Net Asset Value(s)
September 16 2008 - 12:48PM
UK Regulatory
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC
(Formerly US Special Opportunities Trust plc)
ESTIMATED NET ASSET VALUE CALCULATION AS AT
12 September 2008
UK GAAP
� million %
Investments 14.94 95.88
Cash 2.63 16.89
17.57 112.77
Other net current assets/(liabilities) -0.03 -0.19
Loan value USD revolving credit facility -1.96 -12.58
Net Assets (including estimated 15.58 100.00
revenue reserves at 12
September 2008 of �0.12m)
Number of shares
in issue
Net Asset Value per Capital - 50,000,000
share:
Income 60.31p 25,210,008
ZDP 182.61p 206,037
US$
USD exchange rate used to revalue all US assets and 1.78575
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 12 September $178,833
2008:
Sterling equivalent at exchange rate above: �0.10m
Time value of unlisted warrants as at 31 August 2008: $860,403
(adjusted for warrants subsequently acquired, exercised or
disposed)
Sterling equivalent at exchange rate above: �0.48m
Change in accounting policies and revaluation of Integrated Security Systems
Further to a meeting of the Company's audit committee, the Board has taken the
decision to amend the Company's accounting policy regarding the valuation of
unquoted convertible debentures and unquoted redeemable and non-redeemable
convertible preference shares:
Unquoted convertible debenture investments will be valued as follows. Where the
debentures are paying cash coupons they are valued at the greater of cost and
the market value of the equity received if converted. If the debentures are not
paying cash coupons then they are valued at the lower of cost and the market
value of the equity received if converted.
Non-redeemable unquoted convertible preferred stock will be valued at the
market value of the equity received if converted. Redeemable preferred stock
investments will be valued as follows. Where the preferred stocks are paying
cash coupons they are valued at the greater of cost or market value of the
equity received if converted. If the preferred stocks are not paying cash
coupons then they are valued at the lower of cost and the market value of the
equity received if converted.
In addition, the Board has decided to make a provision with regard to the
Company's investment in the debt of Integrated Security Systems by writing it
down by 40 percent. The overall result is to reduce the portfolio valuation by
�1,773,000 at 12 September 2008.
END
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