Transaction in Own Shares

Oryx International Growth Fund Ld
21 January 2004

COMPANY ANNOUNCEMENT

Oryx International Growth Fund Limited (the 'Company')

Purchase of own securities

21 January 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 1,224,483 ordinary
shares of 50p each ('Ordinary Shares') (the 'Authority'). A circular is being
sent to shareholders, stockholders and warantholders detailing the proposal and
convening the necessary extraordinary general meetings to be held on 13 February
2004.

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, Christopher Mills and other funds managed by
Christropher Mills (the 'Concert Party') hold in aggregate approximately 26.8
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 1,224,483 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 26.8 per cent. to
31.6 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:

Financial Services Authority

25 The North Collonnade

Canary Wharf

London E14 5HS



Contacts:

Management International (Guernsey) Limited

Tamsin Hooton

Tel: [phone]



Teather & Greenwood Limited

Paul Fincham

Tel:[phone]




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