Oryx International Growth Fund Ltd on Wednesday noted two of its portfolio companies have received takeover offers.
Guernsey-based Oryx invests in medium and small quoted and unquoted companies in the UK and US and is managed by Harwood Capital Management.
It first acknowledged the bid for Eckoh PLC, anticipating its September net asset value to rise by about 10 pence per share upon completion of the transaction, as well as its cash balance by £8.1 million.
Eckoh, a London-based provider of secure payment and customer contact products, today said it had agreed to a takeover from certain funds managed by Bridgepoint Advisers II. The bid valued the business at £169.3 million on a fully diluted basis.
Oryx also noted an offer to acquire a member of its unquoted portfolio, GYG PLC, at 64p per share with up to an 11p per share earn-out, subject to GYG’s results.
GYG is a superyacht service and supply group that delisted from London’s AIM market in September 2022.
Earn-out excluded, this offer represents a premium of more than double GYG’s end of March valuation, and a 7% premium to its end of September valuation.
Upon completion of this deal Oryx said its liquidity will increase to £6.7 million, followed by £1.2 million in 2025 should the earn-out be achieved in its entirety.
The firm said the offer for GYG is subject to the Spanish equivalent of the UK Competition & Markets Authority having secured 92% acceptances.
Oryx shares rose 11% to 1,344.00 pence on Wednesday afternoon in London.
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