Net Asset Value(s)
May 06 2008 - 1:22PM
UK Regulatory
US SPECIAL OPPORTUNITIES TRUST PLC
ESTIMATED NET ASSET VALUE CALCULATION AS AT
2 May 2008
UK GAAP
� million %
US Growth Investments 30.07 41.77
Portfolio
Cash 5.40 7.50
35.47 49.27
Income Investment companies 0.49 0.68
Portfolio
Reverse convertible bonds 10.99 15.27
and other fixed income
Cash 25.11 34.89
36.59 50.84
Other net current assets/(liabilities) 0.17 0.24
Derivatives Interest rate swap 0.00 0.00
Values
Cap & Collar Cylinder -0.25 -0.35
facility
Net Assets (including revenue 71.98 100.00
reserves
at 31 May 2007 of �1.12m)
Number of shares
in issue
Net Asset Value per Capital - 50,000,000
share:
Income 94.53p 49,670,000
ZDP 181.39p 13,799,000
US$
USD exchange rate used to revalue all US assets and 1.97490
liabilities
The net asset value calculations include 50% of the costs associated with the
circular issued to shareholders relating to Tender Offers for ZDP and Income
Shares. As detailed in the circular these costs are split between revenue and
capital on a 50:50 basis.
The net asset value calculation includes the time value of unlisted warrants in
respect of the portfolio valuation. The Company has adopted the Black Scholes
methodology and will calculate the time value (in dollars) of unlisted warrants
every quarter. The twice weekly NAV calculations will be calculated by valuing
the intrinsic value of the warrants and adding the time value as at the most
recent quarterly valuation.
Intrinsic value of unlisted warrants as at 2 May 2008: $342,083
Sterling equivalent at exchange rate above: �0.17m
Time value of unlisted warrants as at 29 February 2008: $1,824,973
(adjusted for warrants subsequently acquired, exercised or
disposed)
Sterling equivalent at exchange rate above: �0.92m
END
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