5th Jul 2019 18:10
(Alliance News) - Oryx International Growth Fund Ltd said Friday its annual net asset value continued to rise, marking a decade of growth.
For the year ended March, net asset value per share rose 6.5% to 9.39 pence from 8.82p the year prior. Meanwhile, the discount to NAV widened to 18% from 14% after the share price ended the period at 7.68p from 7.60p the year before.
"I am pleased to report another good year of progress," Chair Nigel Cayzer said, adding that the results over the last ten years "represents an outstanding decade of success of investing in smaller companies."
"As I have said in the past, this validates the strategy pursued by Christopher Mills and his management team of investing in companies where value can be created through active management," Cayzer added.
"The company retains the authority to buy back shares both to help manage the discount and to enhance shareholder value," Cayzer continued. "In the year under review, this authority was not used but it is the Board's intention to renew it for a further year at the annual general meeting."
Oryx does not pay a dividend, in line with previous years.
Cayzer explained the firm "continues to remain optimistic for the future."
"The style of investment, while not immune to the ebbs and flows of the stock market, is dependent on the skills built up over many years by the investment manager," Cayzer continued. "While Britain and the world economies as a whole faces many challenges, we still continue to see new investment opportunities and successful realisations which should underpin future growth."
Shares in Oryx closed 1.0% lower at 770.00 pence in London on Friday.
Related Shares:
Oryx International Growth