10 £ 3.27 Share - ----------- -------- -------- Ordinary Net Asset Value per £ 1.10 £ 1.06 £ 1.15 Share - ----------- ------- ------- C share Diluted Net Asset Value £ 3.19 £ 3.10 £ 3.27 per ---------- ------- -------- Share - Ordinary Diluted Net Asset Value £ 1.10 £ 1.06 £ 1.15 per ---------- ------ ------- Share - C share CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2007 (Expressed in pounds sterling) Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2007 2006 (Restated) (Restated) £ £ £ Equity at beginning 81,904,367 31,532,800 31,532,800 of ---------- ---------- ---------- period / year (Loss)/ profit for 2,614,897) 1,708,322 5,750,614 the period / year ------------ ---------- --------- Total recognised (2,614,897) 1,708,322 5,750,614 income and ------------ --------- --------- expenses Issued share capital during period/ year - Ordinary - - 18,682,994 shares - C - 26,390,211 25,937,959 shares ---- ----------- ----------- - 26,390,211 44,620,953 ---- ---------- ----------- Minority - (3,122,254) - Interests ---- ----------- ---- Equity at end of 79,289,470 56,509,079 81,904,367 period / ----------- ---------- ---------- year CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2007 (Expressed in pounds sterling) Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2007 2006 (Restated) (Restated) £ £ £ Net cash (outflow)/inflow from operating activities (1,750,699) 13,743,213 331,348 ---------- ---------- -------- Financing Activities Costs associated with issue of shares - - (1,315,318) ---- ---- ----------- Cash flow from financing activities - - (1,315,318) ---- ---- ----------- ---- ---- ----------- Net (decrease)/increase in cash and cash (1,750,699) 13,743,213 (983,970) equivalents Cash and cash equivalents at beginning of period/year 5,593,509 6,716,707 6,716,707 Exchange movements (1,767) 49,880 (139,228) ---------- --------- ----------- Cash and cash equivalents at end of period / year 3,841,043 20,509,800 5,593,509 ---------- ---------- --------- NOTES TO THE FINANCIAL STATEMENTS 1. General Oryx International Growth Fund limited (the 'Company') was incorporated in Guernsey on 2 December 1994 and commenced activities on 3 March 1995. Oryx C Shares On 26 July 2006 the Company acquired the entire issued share capital of Baltimore plc. Under the terms of the offer, the consideration payable for these shares was in the form of an issue of a new class of shares, Oryx C shares ('C shares'), whereby each Baltimore shareholder was entitled to 1,000 C shares for every 5,319 Baltimore shares held. On 26 July 2006, C shares were issued as a result of Baltimore shareholders holding 140,286,701 Baltimore shares accepting the offer. At a Directors meeting on 3 October 2006 it was resolved that the Company acquire all the remaining shares in Baltimore pursuant to a compulsory acquisition procedure. On 12 October 2007 the C shares were converted into Ordinary shares whereby each C shareholder was entitled to 34,581 Ordinary shares for every 100,000 C shares held. AOT Merger On 23 February 2007 the Company merged with American Opportunity Trust PLC ('AOT'). The merger was effected through a court approved scheme whereby the share capital of AOT was cancelled and its assets and liabilities were transferred to the Company. Shareholders in AOT received 5,586,686 new ordinary shares in the Company. 2. Accounting Policies Basis of Accounting The financial statements of the Group have been prepared in accordance with International Accounting Standard (IAS) 34, 'Interim Financial Reporting'. These are the Group's first results prepared in conformity with IFRS and IFRS 1: First Time Adoption has been applied. All accounting policies are consistent with the policies used in previous UK Generally Accepted Accounting Principles ('GAAP') financial statements.. The transition from UK GAAP to IFRS had no effect on the reported financial position and financial performance of the Group. The financial statements have been prepared on the historical cost basis except for the revaluation of certain financial instruments. The principal accounting policies are set out below. The preparation of financial statements in conformity with International Financial Reporting Standards requires the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. a) Income Recognition Dividends arising on the Group's listed and unlisted investments have been accounted for on an ex-dividend basis. Deposit interest is accrued on a day-to-day basis. Loan interest is accounted for using the effective interest method. All income is shown gross of any applicable withholding tax. b) Investments Classification All investments of the Group are designated into the financial assets at fair value through profit or loss category. 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 Group's documented investment strategy. Therefore the Directors consider that this is the most appropriate classification. This category comprises financial instruments designated at fair value though profit or loss upon initial recognition - these include financial assets that are not held for trading purposes and which may be sold. These are principally investments in listed and unlisted equities. Measurement Financial instruments are measured initially at fair value being the transaction price. Subsequent to initial recognition, all instruments classified as fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Income Statement. Transaction costs are separately disclosed in the Income Statement. Fair value measurement principles Listed investments have been valued at the bid market price ruling at the balance sheet 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 Balance Sheet date, the bid market or closing price on the preceding business day. Unlisted investments traded on AIM have been valued at their published bid prices at the Balance Sheet date. Unlisted investments where there is not an active market are valued using an appropriate valuation technique so as to establish fair value at the Balance Sheet date. Transaction costs applicable to investment transactions have been recognised in the Income Statement. c) Other receivables Other receivables do not carry any interest and are short term in nature and are accordingly stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. d) Cash and cash equivalents Cash and cash equivalents are defined as cash in hand and short term deposits in banks. e) Other Accruals and Payables Other accruals and payables are not interest bearing and are stated at their nominal value. f) Foreign Currency Translation Items included in the Group's financial statements are measured using the currency of the primary economic environment in which it operates (the 'functional currency'). This is the pound sterling which reflects the Group's primary activity of investing in sterling securities. The Group's shares are also issued in sterling. Foreign currency assets and liabilities have been translated at the exchange rates ruling at the Balance Sheet date. Transactions in foreign currency during the period have been translated into pounds sterling at the spot exchange rate in effect at the date of the transaction. Realised and unrealised gains and losses on currency translation are recognised in the Income Statement. g) Realised and Unrealised Gains and Losses Realised gains and losses arising on the disposal of investments are calculated by reference to the cost attributable to those investments and the sales proceeds, and are included in the Income Statement. Unrealised gains and losses arising on investments held at the Balance Sheet date are also included in the Income Statement. h) Expenses Expenses are recognised in the Income Statement upon utilisation of the service or at the date they are incurred. Expenses in relation to the placing of C shares were borne by the subscribers of the C shares and have been written off against share premium. i) Consolidation These consolidated financial statements comprise the financial statements of the Company and its wholly owned subsidiary undertakings, Baltimore plc and American Opportunity Trust PLC. The results of the subsidiary undertakings and the businesses acquired are included in the Consolidated Income Statement. 3. Share Capital and Share Premium a) Authorised Share Capital Number of £ Shares Authorised: Ordinary shares of 50p each 50,000,000 25,000,000 C shares of 50p each 20,000,000 20,000,000 ------------ 45,000,000 ------------ b) Ordinary shares issued - 1 April 2007 to 30 September 2007 Ordinary shares of 50p each and Number of Share Capital Share Premium Management shares of 50p each Shares £ £ At 1 April 2007 and 30 September 2007 16,252,774 8,126,387 21,568,061 ---------- ---------- ----------- C shares of 50p each Number of Share Capital Share Premium Shares £ £ At 1 April 2007 and 30 September 2007 25,024,445 12,512,223 13,425,736 ---------- ---------- ----------- 4. Other Reserves 31 March Movement 30 September 2007 £ 2007 £ £ Net investment income 788,899 182,139 971,038 Realised gain on investments 23,639,243 1,045,960 24,685,203 Loss on foreign currency transactions (914,356) (1,767) (916,123) Unrealised gain on revaluation of investments held 6,015,436 (3,841,229) 2,174,207 Repurchase of ordinary shares (3,174,872) - (3,174,872) Repurchase of warrants (8,179) - (8,179) Discount on repurchase of Convertible Loan Stock (1,320,711) - (1,320,711) ----------- ---------- ----------- 25,025,460 (2,614,897) 22,410,563 ----------- ---------- ----------- 5. Cash Flows from Operating Activities Six months Six months Year ended ended ended 30 September 30 September 31 March 2007 2006 2007 (Restated) (Restated) £ £ £ Net (loss)/income for the period / year (2,614,897) 1,708,322 5,750,614 ------------ ---------- ---------- Realised gains on investments (1,045,960) (2,860,764) (5,626,070) Movement in unrealised loss/(gain) on revaluation of investments 3,841,229 885,770 (878,445) Loss/(gain) on foreign currency translation 1,767 (49,880) 139,228 ---------- ---------- ---------- 2,797,036 (2,024,874) (6,365,287) ---------- ---------- ---------- Purchase of investments (44,212,358) (23,684,207) (60,500,558) Proceeds from sale of investments 41,185,891 21,895,483 44,330,285 Cash acquired on acquisition of Baltimore plc - 15,907,268 16,052,408 Cash acquired on acquisition of AOT - - 1,217,440 ---------- ---------- ---------- (3,026,467) 14,118,544 1,099,575 ---------- ---------- ---------- Decrease/(increase) in dividends and interest receivable 114,639 (227,099) (296,785) Decrease /(increase) in debtors 787,259 33,602 (1,483,615) Increase in creditors and accrued charges 191,731 134,718 1,626,846 ---------- ---------- ----------- 1,093,629 (58,779) (153,554) ---------- ---------- ----------- ---------- ---------- ----------- (1,750,699) 13,743,213 331,348 ---------- ---------- ----------- 6. Reconciliation of Net Asset Value to Published Net Asset Value 30 September 30 September 31 March 2007 2006 2007 Ordinary £ £ per share £ £ per £ £ per share shares Published Net 52,152,928 3.21 33,294,771 3.12 53,584,915 3.30 Asset Value Management Shares in 1 - 1 - 1 - issue Unrealised loss on revaluation of investments (249,871) (0.02) (270,189) (0.02) (463,442) (0.03) at bid / mid price (ref note (a) below) Additional accruals (125,058) - - - - - ------------ ------ ------------ ------ -------- ------ Net Asset Value attributable 51,778,000 3.19 33,024,583 3.10 53,121,474 3.27 to ------------ ------ ------------ ------ -------- ------ shareholders C shares Published Net 27,493,392 1.11 26,776,644 1.06 28,884,961 1.15 Asset Value Unrealised loss on revaluation of investments (193,920) (0.01) (169,894) - (283,068) (0.01) at bid / mid price (ref note (a) below) Baltimore plc adjustment - - - - 181,000 0.01 (ref note (b) below) Cancellation of C shares received as part of proceeds on underlying investment 254,772 - - - - - (ref note (c) below) Additional accruals (42,774) - - - - - ---------- ------ ------------ ------ --------- ----- Net Asset Value attributable 27,511,470 1.10 26,606,750 1.06 28,782,893 1.15 to ----------- ------ ------------ ------ --------- ----- shareholders (a) In accordance with International Financial Reporting Standards the Group's long investments have been valued at bid price. However, in accordance with the Group's principal documents the Net Asset Value reported each month reflects the investments being valued at the closing, last or mid- market (as the Directors in all circumstances consider appropriate) price as notified to the Group on the valuation day by a member of the stock exchange concerned. Certain investments remain at fair value as determined in good faith by the Directors. (b) The financial year end of the subsidiary is 31 December 2006. In preparing the March 2007 financial statements the December 2006 balances were used as they were not materially different to that of March 2007. The Directors believe it is impractical to change the year end of Baltimore as it will be winding up within the next 12 months. (c) As part of the proceeds of the sale of an underlying investment in September 2007 the C Class received a total of 249,777 C shares. Instructions for the cancellation of the shares were placed immediately but the cancellations did not take place until October 2007. 7. Earnings per Share and Net Asset Value per Share The calculation of basic earnings per share for the Ordinary share is based on a deficit of £1,343,476 (30 September 2006 - surplus £1,491,783, 31 March 2007 - surplus £2,905,680) and an average number of shares in issue during the period of 16,252,774 shares (30 September 2006 - 10,666,088 shares, 31 March 2007 - 11,176,184 shares). The calculation of basic earnings per share for the C share is based on a deficit of £1,271,421 (30 September 2006 - surplus £216,539, 31 March 2007 - surplus £3,412,934) and an average number of shares in issue during the period of 25,024,445 shares (30 September 2006 - 25,393,888 shares, 31 March 2007 - 16,886,152 shares). In accordance with IAS 33 - Earnings Per Share, the diluted earnings per share is also disclosed. At 30 September 2007 there was no difference in the diluted earnings per share calculation for the Ordinary shares or the C shares. The calculation of Net Asset Value per Ordinary share is based on a Net Asset Value of £51,778,000 (30 September 2006 - £33,024,583, 31 March 2007 - £53,121,474) and the number of shares in issue at the period end of 16,252,772 shares (30 September 2006 - 10,666,086 shares, 31 March 2007 - 16,257,772 shares). The calculation of Net Asset Value per C share is based on a Net Asset Value of £27,511,470 (30 September 2006 - £26,606,750, 31 March 2007 - £28,782,893) and the number of shares in issue at the period end of 25,024,445 shares (30 September 2006 - 25,194,628 shares, 31 March 2007 - 25,024,445 shares). In accordance with IAS 33 - Earnings Per Share, the diluted Net Asset Value per share is also disclosed. At 30 September 2007 there was no difference in the diluted Net Asset Value per share calculation for the Ordinary shares or the C shares. 8. Related Parties The Manager and Investment Adviser are considered to be related parties. The fees paid are included in the Consolidated Income Statement. At 30 September 2007 £251,878 included in creditors and accrued expenses was payable to the Investment Adviser. The Directors are also considered to be related parties and their fees are disclosed in the Consolidated Income Statement. At 30 September 2007 £33,250 included in creditors and accrued expenses was payable to the Directors. 9. Post Balance Sheet Events On 4 October 2007 224,799 C shares, acquired as part of the proceeds on an underlying investment, were cancelled. On 12 October 2007 the C shares were converted into Ordinary shares whereby each C shareholder was entitled to 34,581 Ordinary shares for every 100,000 C shares held. 8,637 Ordinary shares remain to be cancelled. These shares arose from 24,978 C shares acquired as part of the proceeds on an underlying investment. Equiries: Sara Radford/Jean McMillan Tel: 01481 743000 BNP Paribas Fund Services (Guernsey) Limited This information is provided by RNS The company news service from the London Stock Exchange

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