Oryx International Growth Fund Ld Update on proposed bids for holdings (0129P)
October 06 2023 - 6:09AM
UK Regulatory
TIDMOIG
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 GBP14.8 million of cash to the
Fund upon completion, representing an IRR of 24.6%. In addition,
the Smoove Plc holding would return circa GBP1.6 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 GBP40 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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