Oryx International Growth Fund's Proposed Animalcare Acquisition to Boost NAV by 52p per Share

Oryx flags Animalcare deal and a 52p NAV uplift

Oryx International Growth Fund Limited has just put something very tangible on the table: a potential uplift to its Net Asset Value (NAV) of approximately 52p per share, off the back of a recommended offer for Animalcare Group Plc.

As of 31 March 2026, Oryx owned 6,500,000 Animalcare shares. With the recommended offer now in play, the board says that, at that offer price, the 31 March 2026 NAV would be about 52p per share higher.

That is clear, punchy and – importantly – quantified. The announcement was released on 16 April 2026.

What a 52p per share NAV uplift actually means

NAV is the per share value of a fund’s underlying portfolio after liabilities. So a 52p per share uplift means the value of Oryx’s assets, net of what it owes, would be 52p higher for every Oryx share you hold, measured as at 31 March 2026 and marked to the recommended Animalcare offer price.

To make it concrete: if you hold 1,000 Oryx shares, 52p per share is equivalent to £520 of additional NAV. That is not a dividend or cash in your account today – it is the reported value of the portfolio. Realisation typically follows on completion if the deal closes as expected.

Why Animalcare moves the dial for Oryx

Oryx held 6,500,000 Animalcare shares at the end of March. When a recommended offer comes in for a portfolio company at a premium to its prior carrying value, the investment manager can revalue that holding to the offer price, which then flows through to the fund’s NAV.

While the RNS does not disclose the offer price itself, Oryx has done the maths for shareholders: taken together, the revaluation of that Animalcare stake translates into around 52p of NAV per Oryx share. That is a welcome dose of precision in a market that often speaks in generalities.

Positives, plain and simple

• It is quantifiable. You are not left guessing – the board has stated an approximate per share impact.
• It reinforces portfolio momentum. A recommended offer typically implies a premium to pre-bid trading levels, signalling value recognition for a long-standing holding.
• It is timely disclosure. Oryx is flagging the impact as at 31 March 2026, which helps investors interpret the upcoming NAV print.

But a few caveats to keep in mind

• Completion risk: The acquisition is described as proposed and tied to a recommended offer. Deals can be delayed or lapse. If the offer does not complete, the uplift could unwind.
• Key terms not disclosed here: The RNS does not state the bidder, the offer price, consideration mix (cash or shares), or timetable.
• Costs, taxes and frictions: The announcement does not mention transaction costs or any tax effects, which can modestly affect final proceeds.
• Timing: The 52p figure references the 31 March 2026 NAV. Subsequent market moves are not addressed in this release.

What this could mean for Oryx shareholders

On the numbers given, Oryx’s reported NAV as at 31 March 2026 will be approximately 52p per share higher than it would have been without the Animalcare offer. That is straightforwardly supportive for performance metrics.

Share prices of investment companies often trade at a discount or premium to NAV. While the RNS does not discuss Oryx’s discount or premium, a clearly articulated uplift like this can help the market re-anchor valuations. The key swing factor remains deal completion and the final terms.

Key numbers from the RNS

Item	Detail
Portfolio holding in Animalcare (31 March 2026)	6,500,000 shares
Expected NAV impact at the recommended offer price	Approximately 52p per Oryx share
Reference date for NAV impact	31 March 2026
Status of the transaction	Proposed acquisition with a recommended offer
Announcement date	16 April 2026

What I will watch next

• Formal offer documentation and timetable: Not disclosed here. The publication of the scheme document or offer document will set milestones and conditions.
• Completion conditions: Regulatory and shareholder approvals are typical for takeovers. The RNS does not detail these.
• Any competing interest: Also not disclosed. Recommended offers can sometimes attract rival bids.
• Follow-up NAV statements: Expect Oryx to reflect the updated valuation in its next NAV release, consistent with today’s guidance.

My take: a clean, NAV-accretive event, pending completion

I like it when a fund tells you, in pence, what a deal means for your stake. Oryx has done exactly that. A circa 52p per share uplift tied to a recommended offer on a meaningful holding is unequivocally good news for NAV, and it signals that Oryx’s hands-on, stock-picking approach is unlocking value.

The prudent caveat is that this sits in the “proposed” bucket until the transaction completes. We do not have the bidder, price, mix, or dates in this RNS, so we cannot handicap timing or residual risks. Still, the board would not put out a per share impact unless the arithmetic was clear at the recommended offer price.

Bottom line: this is a positive, tangible catalyst for Oryx’s reported NAV. If and when the deal closes as recommended, the uplift should crystallise, and investors will want to see how the manager recycles proceeds into the next opportunity.

FAQs based on what’s disclosed

What is the offer price for Animalcare?

Not disclosed in this RNS.

Who is the bidder?

Not disclosed in this RNS.

When will the deal complete?

Not disclosed. Timing will depend on the offer timetable and approvals.

How material is 52p per share to Oryx overall?

Materiality versus total NAV is not stated here. The RNS only quantifies the uplift per Oryx share.

Will there be distribution or buyback implications?

Not addressed in this announcement.

If you are holding Oryx, this is one of those rare moments where the pathway from corporate action to NAV is spelled out. Now it is over to the offer timetable and the next NAV update.