Oryx International Growth Fund posted its half-year report for the period from 1 April to 30 September on Tuesday - a period in which it carried out three share buybacks, resulting in a total reduction of 138,000 shares for a cost of £813,750.
The firm confirmed those shares were subsequently cancelled, and as at period end Oryx had 15,054,125 ordinary shares in issue with a market capitalisation of £101.99m.

Its net asset value per ordinary share on 30 September was £7.6997, up from £6.8929 on 31 March, while the ordinary share price was £6.775, rising from £6.1250.

That resulted in a 12.01% share price discount to net asset value, wider than the 11.14% reported in March.

No ordinary dividend was declared for the period.

"The net asset value rose by 10.7%, beating the FTSE Small Cap Index by over 4.5% which means that the rise in the NAV over the last five years now equals 114% as against 77% for the index," remarked chairman Nigel Cayzer.

"There have been some significant disposals during the period which means the cash balances remain strong.

"The challenge for Christopher Mills and his team at Harwood is to identify new opportunities that can be purchased at sensible valuations where active management will yield a good return over a reasonable period."

Cayzer said that has been the challenge since the company's inception in 1995, but the board remained confident that the proven skill of the management will continue to realise value in the existing holdings and identify new opportunities as they arise.

"The company continues to buy back shares when it is considered to be in the interests of all shareholders and 138,000 shares were acquired during the six month period

"In accordance with our policy, the directors are not recommending a dividend for the period under review."

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