TIDMUSPI 
 
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC 
 
                  ESTIMATED NET ASSET VALUE CALCULATION AS AT 
 
                                18 August 2010 
 
                                                    UK GAAP 
 
                                             GBP million               % 
 
Investments                                       9.89           98.36 
 
Cash                                              0.52            5.18 
 
                                                 10.41          103.54 
 
Other net current assets/(liabilities)           -0.03           -0.35 
 
Loan value USD revolving credit facility         -0.32           -3.19 
 
Net Assets      (including estimated             10.06          100.00 
                revenue reserves from 1 
                May 2009 to 18 August 
                2010 of -GBP0.21m) 
 
 
                                                             Number of shares 
                                                             in issue 
 
Net Asset Value per               Capital            -         50,000,000 
share: 
 
                                   Income       38.67p         25,035,008 
 
                                      ZDP      182.61p            206,037 
 
                                                                      US$ 
 
USD exchange rate used to revalue all US assets and               1.55940 
liabilities 
 
In accordance with AIC guidelines the net asset value calculations include 
estimated current period revenue. 
 
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 month. 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 monthly valuation. 
 
 
 
Intrinsic value of unlisted warrants at 18 August 2010:             $182,874 
 
Sterling equivalent at exchange rate above:                           GBP0.12m 
 
Time value of unlisted warrants as at 18 August 2010:               $171,948 
 
(adjusted for warrants subsequently acquired, exercised or 
disposed) 
 
Sterling equivalent at exchange rate above:                           GBP0.11m 
 
Following a review of the Company's portfolio carried out by the Board of 
Directors, in light of information received from its Investment Advisor, 
certain illiquid investments have been revalued to reflect the likely 
realisation value in the timescale available as the Company approaches its 31 
May 2011 liquidation date. The NAV calculation above reflects these 
revaluations, which have resulted in a reduction to the NAV of 7.2 cents per 
share (4.6 pence per share) using 18 August exchange rates. 
 
As this review has been conducted before the finalisation of the year end 
accounts the revised values will be incorporated in the year end portfolio 
valuation. As a result the year end NAV for 31 May 2010 as shown in the year 
end accounts will be approximately 10.4 cents per share (7.2 pence per share) 
lower than the figure released to the Stock Exchange on 4 June 2010.  It is not 
however intended to restate the bi-weekly NAV calculations that have been 
released to the Stock Exchange since the year end. 
 
The Company will now be resuming its bi-weekly NAV announcements and the 
Directors will continue to assess the basis of valuation of these investments 
on an ongoing basis. 
 
 
 
END
Us Special Opps Trust (LSE:USPI)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Us Special Opps Trust Charts.
Us Special Opps Trust (LSE:USPI)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Us Special Opps Trust Charts.