Composition and value of portfolio
March 06 2008 - 12:40PM
UK Regulatory
US SPECIAL OPPORTUNITIES TRUST PLC
COMPOSITION AND VALUE OF PORTFOLIO
Further to the announcement dated 29 February, the new Board of the Company has
met for the first time and considered, with its advisers, the composition and
valuation of the Company's portfolio taking into account the impending
requirement to wind-up the Company.
Whilst the Directors are satisfied that the net asset value of the Company has
been appropriately announced on a going concern basis, they wish to inform
shareholders that, should the Company enter into liquidation on its planned
winding-up date (30 May 2008), there is a risk that the proceeds to the Company
of a sale of its entire portfolio, in those circumstances, would be less than
the published net asset values would indicate. There are a number of reasons
for this, including the lack of liquidity in some of the assets in the
Company's portfolio as well as the possible loss of time value attributable to
some of the Company's holdings in warrants.
The Directors believe that it would be inappropriate at this time to estimate
the value of the proceeds to the Company of a disposal of all its assets upon
the Company's liquidation. However, the Board is working with its advisers with
a view to providing further information to shareholders in the near future.
For the avoidance of doubt, the Directors are confident that the holders of the
Zero Dividend Preference shares will receive their full capital entitlement on
any winding-up of the Company.
The Company will continue to publish the net asset values on a "going concern
basis" pending any further announcement once the board has concluded its
discussions with its advisers.
6 March 2008
Enquiries:
Duncan Abbot, Chairman
Tel: 07702 776320
END
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