27th Nov 2007 07:01
Oryx International Growth Fund Ld27 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 ANNOUNCEUNAUDITED 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 aslightly disappointing performance with both classes of shares registering smallfalls in their net asset values albeit outperforming their benchmark index. Thisperformance reflects the difficult markets which exist at the moment. However webelieve our strategy of investing in fundamentally good businesses which areundervalued by the equity markets and where active management can assist inunlocking value, will continue to deliver good returns over the medium term. On 28 September 2007, the Company was pleased to announce that the Company'sInvestment Adviser, North Atlantic Value, had notified the Directors that morethan 80 per cent. of C shareholders funds had been realised and invested inassets selected by them. Accordingly, the C shares were converted into ordinaryshares on 12 October 2007 and the Company's share capital now consists of oneclass 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 discountsallow. Nigel CayzerChairman INVESTMENT ADVISER'S REPORT During the six month period under review the net asset value fell by 2.4% ascompared to a fall in the FTSE Small Cap Indices of 6%. Whilst this performanceis disappointing the index excluding Natural Resource stocks which the Fund doesnot invest in performed even worse. The Company's C shares fell by 4.3% with thedifference being made up by the weakness in Bavaria and Newfoundland, two of theportfolios original holdings. The two portfolios have now come together and thiswill result in a unified net asset value for shareholders going forward. Investments that performed well during the period include Inspired Gamingfollowing a takeover approach; Aero Inventory prior to sale; Fayrewood as aresult of a tender offer; Lesco following a bid for the company; AssetCofollowing very good results; WH Energy Services due to a significant improvementin the oil price and Communisis following better than expected operatingperformance. These gains were however offset by weakness in Augean, BBA, Georgica, Ashsteadand Meadow Valley. In each case the fundamentals of the business remains soundand we believe there are clear catalysts in place to create value. Although the unquoted portfolio is now relatively small, the successful IPO ofDM Technical Services via a reverse takeover of Castle Acquisitions was achievedat an excellent profit for shareholders. Results at Motherwell Bridge are alsobetter than expected and we contemplate an exit at a good uplift from thecurrent valuation in the next few months. Markets are currently extremely difficult. Fortunately, the Fund has no exposureto the banking industry and limited exposure to property. Institutions arerefocusing their porfolios away from small and medium sized companies and Ibelieve that this will create good opportunities for the Fund over the nextyear. Risks and Uncertainties The significant events that have occurred in the six months under review aredisclosed in Note 1 to the financial statements. The following risks are the principal risks which are considered by theDirectors to be material to Shareholders. These are summarised as follows: Ordinary shares The market price and the realisable value of the Ordinaryshares, as well as being affected by their underlying net asset value, also takeinto account supply and demand for the Ordinary shares, market conditions andgeneral investor sentiment. As such, the market value and the realisable value of the Ordinary shares mayfluctuate and vary considerably from the net asset value of the Ordinary sharesand investors may not be able to realise the value of their original investment. Market risks The Company's investments are subject to normal market fluctuationsand the risks inherent in the purchase, holding or selling of securities, andthere can be no assurance that appreciation in the value of those investmentswill occur. The Company has a small exposure to unquoted investments and as nomarket for such investments readily exists, the valuation of these investmentsis estimated by the Directors in accordance with the accounting policies as setout 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 comprisesits investments priced in other currencies. No derivative or forward contractsare used to hedge currency risk. General The Company does not have a fixed winding-up date and, therefore, unlessShareholders vote to wind up the Company, Shareholders will only be able torealise their investment through the market. Taxation and exchange controls Any change in the Company's tax status or intaxation legislation (including the tax treatment of dividends or otherinvestment income received by the Company) could affect the value of theinvestments held by the Company, affect the Company's ability to provide returnsto Shareholders or alter the post tax returns to Shareholders. The Company maypurchase investments that may be subject to exchange controls or withholdingtaxes in various jurisdictions. In the event that exchange controls orwithholding 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 itsinvestments and the capital value of the affected investments. North Atlantic Value LLP26 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 OpenServer-Based Gaming (Open SBGTM) market and is also the leading provider ofanalogue and Open SBGTM machines in the UK for the leisure and gaming markets.The Group provides Open SBGTM software systems and Open SBGTM digital andnetworked terminals in seven countries today. The Group manages over 82,000machines across the UK, of which in excess of 20,000 are already on the OpenSBGTM platform. The Group also has over 15,000 machines connected to its networkoverseas.The Group's customer base includes pubs, bars, casinos, bingo halls, licensedbetting offices, holiday parks and other out of home leisure venues. Keycustomers include the major pub companies and gaming companies such as WilliamHill and Gala Coral Group.The Group is also the leading provider of Fixed Odds Betting Terminals, itboxskill gaming terminals, and other Open SBGTM variants. The company is indiscussions 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 monthlypayment. The Company has substantial cash balances and no debt.Last year the Company entered into a performance related contract which gavePowergen the right to acquire the business at about 50% above the current shareprice. 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 AftermarketServices and Systems. Flight Support services include refuelling, cargohandling, ground handling and other services to the business and commercialaviation market. Aftermarket Services and Systems activities include overhaul ofjet engines, supply of aircraft parts, design, manufacture and overhaul oflanding gear, aircraft hydraulics and other aircraft equipment. BBA Aviation'smajor markets include the USA, Asia, the UK and Europe, with Companyheadquarters in London, England. With annual sales in excess of £1.0 billion BBAAviation's businesses have a leading market position and strong growthpotential. A key driver to future performance will be the continuing growth ofthe 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 withoperations in the UK and Germany. The Company also operates cash machines forbanks and building societies. In the UK, Cardpoint operates cash machines forBradford & Bingley and Norwich and Peterborough Building Societies. In GermanyCardpoint has a partnership with GE Money Bank. The Company, which has itsheadquarters in Blackpool, has over 5,500 terminals in the UK & Europe. Theseare 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 networkof cash machines and self-service terminals in the UK. The service provides atelecoms and settlement infrastructure to its members. It allows some 98 millioncardholders of every member financial institution to use the cash machine ofanother LINK member. The company has recently announced a merger with Alphyra.This will result in considerable opportunities to expand into the Europeanmarket. 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 buildshouses and private purchases housing associations and local authorities, inaddition to providing electrical / mechanical engineering contracting, propertyinvestment, and residential and commercial development services. The Company hasannounced a radical restructuring of its business portfolio which is expected tosignificantly 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 rescueauthorities. The Company designs, builds and converts specialist vehicles andequipment for emergency and mission critical service clients. AssetCo plc wasformed following the reverse takeover of AssetCo Group Limited by Asfare Groupplc on the 30th March 2007. AssetCo plc headquarters are in Ruislip, GreaterLondon 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 operationalmanagement expertise and strength of Vehicles and Equipment within the emergencyservices supply chain to deliver a range of fully managed services.The Emergency Equipment Division has been established to ensure that clientshave access to an extensive range of specialist vehicles and equipment all fromunder one roof. The company recently stated that results will be in excess ofbudget 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 UnitedKingdom. The company has no debt and surplus property assets. The company isseeking 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 autonomousmanufacturing sites in 13 countries employing in excess of 6,800 people.RPC serves a comprehensive range of customers, from the largest Europeanmanufacturers of consumer products, to smaller national businesses. It has aparticularly strong position in the beauty and personal care sector, the vendingand drinking cup market, the margarine and spreads sector and multiplayer sheetand packs for oxygen sensitive food products. The shares were acquired at around5 x EBITDA to enterprise value - a significant discount to most comparablebusinesses.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 beensatisfactory 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 andmaintaining heavy electro mechanical equipment. Overseas operations in Australiaand the United States focus on coal mining industry. Last years results wereexcellent 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) £ £ £IncomeDeposit interest 232,646 297,969 744,706 Dividends and investmentincome 1,163,233 642,366 1,823,920 ---------- -------- --------- 1,395,879 940,335 2,568,626 Realised gains oninvestments 1,045,960 2,860,764 5,626,070 Movement in unrealised(loss)/gain onrevaluation (3,841,229) (885,770) 878,445of investmentsTransaction costs (184,911) (361,468) (693,472) (Loss)/gain on foreigncurrency translation (1,767) 49,880 (139,228) --------- ------- --------- Income and (losses)/gainsfrom investments (1,586,068) 2,603,741 8,240,441 ----------- --------- --------- ExpensesManagement and investmentadviser's fee 171,368 225,708 610,796Custodian fees 43,387 12,529 33,649 Administration fees 49,036 19,672 99,009 Registrar and transferagent fees 16,374 997 76,554Directors' feesand 45,515 63,507 184,488expensesAudit fees 47,089 6,588 21,410Insurance 5,974 4,458 9,651Legal and 338,178 1,963 823,668professionalfeesWithholding taxon 114,201 50,466 98,745dividendsPerformance fee - - 100,000Setting up costs - 459,465 423,228Miscellaneous 197,707 50,066 8,629expenses ---------- -------- ---------Total expenses 1,028,829 895,419 2,489,827 ---------- -------- --------- Net (loss)/income for the (2,614,897) 1,708,322 5,750,614period / year ----------- --------- --------- Basic earningsper share - (£ 0.08) £0.14 £ 0.26Ordinary ----------- ------- -------Basic earningsper share - (£ 0.05) £ 0.01 £ 0.20C share ----------- ------- -------Diluted earningsper share (£ 0.08) £0.14 £ 0.26- Ordinary ----------- ------ ------- (£0.05) £0.01 £ 0.20Diluted 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-currentassetsInvestmentsat fair value 76,349,998 40,370,983 78,728,077through ---------- ----------- -----------profit orloss CurrentassetsOther 1,048,552 540,822 1,581,039receivablesDividends andinterest 290,620 335,573 405,259receivableAmounts due 292,334 471,217 -from brokersCash and cash 3,841,043 20,581,721 5,593,509equivalents ---------- ----------- ---------- 5,472,549 21,929,333 7,579,807 ---------- ----------- ---------- ---------- ----------- ----------Total 81,822,547 62,300,316 86,307,884assets ---------- ----------- ---------- CurrentliabilitiesBank - 71,921 -overdraftsAmounts due 609,815 804,659 2,671,986to brokersCreditors andaccrued 1,923,262 1,792,403 1,731,531expenses ---------- ----------- ------------ 2,533,077 2,668,983 4,403,517 --------- ----------- ------------ --------- ----------- ------------Net assets 79,289,470 59,631,333 81,904,367 ----------- ----------- ------------ ShareholdersequityCalled up 20,638,610 18,029,988 20,638,610share capitalShare 34,993,797 19,588,739 34,993,797premiumCapital 1,246,500 1,246,500 1,246,500redemptionreserveOther 22,410,563 17,643,852 25,025,460reserves ------------ ----------- ------------Total 79,289,470 56,509,079 81,904,367equity ------------ ----------- -----------Minority - 3,122,254 -Interests ----------- ----------- ----------- 79,289,470 59,631,333 81,904,367 ----------- ----------- ----------- Net AssetValue per £ 3.19 £ 3.10 £ 3.27Share - ----------- -------- --------Ordinary Net AssetValue per £ 1.10 £ 1.06 £ 1.15Share - ----------- ------- -------C share Diluted NetAsset Value £ 3.19 £ 3.10 £ 3.27per ---------- ------- --------Share -Ordinary Diluted NetAsset Value £ 1.10 £ 1.06 £ 1.15per ---------- ------ -------Share - Cshare 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 atbeginning 81,904,367 31,532,800 31,532,800of ---------- ---------- ----------period /year (Loss)/profit for 2,614,897) 1,708,322 5,750,614theperiod /year ------------ ---------- ---------Totalrecognised (2,614,897) 1,708,322 5,750,614income and ------------ --------- ---------expenses Issuedsharecapitalduringperiod/year- Ordinary - - 18,682,994shares- C - 26,390,211 25,937,959shares ---- ----------- ----------- - 26,390,211 44,620,953 ---- ---------- ----------- Minority - (3,122,254) -Interests ---- ----------- ----Equity atend of 79,289,470 56,509,079 81,904,367period / ----------- ---------- ----------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 fromoperating activities (1,750,699) 13,743,213 331,348 ---------- ---------- -------- FinancingActivitiesCosts associated withissue of shares - - (1,315,318) ---- ---- -----------Cash flow fromfinancing activities - - (1,315,318) ---- ---- ----------- ---- ---- -----------Net(decrease)/increaseincash and cash (1,750,699) 13,743,213 (983,970)equivalents Cash and cashequivalents atbeginning ofperiod/year 5,593,509 6,716,707 6,716,707Exchange movements (1,767) 49,880 (139,228) ---------- --------- -----------Cash and cashequivalents at end ofperiod / 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 inGuernsey 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 ofBaltimore plc. Under the terms of the offer, the consideration payable for theseshares was in the form of an issue of a new class of shares, Oryx C shares ("Cshares"), whereby each Baltimore shareholder was entitled to 1,000 C shares forevery 5,319 Baltimore shares held. On 26 July 2006, C shares were issued as a result of Baltimore shareholdersholding 140,286,701 Baltimore shares accepting the offer. At a Directors meeting on 3 October 2006 it was resolved that the Companyacquire all the remaining shares in Baltimore pursuant to a compulsoryacquisition procedure. On 12 October 2007 the C shares were converted into Ordinary shares whereby eachC shareholder was entitled to 34,581 Ordinary shares for every 100,000 C sharesheld. 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 theshare capital of AOT was cancelled and its assets and liabilities weretransferred to the Company. Shareholders in AOT received 5,586,686 new ordinaryshares in the Company. 2. Accounting Policies Basis of AccountingThe financial statements of the Group have been prepared in accordance withInternational Accounting Standard (IAS) 34, "Interim Financial Reporting". Theseare the Group's first results prepared in conformity with IFRS and IFRS 1: FirstTime Adoption has been applied. All accounting policies are consistent with thepolicies used in previous UK Generally Accepted Accounting Principles ("GAAP")financial statements.. The transition from UK GAAP to IFRS had no effect on the reported financialposition and financial performance of the Group. The financial statements have been prepared on the historical cost basis exceptfor the revaluation of certain financial instruments. The principal accountingpolicies are set out below. The preparation of financial statements inconformity with International Financial Reporting Standards requires the Groupto make estimates and assumptions that affect the reported amounts of assets andliabilities at the date of the financial statements and the reported amounts ofrevenues and expenses during the reporting period. a) Income RecognitionDividends arising on the Group's listed and unlisted investments have beenaccounted for on an ex-dividend basis. Deposit interest is accrued on aday-to-day basis. Loan interest is accounted for using the effective interestmethod. All income is shown gross of any applicable withholding tax. b) InvestmentsClassification All investments of the Group are designated into the financial assets at fairvalue through profit or loss category. The investments are purchased mainly fortheir capital growth and the portfolio is managed, and performance evaluated, ona fair value basis in accordance with the Group's documented investmentstrategy. Therefore the Directors consider that this is the most appropriateclassification. This category comprises financial instruments designated at fair value thoughprofit or loss upon initial recognition - these include financial assets thatare not held for trading purposes and which may be sold. These are principallyinvestments in listed and unlisted equities. Measurement Financial instruments are measured initially at fair value being the transactionprice. Subsequent to initial recognition, all instruments classified as fairvalue through profit or loss are measured at fair value with changes in theirfair value recognised in the Income Statement. Transaction costs are separatelydisclosed in the Income Statement. Fair value measurement principles Listed investments have been valued at the bid market price ruling at thebalance sheet date. In the absence of the bid market price, the closing pricehas been taken, or, in either case, if the market is closed on the Balance Sheetdate, the bid market or closing price on the preceding business day.Unlisted investments traded on AIM have been valued at their published bidprices at the Balance Sheet date. Unlisted investments where there is not anactive market are valued using an appropriate valuation technique so as toestablish fair value at the Balance Sheet date. Transaction costs applicable to investment transactions have been recognised inthe Income Statement. c) Other receivables Other receivables do not carry any interest and are short term in nature and areaccordingly stated at their nominal value as reduced by appropriate allowancesfor estimated irrecoverable amounts. d) Cash and cash equivalents Cash and cash equivalents are defined as cash in hand and short term deposits inbanks. e) Other Accruals and Payables Other accruals and payables are not interest bearing and are stated at theirnominal value. f) Foreign Currency Translation Items included in the Group's financial statements are measured using thecurrency of the primary economic environment in which it operates (the"functional currency"). This is the pound sterling which reflects the Group'sprimary activity of investing in sterling securities. The Group's shares arealso issued in sterling. Foreign currency assets and liabilities have been translated at the exchangerates ruling at the Balance Sheet date. Transactions in foreign currency duringthe period have been translated into pounds sterling at the spot exchange ratein effect at the date of the transaction. Realised and unrealised gains andlosses 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 calculatedby reference to the cost attributable to those investments and the salesproceeds, and are included in the Income Statement. Unrealised gains and lossesarising on investments held at the Balance Sheet date are also included in theIncome Statement. h) Expenses Expenses are recognised in the Income Statement upon utilisation of the serviceor at the date they are incurred. Expenses in relation to the placing of Cshares were borne by the subscribers of the C shares and have been written offagainst share premium. i) Consolidation These consolidated financial statements comprise the financial statements of theCompany and its wholly owned subsidiary undertakings, Baltimore plc and AmericanOpportunity Trust PLC. The results of the subsidiary undertakings and thebusinesses acquired are included in the Consolidated Income Statement. 3. Share Capital and Share Premium a) Authorised Share Capital Number of £ SharesAuthorised:Ordinary shares of 50p each 50,000,000 25,000,000C 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 PremiumManagement shares of 50p each Shares £ £At 1 April 2007 and 30September 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 30September 2007 25,024,445 12,512,223 13,425,736 ---------- ---------- ----------- 4. Other Reserves 31 March Movement 30 September 2007 £ 2007 £ £Net investment income 788,899 182,139 971,038Realised gain on investments 23,639,243 1,045,960 24,685,203Loss on foreign currency transactions (914,356) (1,767) (916,123)Unrealised gain on revaluation ofinvestments held 6,015,436 (3,841,229) 2,174,207Repurchase of ordinary shares (3,174,872) - (3,174,872)Repurchase of warrants (8,179) - (8,179)Discount on repurchase of ConvertibleLoan 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)/incomefor the period /year (2,614,897) 1,708,322 5,750,614 ------------ ---------- ---------- Realised gains oninvestments (1,045,960) (2,860,764) (5,626,070)Movement inunrealisedloss/(gain) onrevaluation ofinvestments 3,841,229 885,770 (878,445)Loss/(gain) onforeign currencytranslation 1,767 (49,880) 139,228 ---------- ---------- ---------- 2,797,036 (2,024,874) (6,365,287) ---------- ---------- ---------- Purchase ofinvestments (44,212,358) (23,684,207) (60,500,558)Proceeds from saleof investments 41,185,891 21,895,483 44,330,285Cash acquired onacquisition ofBaltimore plc - 15,907,268 16,052,408Cash acquired onacquisition of AOT - - 1,217,440 ---------- ---------- ---------- (3,026,467) 14,118,544 1,099,575 ---------- ---------- ---------- Decrease/(increase)in dividends andinterest receivable 114,639 (227,099) (296,785)Decrease /(increase)in debtors 787,259 33,602 (1,483,615)Increase increditors andaccrued 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 2007Ordinary £ £ per share £ £ per £ £ per share sharesPublishedNet 52,152,928 3.21 33,294,771 3.12 53,584,915 3.30Asset ValueManagementShares in 1 - 1 - 1 -issueUnrealisedlossonrevaluationofinvestments (249,871) (0.02) (270,189) (0.02) (463,442) (0.03)at bid / midprice (refnote(a) below)Additionalaccruals (125,058) - - - - - ------------ ------ ------------ ------ -------- ------Net AssetValueattributable 51,778,000 3.19 33,024,583 3.10 53,121,474 3.27to ------------ ------ ------------ ------ -------- ------shareholders C sharesPublishedNet 27,493,392 1.11 26,776,644 1.06 28,884,961 1.15Asset ValueUnrealisedlossonrevaluationofinvestments (193,920) (0.01) (169,894) - (283,068) (0.01)at bid / midprice (refnote(a) below)Baltimoreplcadjustment - - - - 181,000 0.01(refnote (b)below)CancellationofC sharesreceived aspart ofproceeds onunderlyinginvestment 254,772 - - - - -(refnote (c)below)Additionalaccruals (42,774) - - - - - ---------- ------ ------------ ------ --------- -----Net AssetValueattributable 27,511,470 1.10 26,606,750 1.06 28,782,893 1.15to ----------- ------ ------------ ------ --------- -----shareholders (a) In accordance with International Financial Reporting Standards the Group'slong 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 thevaluation day by a member of the stock exchange concerned. Certain investmentsremain at fair value as determined in good faith by the Directors.(b) The financial year end of the subsidiary is 31 December 2006. In preparingthe 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 September2007 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 adeficit 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 periodof 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 shareis based on a deficit of £1,271,421 (30 September 2006 - surplus £216,539, 31March 2007 - surplus £3,412,934) and an average number of shares in issue duringthe period of 25,024,445 shares (30 September 2006 - 25,393,888 shares, 31 March2007 - 16,886,152 shares). In accordance with IAS 33 - Earnings Per Share, thediluted earnings per share is also disclosed. At 30 September 2007 there was nodifference in the diluted earnings per share calculation for the Ordinary sharesor the C shares. The calculation of Net Asset Value per Ordinary share is based on a Net AssetValue 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 16,252,772shares (30 September 2006 - 10,666,086 shares, 31 March 2007 - 16,257,772shares). The calculation of Net Asset Value per C share is based on a Net AssetValue 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 25,024,445shares (30 September 2006 - 25,194,628 shares, 31 March 2007 - 25,024,445shares). In accordance with IAS 33 - Earnings Per Share, the diluted Net AssetValue per share is also disclosed. At 30 September 2007 there was no differencein the diluted Net Asset Value per share calculation for the Ordinary shares orthe C shares. 8. Related Parties The Manager and Investment Adviser are considered to be related parties. Thefees 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 aredisclosed 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 anunderlying investment, were cancelled. On 12 October 2007 the C shares were converted into Ordinary shares whereby eachC shareholder was entitled to 34,581 Ordinary shares for every 100,000 C sharesheld. 8,637 Ordinary shares remain to be cancelled. These shares arose from 24,978 Cshares acquired as part of the proceeds on an underlying investment. Equiries: Sara Radford/Jean McMillan Tel: 01481 743000BNP Paribas Fund Services (Guernsey) Limited This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Oryx International Growth