Net Asset Value(s)
January 14 2009 - 5:49AM
UK Regulatory
TIDMUSPI
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC
ESTIMATED NET ASSET VALUE CALCULATION AS AT
9 January 2009
UK GAAP
GBP million %
Investments 16.21 110.63
Cash 0.50 3.39
16.71 114.02
Other net current assets/(liabilities) 0.24 1.67
Loan value USD revolving credit facility -2.30 -15.69
Net Assets (including estimated 14.65 100.00
revenue reserves at 9
January 2009 of GBP0.14m)
Number of shares
in issue
Net Asset Value per Capital - 50,000,000
share:
Income 56.62p 25,210,008
ZDP 182.61p 206,037
US$
USD exchange rate used to revalue all US assets and 1.52280
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 9 January 2009: $36,750
Sterling equivalent at exchange rate above: GBP0.02m
Time value of unlisted warrants as at 30 November 2008: $430,742
(adjusted for warrants subsequently acquired, exercised or
disposed)
Sterling equivalent at exchange rate above: GBP0.28m
END
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