REG - Oryx Int. Growth Fnd - Update on proposed bids for holdings

Oryx International Growth FundAnnouncement

06/10/2023 12:15

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RNS Number : 0129P  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: 01481 750850

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