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Oryx International Growth Fund Limited noted an offer to acquire GYG PLC, a company in its unquoted portfolio, at 64 pence per share with an earnout up to 11 pence per share, representing a 106% premium to its March 2024 valuation and approximately 7% to its September valuation. This offer has secured 92% acceptances and is subject only to approval by the Spanish equivalent of the CMA. Upon successful completion, Oryx's liquidity will increase by £6,700,000, with a further £1,150,000 in 2025 if the earnout is fully achieved.
| Date | 30 Oct 2024 |
| Time | 10:52:10 |
| Category | Acquisitions and alliances |
| ID | 2466K |
30 October 2024
Oryx International Growth Fund Limited
(the "Company")
Offer to acquire GYG Plc
The Board of Oryx is pleased to note an offer to acquire GYG PLC (held in the unquoted portfolio) at 64pps with an earnout up to 11 pps dependent on GYG's results to end December 2024.
This represents (excluding earnout) a 106% premium to the valuation at end March 2024 and a premium of circa 7% to the end September valuation, when the offer was very close to announcement.
The offer is subject only to approval by the Spanish equivalent of the CMA having secured 92% acceptances.
On the successful completion of the offer, Oryx's liquidity will increase by £6,700,000 with a further £1,150,000 later in 2025 if the earnout is achieved in its entirety.
For enquires:
Christopher Mills 020 7640 3200