Annual Report and Accounts

RNS Number : 0556W

Oryx International Growth Fund Ld

22 July 2009

 



ORYX INTERNATIONAL GROWTH FUND LIMITED ('Oryx' or the 'Company')

FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2009

CHAIRMAN'S STATEMENT

The period under review represented as challenging a time for fund managers as anyone can remember. This particularly applied to the smaller companies sector where valuations were marked down indiscriminately with no regard to either the performance of the company or its future prospects. This applied to your Company's portfolio with a consequence that net assets fell during the period by 37% of which nearly 16% occurred in the first half.

While this erosion of value is disappointing, it is interesting to note that where transactions took place, as they did in several cases within the portfolio, they were done at good prices and in all cases represented a healthy profit over book value.

However, as the investment process undertaken by North Atlantic is structured around companies where detailed research has been undertaken and in many cases a strategy developed to realise value for shareholders, your Board is confident that the portfolio has within it a resilience which, as market conditions move back towards normality, will allow some of the value lost over the last eighteen months to be made up. It will be a difficult period as the green shoots so confidently predicted by some commentators could easily shrivel in the light of the uncertainties that abound across the economy and the political arena.

We have been using the powers granted at the last AGM to acquire shares. During the last six months, 1,065,824 shares have been purchased which has resulted in the discount closing to the still too wide 18.88% at 31 May 2009. The Company will seek to renew these powers at the next AGM. In line with our policy, no dividend will be paid for the period.

Nigel Cayzer

Chairman
21 July 2009

INVESTMENT ADVISER'S REPORT

During the twelve month period under review the Net Asset Value of the fund fell by 37.2% as compared to a fall in the FTSE Small Cap of 42.5%. Equity market conditions can only be described as extremely difficult as the severe recession started to decimate profits, liquidity in smaller companies fell to zero and some institutions became significant sellers following redemptions in their funds.

Our strategy during this period has been to focus on securing realisations of our investments and maintaining cash balances.

UK Portfolio

Despite the market turmoil Whatman, Tinopolis, and Servis IT were all acquired, whilst post the year end Electronic Data Processing has effectively been taken over as a result of a large self tender. Unfortunately other stocks such as Gleeson, Inspired Gaming, Georgica and Payzone (which was sold) performed very poorly in the period. Good performance by Celsis, which was the only significant new purchase in the last twelve months and Telecom Plus, which was sold, were not enough to offset these losses. It is however important to note that most companies in the portfolio have reported profits basically in line with expectations, so the decline in the portfolio reflects market conditions rather than company specific problems.

US Portfolio

This part of the fund benefited from the takeover of Meadow Valley and an improvement in the US Dollar. The portfolio as a whole was sold at a value in excess of that reported in the 2008 accounts.

Unquoted Portfolio

This also performed well despite the need to write off part of the investment. Primesco and Motherwell Bridge were both sold at a premium to the prior year valuation and at a £1,800,000 premium to cost. Orthoplastics achieved outstanding results with profits up nearly 70% resulting in an uplift in value, whilst Bionostics and PVC both benefited from the strength of the Dollar. Avanti continues to perform in line with expectations and a further £380,000 of interest was accrued.

Summary

The market recovered sharply in April, however this was mainly due to Financials and Mining where the fund has no exposure. Nevertheless the Net Asset Value has shown a reasonable recovery. Furthermore a number of the Fund's larger acquisitions are in discussions with a view to be acquired and this should assist performance in the current year. Cash balances are around 7.5% of gross assets which provides flexibility for new investments and to continue the Board's policy of buying back shares when appropriate. 

Finally, although the stock market is showing signs of recovery, the reality is that the economy is still extremely weak, house prices are falling and Government debt is out of control. In these circumstances stock selection rather than a benign market will remain the most important factor for securing any meaningful improvement in the Net Asset Value. 

North Atlantic Value LLP
21 July 2009

TEN LARGEST EQUITY HOLDINGS

as at 31 March 2009

Bavaria Industriekapital AG 

Cost £2,118,718 (235,000 shares) 

Market value £2,525,093 representing 6.35% of Net Asset Value

Bavaria is a small German industrial holding company. The company has no debt and substantial cash balances. At 31 March 2009 the shares were trading on a very low price earnings ratio with a yield of circa 23%.

Journey Group Plc 

Cost £4,925,014 (53,314,341 shares) 

Market value £2,399,145 representing 6.03% of Net Asset Value

The company is a supplier of catering and media services to the UK airline industry. The Company also has operations in the United States. 

Celsis International Plc 

Cost £2,194,745 (1,500,000 shares) 

Market value £2,370,000 representing 5.96% of Net Asset Value

Celsis is a world leader in the testing of liquid pathogens and the cryogenic storing of human livers for laboratory testing. The Company has no debt and results released at the end of March were in line with expectations. 

Orthoplastics Limited 

Cost £854,964 (275 shares) 

Market value £2,200,000 representing 5.53% of Net Asset Value

Orthoplastics is one of two companies in the world capable of manufacturing advanced plastic materials to the orthopedics industry. In addition the company has a successful and rapidly growing plastic components for the same industry. Orthoplastics had an outstanding year to end March 2009 with profits up circa 70%. The profit expectation for the current year is for a further 30% increase. Since the year end the company has made an acquisition which will give good exposure to metal components used by the orthopedics industry.  

Dialight Plc 

Cost £2,744,988 (1,800,000 shares) 

Market value £2,016,000 representing 5.07% of Net Asset Value

The company is the world leader in LED lighting applications for applications excluding consumer appliances. LED lighting has significant energy and environmental benefits and demand is expected to grow strongly over the next five years. The company is profitable and has no current debt.

RPC Group Plc 

Cost £3,959,189 (1,750,000 shares) 

Market value £2,012,500 representing 5.06% of Net Asset Value

RPC is the largest company in Europe manufacturing plastic packaging for the food, health and beauty industries. A new chairman has recently been appointed. 

Electronic Data Processing PLC ('EDP') 

Cost £2,609,049 (4,264,587 shares)

Market value £1,961,710 representing 4.93% of Net Asset Value

EDP is a computer services company. The company completed a tender offer at 50p per share subsequent to the end of the period. The Company now has no investment in EDP.

Quarto Group Inc 

Cost £2,470,609 (2,050,000 shares)

Market value £1,496,500 representing 3.76% of Net Asset Value

Quarto is the world's largest publisher of 'coffee table' books, but also has more traditional publishing operations.  

BBA Aviation plc

Cost £4,416,793 (1,750,000 shares)

Market value £1,435,000 representing 3.61% of Net Asset Value

BBA Aviation is a leading provider of flight support and aftermarket services and systems to the aviation industry.

Avanti Communications Plc

Cost £1,538,107 (750,000 shares)

Market value £1,320,000 representing 3.32% of Net Asset Value

Avanti is launching a communications satellite into space early in 2010. The majority of Company's investment is in the senior debt which yields LIBOR + 1000bp. Early bookings to date for the satellite are extremely encouraging.

INVESTMENT POLICY

The Company principally invests in small and mid-size quoted and unquoted companies in the United Kingdom and 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.

Achieving the Investment Policy

The investment approach of the Investment Manager is characterised by a rigorous focus on research and financial analysis of potential investee companies so that a thorough understanding of their business models is gained prior to investment. Comprehensive due diligence, including one or more meetings with management as well as site visits, are standard procedure before shares are acquired.

Typically the portfolio will comprise of 50 to 80 holdings (but without restricting the Company from holding a more or less concentrated portfolio in the future).

The Company may invest in derivatives, financial instruments, money market instruments and currencies solely for the purpose of efficient portfolio management (i.e. solely for the purpose of reducing, transferring or eliminating investment risk in the Company's investments, including any technique or instrument used to provide protection against exchange and credit risks).

The Investment Manager expects the Company's assets will normally be fully invested. However, during periods in which changes in economic conditions or other factors so warrant, the Company may reduce its exposure to securities and increase its position in cash and money market instruments. 

A detailed description of the investment process and risk controls employed by the Manager is disclosed in the financial statements. A comprehensive analysis of the Company's portfolio is also disclosed in the financial statements including a description of the ten largest equity investments. At the year end the Company's portfolio consisted of 40 holdings. The top 10 holdings represented 49.62% of total net assets.

The Board is responsible for determining the gearing strategy for the Company. Gearing is used selectively to leverage the Company's portfolio in order to enhance returns where and to the extent this is considered appropriate to do so. Borrowings are short term and particular care is taken to ensure that any bank covenants permit maximum flexibility of investment policy.

The Company may only make material changes to its investment policies with the approval of Shareholders (in the form of an ordinary resolution).

INVESTMENT RESTRICTIONS

The Company has adopted the following policies:

(a) it will not invest in securities carrying unlimited liability;

(b) short selling for the purpose of efficient portfolio management will be permitted provided that the aggregate value of the securities subject to a contract for sale that has not been settled and which are not owned by the Company shall not exceed 20 per cent. of the Net Asset Value; in addition, the Company may engage in uncollateralised stock lending on normal commercial terms with counterparties whose ordinary business includes uncollateralised stock lending provided that the aggregate exposure of the Company to any single counterparty shall not exceed 20 per cent. of the Net Asset Value;

(c) it will not take legal or management control of investments in its portfolio;

(d) it will not buy or sell commodities or commodity contracts or real estate or interests in real estate although it may purchase and sell securities which are secured by real estate or commodities and securities of companies which invest in or deal in real estate commodities;

(e) it will not invest or lend more than 20 per cent. of its assets in securities of any one company or single issuer;

(f) it will not invest more than 35 per cent. of its assets in securities not listed or quoted on any

recognised stock exchange;

(g) it will not invest in any company where the investment would result in the company holding more than 10 per cent. of the issued share capital of that company or any class of that share capital, unless that company constitutes a trading company (for the purposes of the relevant United Kingdom legislation) in which case the company may not make any investment that would result in its holding 50 per cent. or more of the issued share capital of that company or of any class of that share capital;

(h) it will not invest more than 5 per cent. of its assets in units of unit trusts or shares or other forms of participation in managed open-ended investment vehicles; or

(i) the Company may use options, foreign exchange transactions on the forward market, futures and contracts for differences for the purpose of efficient portfolio management provided that:

(i) in the case of options, this is done on a covered basis;

(ii) in the case of futures and forward foreign exchange transactions, the face value of all such contracts does not exceed 100 per cent. of the Net Asset Value of the Company; or

(iii) in the case of contracts for differences (including stock index future or options) the face value of all such contracts does not exceed 100 per cent. of Net Asset Value of the Company. None of these restrictions, however, require the realisation of any assets of the Company where any restriction is breached as a result of an event outside the control of the Investment Manager which occurs after the investment is made, but no further relevant assets may be acquired by the Company  until the relevant restriction can again be complied with. In the event of any breach of these investment restrictions, the Board will as soon as practicable make an announcement on a Regulatory Information Service and subsequently write to Shareholders if appropriate.

(j) the Company will ensure gearing does not exceed 20% of net assets.

DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report and Financial Statements for each financial year which give a true and fair view of the state of affairs of the Group and Company as at the end of the financial year and of the net income or loss for that year in accordance with International Financial Reporting Standards and are in accordance with applicable laws.

The Directors confirm, to the best of their knowledge, that:

(a) these Financial Statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and loss of the Company and the undertakings included in the consolidation taken as a whole; and

(b) these Financial Statements include information detailed in the Directors' Report, the Investment Adviser's Report and Notes to the Financial Statements, which provide a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation as a whole, together with a description of the principal risks and uncertainties that they face.

In accordance with The Companies (Guernsey) Law, 2008 each Director confirms that so far as they are aware, there in no relevant audit information of which the Company's Auditor is unaware. Each Director also confirms that they have taken all steps they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish that the Company's Auditor is aware of that information.

Directors are also required to:

• properly select and apply accounting standards;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; 

• provide additional disclosures when compliance with the specific requirements of IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company's financial position and financial performance; and

• prepare the financial statements on a going concern basis unless it is inappropriate to presume the Company will continue in business.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and Company and to enable them to ensure that the Financial Statements comply with The Companies (Guernsey) Law, 2008. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are also responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom and in Guernsey governing the preparation and dissemination of financial statements differs from legislation in other jurisdictions.

CONSOLIDATED INCOME STATEMENT

for the year ended 31 March 2009

(Expressed in pounds sterling)

 

			2009	2008
			£	£
Income
Interest			532,972	800,130
Dividends and investment income			1,957,538	1,529,522
			2,490,510	2,329,652
Realised (losses)/gains on investments			(536,343)	869,064
Movement in unrealised loss on revaluation of investments			(21,891,039)	(19,781,604)
Transaction costs			(107,757)	(244,042)
Gain on foreign currency translation			4,044	25,943
Income and loss from investments			(20,040,585)	(16,800,987)
Expenses
Management and investment adviser’s fee			550,833	537,491
Custodian fees			17,025	55,922
Administration fees			59,161	90,908
Registrar and transfer agent fees			112,314	49,434
Directors’ fees and expenses			133,000	129,565
Audit fees			36,000	58,589
Insurance			9,000	10,549
Legal and professional fees			294,206	567,065
Loan facility interest			117,942	-
Write back of accruals in Baltimore Plc			(131,000)	(668,000)
Other expenses			321,646	434,561
Total expenses			1,520,127	1,266,084
Net loss for the year before taxation			(21,560,712)	(18,067,071)
Withholding tax on dividends			258,915	184,484
Net loss for the year			(21,819,627)	(18,251,555)
Loss per share – basic and diluted:
Ordinary			£(0.90)	£(0.89)
C Share			-	£(0.05)

 

 

All items in the above statement are derived from continuing operations.

CONSOLIDATED BALANCE SHEET

as at 31 March 2009

(Expressed in pounds sterling)

			2009	2008
			£	£
Non-current assets
Listed investments designated at fair value through profit or loss Cost - £64,662,030 (2008: £69,746,535)			29,388,138	53,835,923
Unlisted investments designated at fair value through profit or loss Cost - £9,527,727 (2008: £7,641,599)			9,144,411	9,786,042
			38,532,549	63,621,965
Current assets
Other receivables			368,865	797,602
Dividends and interest receivable			318,876	296,296
Amounts due from brokers			3,032	248,428
Cash and cash equivalents			906,097	792,292
			1,596,870	2,134,618
Total assets			40,129,419	65,756,583
Current liabilities
Amounts due to brokers			15,978	957,828
Interest bearing loans			-	750,000
Creditors and accrued expenses			348,420	740,603
			364,398	2,448,431
Net assets			39,765,021	63,308,152
Shareholders’ equity
Called up share capital			11,888,325	12,393,708
Share premium			42,696,509	42,894,039
Capital redemption reserve			1,246,500	1,246,500
Other reserves			(16,066,313)	6,773,905
Total equity shareholders’ funds			39,765,021	63,308,152
Net Asset Value per Share – basic and diluted			£1.67	£2.55

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2009

(Expressed in pounds sterling)

			2009	2008
			£	£
Equity at beginning of year			63,308,152	81,904,367
Loss for the year			(21,819,627)	(18,251,555)
Total recognised income and expenses			(21,819,627)	(18,251,555)
Issued share capital during year
- Ordinary shares			-	25,683,185
			-	25,683,185
Cancelled / converted share capital during year
- Ordinary shares			(1,723,504)	(89,886)
- C Shares			-	(25,937,959)
			(1,723,504)	(26,027,845)
Equity at end of year			39,765,021	63,308,152

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 March 2009

(Expressed in pounds sterling)

			2009	2008
			£	£
Net cash inflow/(outflow) from operating activities			2,523,265	(5,232,501)
Financing Activities
Cancellation of shares			(1,663,504)	(344,659)
Proceeds of borrowings			6,400,000	750,000
Repayment of borrowings			(7,150,000)	-
Cash flow from financing activities			(2,413,504)	405,341
Net increase/(decrease) in cash and cash equivalents			109,761	(4,827,160)
Cash and cash equivalents at beginning of year			792,292	5,593,509
Exchange movements			4,044	25,943
Cash and cash equivalents at end of year			906,097	792,292

NOTES

1.    General

Oryx International Growth Fund Limited (the 'Company') was incorporated in Guernsey on 2 December 1994 and commenced activities on 3 March 1995.

The above results comprise an abridged version of the Company's full accounts for the year ended 31 March 2009 ('Annual Report). Copies of the Annual Report will be sent to shareholders shortly, together with a circular, containing details of a proposed waiver of the Rule 9 provisions of the City Code on Takeovers and Mergers which also contains the Notice convening the Company's Annual General Meeting to be held at 10.00 a.m. on 2 September 2009. 

The Annual Report and Circular will be available to view and download at the Company's website  www.oryxinternationalgrowthfund.co.uk and copies may also be obtained from the Company's registered office at BNP Paribas House, 1 St Julian's Avenue, St Peter Port, Guernsey GY1 1WA.

2.    Accounting Policies

Basis of Accounting

The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards ('IFRS'), which comprise standards and interpretations approved by the International Accounting Standards Board (the 'IASB'), and International Accounting Standards and Standing Interpretations Committee interpretations approved by the International Accounting Standards Committee ('IASC') that remain in effect, together with applicable legal and regulatory requirements of Guernsey Law.

The financial statements have been prepared on the historical cost basis except for the inclusion at fair value 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 Company 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 year.

Adoption of new standards

The Directors believe that any pronouncements which are in issue but not yet operative or adopted by the Company will not have a material impact on the financial statements of the Company.

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 through 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 on trade date, 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 are valued in accordance with the International Private Equity and Venture Capital Association (IPEVCA) 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, recent transactions and the net asset basis. Cost is also 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 Group's financial instruments, including cash and cash equivalents, interest and other receivables and accrued expenses, the carrying amounts approximate fair value due to their immediate or short-term maturity.

Derecognition of financial assets occur 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.

           c)         Other receivables

Other receivables do not carry any interest and are short term in nature and are accordingly stated at their amortised cost as reduced by appropriate allowances for impairment.

           d)        Cash and cash equivalents

                      Cash and cash equivalents consist of 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 amortised cost.

             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)        Financial Liabilities

All bank loans and borrowings are initially recognised at cost, being the fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost. Any difference between cost and redemption value has been recognised in the Income Statement over the period of the borrowings on an effective interest basis. 

Financial liabilities are derecognised from the balance sheet only when the obligations are extinguished either through discharge, cancellation or expiration.

             i)        Equity

Share Capital represents the nominal value of equity shares.

Share Premium Account represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.

Reserves include all current and prior results as disclosed in the income statement.

j)         Expenses

Expenses are recognised in the Income Statement upon utilisation of the service or at the date they are incurred.  

k)        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, both UK regulated. The results of the subsidiary undertakings and the businesses acquired are included in the Consolidated Income Statement. The investments in the wholly owned subsidiaries are included in the accounts of the parent company at cost less any provisions for impairment.

3.   Share Capital and Share Premium

a) Authorised Share Capital

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

b) Ordinary Shares Issued - 1 April 2008 to 31 March 2009

Ordinary Shares of 50p each and Management Shares of 50p each		Number of Shares		Share Capital £		Share Premium £
At 1 April 2008		24,787,416		12,393,708		42,894,039
Cancellation of shares		(1,010,767)		(505,383)		(197,530)
At 31 March 2009		23,776,649		11,888,325		42,696,509

c)  Ordinary Shares Issued - 1 April 2007 to 31 March 2008

Ordinary Shares of 50p each and Management Shares of 50p each		Number of Shares		Share Capital £		Share Premium £
At 1 April 2007		16,252,774		8,126,387		21,568,061
Conversion of C shares		8,567,328		4,283,664		21,399,521
Cancellation of shares		(32,686)		(16,343)		(73,543)
At 31 March 2008		24,787,416		12,393,708		42,894,039

C Shares of 50p each
At 1 April 2007		25,024,445		12,512,223		13,425,736
Conversion of C shares		(24,774,668)		(12,387,334)		(13,295,852)
Cancellation of shares		(249,777)		(124,889)		(129,884)
At 31 March 2008		-		-		-

After the year end the Company has repurchased for cancellation a further 930,824 shares at an average cost of £1.468 per share.

4.  Earnings per Share and Net Asset Value per Share

The calculation of basic earnings per share for the Ordinary Share is based on a loss of £21,819,627 (2008 - loss £18,251,555) and the weighted average number of shares in issue during the year of 24,318,802 shares (2008 - 20,529,829 shares). In accordance with IAS 33 - Earnings per Share, the diluted earnings per share is also disclosed. At 31 March 2009 there was no difference in the diluted earnings per share calculation for the Ordinary Shares.

The calculation of Net Asset Value per Ordinary Share is based on a Net Asset Value of £39,765,021 (2008 - £63,308,152) and the number of shares in issue at the year end of 23,776,649 shares (2008 - 24,787,416 shares). The diluted Net Asset Value per share is also disclosed. At 31 March 2009 there was no difference in the diluted Net Asset Value per share calculation for the Ordinary Shares.

Enquiries:

Sara Radford

BNP Paribas Fund Services (Guernsey) Limited Tel: [phone]

Alastair Moreton

Hannah Pearce

Arbuthnot Securities Limited Tel: [phone]

 

END

 

 

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