Net Asset Value(s)
December 02 2008 - 11:08AM
UK Regulatory
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC
ESTIMATED NET ASSET VALUE CALCULATION AS AT
26 November 2008
UK GAAP
� million %
Investments 13.81 99.82
Cash 2.09 15.09
15.90 114.91
Other net current assets/(liabilities) 0.21 1.51
Loan value USD revolving credit facility -2.27 -16.42
Net Assets (including estimated 13.84 100.00
revenue reserves at 26
November 2008 of �0.11m)
Number of shares
in issue
Net Asset Value per Capital - 50,000,000
share:
Income 53.39p 25,210,008
ZDP 182.61p 206,037
US$
USD exchange rate used to revalue all US assets and 1.54025
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 November $61,167
2008:
Sterling equivalent at exchange rate above: �0.04m
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: �0.54m
END
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