Multi: Sentry Select Announces Results of Annual Redemption Right for Multi Select Income Trust
TORONTO - Sentry Select Capital Corp. (the “Manager”) announces the results of the Annual Redemption option for holders of Preferred Securities and Capital Units of Multi Select Income Trust (the “Fund"). Annual Redemption of Capital UnitsAs a result of the Annual Redemption option, there were 937,513 Capital Units surrendered without an accompanying Preferred Security. As indicated in the prospectus, an investor who surrenders a Capital Unit without a Preferred Security under the Annual Redemption will receive an amount equal to the Net Asset Value per Capital Unit as of the Valuation Date, minus the amount (if any) by which the cost (including any additional amount payable for the Trust exercise the Call Right) to the Fund of repurchasing one Preferred Security exceeds the original subscription price of $10 of each Preferred Security, plus any accrued and unpaid interest on the Preferred Security, minus the lesser of (a) $0.25 and (b) the aggregate of all brokerage fees, commissions and other costs relating to the disposition of the appropriate number of securities in the portfolio to fund such redemption and relating to the purchase by the Fund of a Preferred Security either in the market or pursuant to the Call Right. Call Right on Preferred Securities The Call Right entitles the Manager to call and purchase Preferred Securities at the stated call price of $11 (plus accrued and unpaid interest) before September 30, 2005 in order to maintain an equal number of outstanding Preferred Securities and Capital Units. For purposes of the September 2005 Annual Redemption option, Preferred Securities will be called on a pro-rata basis, from all holders of Preferred Securities. The portion to be called is approximately 18% of each investor’s total position in the Preferred Securities (MST.PR.A).Weighted Average Trading Price In order to calculate the proceeds to be paid to an investor in respect of an Annual Redemption, the Fund is entitled to value securities in its portfolio that are listed or traded on a stock exchange by taking the volume-weighted average trading price of the securities during the three trading days ending on and including, the applicable date of the Annual Redemption, in this case the Valuation Date of September 30, 2005 (the “Valuation Date”). The Manager Sentry Select Capital Corp. is the Manager of the Fund. Sentry Select is also responsible for providing or arranging for the provision of administrative services required by the Fund. Sentry Select is a wealth management company with gross assets under management in excess of $8 billion. It is the portfolio manager of 17 closed-end trusts, 4 flow-through limited partnerships and 11 mutual funds; the manager of an investment corporation; the marketing agent for a series of principal-protected notes; and the administrator of 3 closed-end trusts.
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