Update on proposed bids for holdings

Oryx International Growth Fund Ld

06 October 2023

 

6 October 2023

Oryx International Growth Fund Limited

The Directors of Oryx International Growth Fund Limited (the "Fund") are pleased to note the proposed bids for its holdings in Tribal Group Plc, Pendragon Plc and Smoove Plc. The offer for Tribal Group represents an approximate 41% premium to the recent share price and would return circa £14.8 million of cash to the Fund upon completion, representing an IRR of 24.6%. In addition, the Smoove Plc holding would return circa £1.6 million upon completion. These two bids will add approximately 30p per share to the end of September NAV.  

Pendragon Plc has received multiple bids from three parties and the situation is ongoing. The Fund currently holds 17.5 million shares at an average cost of 16.3p.  

The Tribal announcement is the 7th such bid for one of our holdings received this year following the acquisitions of Crestchic Plc, Sureserve Plc, Fulham Shore Plc and Curtis Banks Plc which together returned circa £40 million to the Fund.  

We are pleased that the Fund continues to navigate through difficult public markets and deliver value for our shareholders. The enhanced cash position and permanent capital structure will allow it to continue to target undervalued businesses at opportunistic moments.  

Enquiries:

Sharon Williams

BNP Paribas S.A., Guernsey Branch

Tel: [phone]

 

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