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Global Specialised Opportunities 1 Ltd Announcement
Hamilton, Bermuda - 16 December, 2008 - Global Specialised Opportunities 1 Ltd (€˜GSO1' or the 'Company') makes announcement to the Shareholders of potential exposure to Madoff Funds.
"As you may be aware, allegations have emerged of potential fraudulent activities by Mr. Bernard L. Madoff and his investment advisory business, which potentially has a material impact on both direct and indirect investments in the Madoff funds.
As at 15th December 2008, GSO1 had a total indirect exposure to this manager of $2.8 million (or c. 5% of NAV) in the discretionary Investment Portfolio. Whilst this situation could potentially have an impact on the NAV of GSO1, the Directors do not foresee it having a significant impact on the overall strategy of GSO1. We will update shareholders as and when further information emerges."
Contact:
Martin Tolcher
Director
1 Le Marchant St, St Peter Port, Guernsey, Channel Islands, GY1 4HP