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Oryx Int. Growth Fnd (OIGZ)

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Wednesday 25 June, 2003

Oryx Int. Growth Fnd

Preliminary Results

Oryx International Growth Fund Ld
25 June 2003


FOR IMMEDIATE RELEASE

RELEASED BY MANAGEMENT INTERNATIONAL (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 2003:


                            UNAUDITED BALANCE SHEET

                              As at 31 March 2003

                         (Expressed in pounds sterling)

                                                                                      2003                 2002

                                                                                       £                     £
INVESTMENTS
Listed investments at market value                                                       9,836,877            12,047,062

(cost £13,426,533; 2002 - £14,782,771)
Unlisted investments                                                                     5,385,454             2,868,714

(cost £3,642,490; 2002 - £1,354,368)
                                                                                        15,222,331            14,915,776
CURRENT ASSETS
Dividends and interest receivable                                                           68,866                35,440

Due from underlying funds                                                                  223,746                     -

Bank balances                                                                              342,697             4,712,988
                                                                                           635,309             4,748,428
CURRENT LIABILITIES
Amounts due to brokers                                                                      49,001               161,207

Creditors and accrued expenses                                                              62,742                73,833
                                                                                           111,743               235,040

NET CURRENT ASSETS                                                                         523,566             4,513,388

TOTAL ASSETS LESS CURRENT LIABILITIES                                                   15,745,897            19,429,164

LONG TERM LIABILITIES

Convertible loan stock                                                                   2,504,928             3,064,725

TOTAL NET ASSETS                                                                       £13,240,969           £16,364,439

EQUITY SHARE CAPITAL                                                                     4,549,114             4,296,864

RESERVES

Share premium                                                                            4,247,457             4,007,337

Reserve relating to warrants                                                                32,288                38,300

Capital redemption reserve                                                                 599,000               599,000

Other reserves                                                                           3,813,110             7,422,938
                                                                                         8,691,855            12,067,575

EQUITY SHAREHOLDERS' FUNDS                                                             £13,240,969           £16,364,439

Net Asset Value per Share                                                                    £1.64                 £1.90

Fully Diluted Net Asset Value per Share                                                      £1.44                 £1.56




                       UNAUDITED STATEMENT OF OPERATIONS

                        For the year ended 31 March 2003

                         (Expressed in pounds sterling)


                                                                                      2003                 2002

                                                                                       £                     £
INCOME

Deposit interest                                                                            33,707                98,522

Dividends and investment income                                                            321,020               436,155
                                                                                           354,727               534,677

EXPENDITURE

Management and investment adviser's fee                                                    219,876               268,704

Finance charge                                                                              25,723                31,383

Custodian fees                                                                              13,980                12,396

Administration fees                                                                         15,740                15,933

Registrar and transfer agent fees                                                            4,396                 3,962

Directors' fees and expenses                                                                91,087               111,477

Audit fee                                                                                    9,498                 9,061

Insurance                                                                                    6,750                 5,500

Legal and professional fees                                                                  7,791                 5,039

Printing and advertising expenses                                                           10,601                 8,195

Miscellaneous expenses                                                                      11,278                20,181
                                                                                           416,720               491,831
NET (EXPENSE)/ INCOME                                                                     (61,993)                42,846

BEFORE TAXATION

Taxation                                                                                  (27,295)              (59,086)

NET EXPENSE FOR THE YEAR AFTER TAXATION                                                   (89,288)              (16,240)

Realised loss on investments                                                           (1,557,611)           (1,305,227)

(Loss)/ gain on foreign currency translation                                             (122,370)                   391

Movement in unrealised (loss)/ gain on revaluation of investments                        (624,988)             1,136,417

TOTAL DEFICIT ATTRIBUTABLE TO SHAREHOLDERS FOR THE YEAR                               £(2,394,257)            £(184,659)

RETURN PER SHARE FOR THE YEAR                                                              £(0.28)               £(0.02)

FULLY DILUTED RETURN PER SHARE FOR THE YEAR                                                £(0.20)               £(0.01)

DIVIDENDS PAID / PROPOSED DURING THE YEAR                                                    £0.00                 £0.00




                       UNAUDITED STATEMENT OF CASH FLOWS

                        For the year ended 31 March 2003

                         (Expressed in pounds sterling)


                                                                                       2003                 2002

                                                                                        £                    £
Net cash (outflow)/ inflow from operating activities                                      (108,082)               38,943

INVESTING ACTIVITIES

Purchase of investments                                                                (18,202,781)         (16,623,298)

Sale of investments                                                                      15,377,676           17,412,382

Net cash (outflow)/ inflow from investment activities                                   (2,825,105)              789,084

FINANCING ACTIVITIES

Payment to holders of warrants                                                              (6,012)                    -

Shares issued on exercise of warrants                                                         4,500                4,000

Payment to shareholders                                                                 (1,203,001)                    -

Payment to holders of convertible stock                                                   (110,221)                    -

Net cash (outflow)/ inflow from financing activities                                    (1,314,734)                4,000

Net cash (outflow)/ inflow                                                              (4,247,921)              832,027

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

Net cash (outflow)/ inflow                                                              (4,247,921)              832,027

Exchange movements                                                                        (122,370)                  391

Net cash at beginning of year                                                             4,712,988            3,880,570

Net cash at end of year                                                                    £342,697           £4,712,988


                              CHAIRMAN'S STATEMENT



While the Fund ended the year with an absolute drop in Net Asset Value per Share
of 13.7%, this represented a very substantial relative out performance against
the Indices with which we gauge our performance. The investment philosophy of
only investing in situations where we perceive value proved a safe haven in this
year of turbulence in the equity markets around the world.

Since the year end, we have seen some confidence come back into the markets.
This will undoubtedly assist J.O.Hambro in their task of realising value from
the portfolio. We therefore hope that we will see a return to a period when we
can report absolute growth in the Net Asset Value rather than relative out
performance.

In line with our stated policy, your Board does not propose paying a dividend,
however we continued with our policy of buying back shares when discounts allow



Nigel Cayzer

Chairman

                          INVESTMENT ADVISER'S REPORT

During the year to 31st March 2003 the Net Asset Value per Share of the Company
fell by 13.7%. Whilst the decline is disappointing, it compares very favourably
to our benchmark indices, which were significantly down over the period, 29.8%
for the Sterling adjusted S&P 500 and 31.9% for the MSCI European Smaller
Companies Index.

It has been another difficult year for the financial markets, which has seen
declining economic activity coupled with uncertainty leading up to what was to
be the second Gulf war. Equity markets experienced an increase in volatility in
March with most European markets testing new lows before recovering sharply. US
markets performed marginally better.

The main reason for the decline in the NAV lies in the fall of our British
equity holdings, primarily Charter Plc and Dowding & Mills plc and the weakness
of the United States Dollar. However, no US stocks had a significant negative
impact.

These declines were offset to some extent by the very good performance of our
event-orientated investments. Andrew Sykes Group plc has repurchased ordinary
shares of the company at a good price whilst Biocompatibles International plc
also performed well.

The unquoted portfolio performed well, most noticeably Waterbury in the US and
United Industries Plc in the UK. IPT Group Ltd and Gateway have had minor
adverse effects.

After the significant declines experienced during 2002, UK and US stocks now
appear to be consolidated and are trading in a relatively narrow range. In the
United States markets remain subdued following the various corporate excesses
and misreporting of results that came to light last year. In the UK, the pension
deficits of a large number of companies and the consequent likely negative
impact on corporate profitability have been well publicised, as have been the
forced sale of equities by institutions seeking to protect solvency measures.
Trading results have been further adversely affected by a general decline in
business activity in Europe.

The portfolio has been concentrated in active value, which the managers believe
will perform reasonably well over the coming year as markets improve.



J O Hambro Capital Management Limited

Investment Adviser


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