Interim Management Statement
October 17 2008 - 8:42AM
UK Regulatory
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC
Interim Management Statement for the Quarter ended 31 August 2008
Investment Objective
For the portfolio to be managed to provide Shareholders with capital growth,
for the Income Shareholders to be repaid their final adjusted capital
entitlement on 31 May 2011 of 120.82p per Income Share and for the portfolio to
be managed so as to provide the Capital Shareholders with a cash return on or
shortly after 31 May 2011. The Directors will seek to distribute substantially
all of the net revenue to Income Shareholders by way of dividend although this
is not expected to be a material amount.
Financial Highlights
31 August 31 May % change
2008 2008
Income share NAV 68.36p 87.54p (21.91)
Mid price 48.00p 82.25p (41.64)
Capital share NAV 0.00p 0.00p n/a
Mid price 1.25p 4.63p (73.00)
Unit (1 Cap and 1 Inc share) NAV 68.36p 87.54p (21.91)
Mid price 46.50p 86.00p (45.93)
Russell 2000 Index ($ terms) 3,190.88 3,217.38 (0.82)
Russell 2000 Index (�) 405.43 378.65 7.07
US Dollar/Sterling exchange rate 1.82395 1.97620 (7.70)
Material Events and Transactions
Dividends
On 15 May 2008, the Company declared a final interim dividend in respect of the
year ended 31 May 2008 of 1.00p per Income share. This dividend was paid on 6
June 2008.
Banking arrangements
The Company has a US$5,000,000 revolving credit facility with Allied Irish
Banks Plc. At 31 August 2008 the Company had utilised US$3,500,000 of this
facility.
Change in accounting policies and revaluation of Integrated Security Systems
On 16 September 2008 the Company announced that the Board had 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 are now 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 are now valued at the
market value of the equity received if converted. Redeemable preferred stock
investments are 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.
The Company also announced on 16 September 2008 that the Board had 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 of these decisions was to reduce the portfolio valuation by
�1,773,000 at 12 September 2008.
Annual General Meeting
The Company's Annual General Meeting will be held at the offices of the AIC, 24
Chiswell Street, London EC1Y 4YY at 11a.m on Wednesday, 19 November 2008. The
following resolutions are being proposed:
1) To receive and, if thought fit, to accept the reports of the Directors and
Auditor and the audited accounts for the year ended 31 May 2008.
2) To receive and, if thought fit, to accept the Directors' remuneration report
for the year ended 31 May 2008.
3) To appoint Duncan Abbot as a Director of the Company.
4) To appoint Andrew Pegge as a Director of the Company.
5) To appoint Rory Macleod as a Director of the Company.
6) To re-appoint Stephen White as A Director of the Company.
7) To re-appoint Grant Thornton UK LLP as Auditor to the Company and to
authorise the Directors to determine their remuneration.
8) Section 166 authority to purchase up to 14.99% of the Income shares.
9) Section 166 authority to purchase up to 14.99% Capital shares.
Top Ten Holdings
Company Sector % of net assets
Integrated Security Systems Security & protection services 17.23%
Bovie Medical Medical equipment 12.60%
Cover-All Technologies Application software 5.41%
Pipeline Data Data processing & outsourced 4.67%
services
Global Axcess Business services 4.40%
Hemobiotech Biotechnology 3.88%
BPO Management Services Business process outsourcing 2.89%
Simtek Semiconductors 2.74%
HLS Systems International Automation systems 2.52%
Caminosoft Technical & system software 2.36%
Further Information
Daily prices, company announcements, Reports and Accounts and monthly fact
sheets are available at www.premierassetmanagement.co.uk.
17 October 2008
END
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