Net Asset Value(s)
October 01 2008 - 6:04AM
UK Regulatory
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC
(Formerly US Special Opportunities Trust plc)
ESTIMATED NET ASSET VALUE CALCULATION AS AT
26 September 2008
UK GAAP
� million %
Investments 14.06 92.66
Cash 2.86 18.87
16.92 111.53
Other net current assets/(liabilities) 0.16 0.98
Loan value USD revolving credit facility -1.90 -12.51
Net Assets (including estimated 15.18 100.00
revenue reserves at 26
September 2008 of �0.12m)
Number of shares
in issue
Net Asset Value per Capital - 50,000,000
share:
Income 58.71p 25,210,008
ZDP 182.61p 206,037
US$
USD exchange rate used to revalue all US assets and 1.84315
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 26 September $166,000
2008:
Sterling equivalent at exchange rate above: �0.09m
Time value of unlisted warrants as at 31 August 2008: $833,189
(adjusted for warrants subsequently acquired, exercised or
disposed)
Sterling equivalent at exchange rate above: �0.45m
END
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