PRELIMINARY ANNOUNCEMENT 2005

Oryx International Growth Fund Ld
29 July 2005


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 2005:

                           

                            UNAUDITED BALANCE SHEET

                              As at 31 MARCH 2005

                         (Expressed in pounds sterling)

                                                         2005             2004
                                                            £                £
INVESTMENTS
Listed investments at market value
(cost                                              18,181,422       13,699,574
£15,740,509 (2004 - £12,188,659))
Unlisted investments
(cost £3,216,893 (2004                              4,278,849        4,204,026
- £2,208,106))

                                                   22,460,271       17,903,600
CURRENT ASSETS
Dividends and interest receivable                     115,903          266,718
Amounts due from broker                                     -          187,653
Bank Balances                                       3,754,505        3,250,789
Other receivables                                     226,084                -
                                                    4,096,492        3,705,160
CURRENT LIABILITIES
Bank overdrafts
Amounts due to brokers                                      6                -
                                                      627,322          132,851
Creditors and accrued expenses                        169,833           61,202
                                                      797,161          194,053

NET CURRENT ASSETS                                  3,299,331        3,511,107

TOTAL ASSETS LESS CURRENT LIABILITIES              25,759,602       21,414,707

LONG TERM LIABILITES

Convertible loan stock                                372,551        2,414,522
TOTAL NET ASSETS                                   25,387,051       19,000,185

EQUITY SHARE CAPITAL                                5,143,159        3,941,616

RESERVES
Share premium                                       5,488,524        4,279,077
Capital redemption reserve                          1,246,500        1,239,000
Other reserves                                     13,508,868        9,540,492
                                                   20,243,892       15,058,569

EQUITY SHAREHOLDERS FUNDS                          25,387,051       19,000,185

Net Asset Value per share                               £2.47            £2.41
Fully diluted Net Asset Value per Share                 £2.42            £2.00

                        UNAUDITED STATEMENT OF OPERATIONS

                        For the year ended 31 March 2005

                         (Expressed in Pounds Sterling)

                                                              2005        2004
                                                                 £           £
INCOME
Deposit interest                                            99,780      57,738
Dividends and Investment income                            504,356     777,862
                                                           604,136     835,600

Expenditure
Management and investment adviser's fee                    371,356     228,161
Finance charge                                              12,858      23,152
Custodian fee                                               18,724      15,680
Administration fee                                          21,256      20,050
Register and transfer agent fees                             4,170       3,644
Director's fees and expenses                               117,852     119,136
Audit fees                                                  10,643      12,516
Insurance                                                   10,000       9,500
Legal and professional fees                                 96,239      47,434
Printing and advertising expenses                            4,665       6,425
Miscellaneous expenses                                      27,199      25,345
                                                           694,962     511,043
NET (EXPENSE)/INCOME BEFORE TAXATION                       (90,826)    324,557

Taxation                                                   (42,319)    (96,548)

NET (EXPENSE)/INCOME FOR THE                              (133,145)    228,009
YEAR AFTER TAXATION

Realised gain on investments                             4,376,620     703,397
Loss on foreign currency translation                        (6,047)    (79,012)
Premium on convertible loan stock                         (269,695)    (25,712)
Movement in unrealised (loss)/gain on revaluation of        (3,966)  5,353,186
investments

TOTAL SURPLUS ON ATTRIBUTABLE TO SHAREHOLDERS FOR THE    3,963,767   6,179,868
YEAR

EARNINGS PER SHARE FOR THE YEAR                              £0.43       £0.77
FULLY DILUTED EARNINGS PER SHARE FOR THE YEAR                £0.38       £0.57


                        UNAUDITED STATEMENT OF CASH FLOWS

                        For the year ended 31 March 2005

                         (Expressed in Pounds Sterling)
                                        
                                                 2005                       2004
                                                    £                          £
Net cash (outflow)/ inflow from               (86,925)                    51,771
operating activities

INVESTING ACTIVITIES
Purchase of investments                   (17,846,379)               (13,647,072)
Sale of investments                        18,344,486                 17,142,329

Net cash inflow from investing                498,107                  3,495,257
activities

FINANCING ACTIVITIES
Payment to holders of convertible            (593,360)                   (70,946)
stock
Payment to holders of warrants                 30,479                          -
Payment to shareholders                       (25,870)                  (413,828)
Shares issued on excise of                    687,326                    (75,150)
warrants
Net cash inflow/(outflow) from                 98,575                   (559,924)
financing activities

Net cash inflow                               509,757                  2,987,104

RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
Net cash inflow                               509,757                  2,987,104
Exchange movements                             (6,047)                   (79,012)
Net cash at beginning of the                3,250,789                    342,697
year

Net cash at end of year                     3,754,499                  3,250,789


                              CHAIRMAN'S STATEMENT

This year is the tenth anniversary of the Fund's existence and I am very pleased
to report another set of excellent results. The Net Asset Value rose by 21%,
which as the Investment Manager points out significantly outperforms the
relevant indices. It also underlines the validity of our strategy of only
investing in companies where value can be identified and realised through
pro-active management.

With the company reaching its tenth anniversary, the outstanding £819,612
Convertible Loan Stock fell due for conversion. The company had acquired during
the year 918,575 Convertible Loan Stock and 763,950 warrants for cancellation.
The purchase price was at a discount to the net asset value thus benefiting all
shareholders. 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.

In the interim statement, I indicated that in line with the original prospectus
a special resolution will be included in the 2005 Annual General Meeting to wind
the Company up. However, as I reported then, we have consulted with a number of
significant shareholders and your board does not believe it will succeed. If
that is the case, a similar resolution will be put in 2007 and every two years
thereafter.

The Management options have been waived.
Nigel Cayzer
Chairman

                          INVESTMENT ADVISER'S REPORT

During the period under review the net asset value per share rose by 21.5% as
compared with a rise in the FTSE Small Cap of 10.4% and a rise in the FTSE of
11.6%.

Over the past ten years the net asset value per share has risen by 156.3% as
compared with a rise in the FTSE Small Cap of 69.3% and a rise in the FTSE of
55.9%.

This performance is mainly attributable to the activist approach taken to many
of our investments. TBI was taken over during the period as was Mentmore and
Hartstone. Other stocks that performed notably well include East Surrey
Holdings, Dowding & Mills, Lonrho, Whatman and Quarto.

The Unquoted Portfolio also performed well as Executive Air was taken over.
However, the takeover of Waterbury was particularly significant as the price was
an 80% premium to our holding value in March 2004 and at nine times cost. We are
also optimistic that the unquoteds will add value in the current year and, in
particular, we expect Nationwide Accident to go public at a significant uplift
to our current valuation.


The Quoted market is more challenging as it becomes 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
£3,754,499. Nevertheless, the year has started well with the takeover of East
Surrey Holdings at a 25% premium to the valuation at 30th March 2005 and we are
hopeful that further value will be added to the portfolio as the year
progresses.

North Atlantic Value LLP


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