Final Results

Oryx International Growth Fund Ld
05 July 2006



FOR IMMEDIATE RELEASE


RELEASED BY HSBC SECURITIES SERVICES (GUERNSEY) LIMITED


ORYX INTERNATIONAL GROWTH FUND LIMITED


PRELIMINARY ANNOUNCEMENT



THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCE
RESULTS FOR THE YEAR ENDED 31 MARCH 2006

                                                  BALANCE SHEET
                                               As at 31 March 2006
                                          (expressed in pounds sterling)

ASSETS                                                                                  2006               2005
                                                                                           £                  £

Bank balances                                                                      6,716,707          3,754,505
Dividends and interest receivable                                                    108,474            115,903
Other receivables                                                                     97,424            226,084
Listed investments at fair value
  (Cost £15,411,613: 2005 - £15,740,509)                                          18,916,400         18,181,422
Unlisted investments at fair value
  (Cost £5,388,047: 2005 - £3,216,893)                                             7,020,250          4,278,849

TOTAL ASSETS                                                                      32,859,255         26,556,763

LIABILITIES
Bank overdrafts                                                                            -                  6
Amounts due to brokers                                                             1,221,770            627,322
Creditors and accrued expenses                                                       104,685            169,833
Convertible loan stock                                                                     -            372,551

TOTAL LIABILITIES                                                                  1,326,455          1,169,712

NET ASSETS                                                                        31,532,800         25,387,051

REPRESENTED BY:
CAPITAL AND RESERVES

Called up share capital                                                            5,333,044          5,143,158

Share premium                                                                      5,678,410          5,488,525
Capital redemption reserve                                                         1,246,500          1,246,500
Other reserves                                                                    19,274,846         13,508,868

                                                                                  26,199,756         20,243,893

TOTAL EQUITY SHAREHOLDERS' FUNDS                                                  31,532,800         25,387,051

Net Asset Value per Share                                                             £ 2.96             £ 2.47

Diluted Net Asset Value per Share                                                     £ 2.96             £ 2.42




                                                 INCOME STATEMENT
                                         For the year ended 31 March 2006
                                          (Expressed in pounds sterling)

                                                                                        2006               2005
                                                                                           £                  £
INCOME
Deposit interest                                                                     318,237             99,780
Dividends and investment income                                                      854,290            504,356

                                                                                   1,172,527            604,136

EXPENDITURE
Management and investment adviser's fee                                              324,682            371,356
Finance charge                                                                         7,220             12,858
Custodian fees                                                                        18,155             18,724
Administration fee                                                                    27,344             21,256
Registrar and transfer agent fees                                                      1,391              4,170
Directors' fees and expenses                                                         109,311            117,852
Audit fees                                                                            11,500             10,643
Insurance                                                                              9,000             10,000
Legal and professional fees                                                           73,960             96,239
Transaction costs                                                                    126,762                  -
Miscellaneous expenses                                                                37,713             31,864
                                                                                     747,038            694,962

NET INCOME/(EXPENSE) BEFORE TAXATION                                                 425,489           (90,826)

Taxation                                                                            (83,665)           (42,319)

NET INCOME/(EXPENSE) FOR THE
    YEAR AFTER TAXATION                                                              341,824          (133,145)

Realised gain on investments                                                       3,772,030          4,376,620
Gain/(loss) on foreign currency translation                                           18,002            (6,047)
Premium on redemption on convertible loan stock                                            -          (269,695)
Movement in unrealised gain/(loss) on
    revaluation of investments                                                     1,634,122            (3,966)

TOTAL SURPLUS ATTRIBUTABLE TO
   SHAREHOLDERS FOR THE YEAR                                                       5,765,978          3,963,767

BASIC EARNINGS PER SHARE FOR THE YEAR                                                 £ 0.54             £ 0.43


DILUTED EARNINGS PER SHARE FOR THE YEAR                                               £ 0.55             £ 0.38






                                             STATEMENT OF CASH FLOWS
                                         For the year ended 31 March 2006
                                          (Expressed in pounds sterling)


                                                                                         2006              2005
                                                                                            £                 £


Net cash inflow/(outflow) from operating activities                                   419,986          (86,925)

INVESTING ACTIVITIES

Purchase of                                                                      (18,009,316)      (17,846,379)
investments
Sale of investments                                                                20,533,536        18,344,486

Net cash inflow from investing activities                                           2,524,220           498,107

FINANCING ACTIVITIES
Payment to holders of convertible stock                                                     -         (593,360)
Payment to holders of warrants                                                              -           (7,222)
Lapsed warrants                                                                             -            37,701
Payment to                                                                                  -          (25,870)
shareholders
Shares issued on exercise of warrants                                                       -           687,326

Net cash inflow from financing activities                                                   -            98,575

Net cash inflow                                                                     2,944,206           509,757

RECONCILIATION OF NET CASH FLOW TO
  MOVEMENT IN NET FUNDS

Net cash inflow                                                                     2,944,206           509,757
Exchange movements                                                                     18,002           (6,047)
Net cash at beginning of year                                                       3,754,499         3,250,789

Net cash at end of year                                                             6,716,707         3,754,499




CHAIRMAN'S STATEMENT



I am very pleased to report another set of solid results with the Net Asset
Value rising by just under 22% which follows last years increase of 21%. This
satisfactory trend of delivering value to shareholders is derived from our
strategy of only investing in companies where value can be identified and
realised through pro-active management.



During the course of last year, the Convertible Loan Stock fell due for
conversion and the outstanding warrants were cancelled. The special resolution
included in the 2005 Annual General Meeting to wind the Company up was defeated.
This was anticipated but it means that a similar resolution will be put in 2007
and every two years thereafter.



In line with our stated policy, your Board do not propose paying a dividend,
however it will be our intention to continue buying in ordinary shares when the
discount allows it to be enhancing to net asset value.



Nigel Cayzer
Chairman





                          INVESTMENT ADVISER'S REPORT



During the period under review the net asset value per share rose by 22.3% as
compared with a rise in the FTSE All share of 24.0%.



Over the past eleven years the net asset value per share has risen by 208.3% as
compared with a rise in the FTSE All Share of 103.3%.



This performance is mainly attributable to the activist approach taken to many
of our investments.  During the financial year end 31 March 2006, holdings in
East Surrey Holdings, Dowding & Mills and Parkdean were acquired.  Other stocks
that performed well include Highway, Gleeson, Georgica, Lonrho Africa and
Whatman.



The Unquoted Portfolio also performed well as Nationwide Accident is planning an
IPO.  We are also optimistic that the unquoteds will add value in the current
year and, in particular, we expect Santa Maria/Ontario to be taken over at a
significant uplift to our current valuation.



The Quoted market was challenging as it became increasingly difficult to find
attractive opportunities trading at substantial discounts to the value of the
underlying business.  Consequently, cash balances at the year end were £6.7m or
just over 20% of the portfolio.



The current year has seen a major retraction in equity markets during May.  This
is providing opportunities to invest the portfolio's considerable cash position
in undervalued securities which we believe will build value for shareholders
over the balance of the year.



North Atlantic Value LLP
June 2006




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