EGM Repurchase of Shares

Oryx International Growth Fund Ld
06 December 2004


Oryx International Growth Fund Limited (the 'Company')

Publication of circular

6 December 2004

The Company's general authority to repurchase shares having expired, it is now
seeking a new authority to repurchase up to a maximum of 1,543,696 ordinary
shares of 50p each ('Ordinary Shares') (the 'Authority'). A circular is being
sent to shareholders and stockholders detailing the proposal and convening the
necessary extraordinary general meetings to be held on 6 January 2005.

The directors note that the exercise of the Authority may lead to certain
shareholders, whom the Takeover Panel regard as acting in concert, increasing in
percentage terms their holdings in Ordinary Shares. North Atlantic Smaller
Companies Investment Trust Plc and Christopher Mills (the 'Concert Party') hold
in aggregate approximately 31.38 per cent. of the Ordinary Shares currently in
issue. Therefore the repurchase of Ordinary Shares by the Company would, under
Rule 9 of the City Code, normally result in the Concert Party being obliged to
make an offer for the balance of the Ordinary Shares which they do not already
hold. The Panel has agreed however that, subject to the approval of independent
shareholders at the EGM, it will waive such an obligation. Shareholders should
note that approval of the waiver of the obligation under Rule 9 is being sought
for the repurchase of a maximum of 1,543,696 Ordinary Shares representing just
under 15 per cent. of the Ordinary Shares in issue. If this number of Ordinary
Shares were to be repurchased by the Company, the Concert Party's aggregate
holding (assuming none of their Ordinary Shares was repurchased) would increase
from 31.38 per cent. to 36.91 per cent. of the Ordinary Shares remaining in
issue.

A copy of the circular will shortly be forwarded to the UK Listing Authority to
be made available for inspection at their Document Viewing Facility situated at:
The Financial services Authority, 25 The North Colonnade, Canary Wharf, London
E14 5HS.

Contacts:

Management International (Guernsey) Limited

Tamsin Hooton

Tel: [phone]



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