Net Asset Value(s)
June 04 2008 - 11:29AM
UK Regulatory
US SPECIAL OPPORTUNITIES TRUST PLC
ESTIMATED NET ASSET VALUE CALCULATION AS AT
31 May 2008
UK GAAP
� million %
US Growth Investments 16.90 24.99
Portfolio
Cash 1.81 2.68
18.71 27.67
Income Investment companies 0.00 0.00
Portfolio
Reverse convertible bonds 0.00 0.00
and other fixed income
Cash 51.27 75.82
51.27 75.82
Other net current assets/(liabilities) -0.59 -0.87
Revolving credit facility -1.77 -2.62
Net Assets (including revenue 67.62 100.00
reserves
at 31 May 2007 of �1.12m
and
estimated current period
revenue
of �-0.96)
Number of shares
in issue
Net Asset Value per Capital - 50,000,000
share:
Income 85.40p 49,670,000
ZDP 182.61p 13,799,000
As a result of the tender offer announced on 30 May 2008, 24,459,992 Income
shareholders are entitled to receive 100.00p per Income share on or before the
6 June 2008. Based on the net assets of the Company at 31 May 2008 this will
result in a net asset value of 71.24p per Income share for the remaining
25,210,008 Income shares in issue.
US$
USD exchange rate used to revalue all US assets and 1.9762
liabilities
In accordance with AIC guidelines the net asset value calculations include
estimated current period revenue.
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 31 May 2008: $191,250
Sterling equivalent at exchange rate above: �0.10m
Time value of unlisted warrants as at 31 May 2008: $821,071
(adjusted for warrants subsequently acquired, exercised or
disposed)
Sterling equivalent at exchange rate above: �0.42m
END
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