TORONTO: C.A. Bancorp Inc. (“C.A. Bancorp” or the “Manager”) as manager of the Sentry Select Total Strategy Fund (“Total Strategy” or the “Fund”) announces the results of the special meeting of Total Strategy unitholders held on May 20, 2008 (the “Meeting”). At the Meeting, the unitholders of the Fund did not approve the proposed amendments to the Fund’s trust agreement by the required two-thirds majority but did approve a resolution authorizing the termination of the Fund.
Termination Date: As required by the Fund’s trust agreement, the Manager will provide at least 90 days written notice to the Fund’s Trustee of the termination date of the Fund (the “Termination Date”). The Manager intends to send this termination notice forthwith. The Trustee is obligated to send to the Fund’s unitholders written notice of the commencement of the winding-up of the Fund and the Termination Date at least 30 days prior to the Termination Date.
Liquidation: The Manager and the Trustee intend to instruct Sentry Select Capital Corp., as investment manager, to sell and convert to cash, to the extent possible and in an orderly manner, the property of the Fund in an attempt to complete the conversion to cash immediately prior to the Termination Date.
The Manager believes that at least 70% of the Fund’s assets are reasonably liquid in nature and currently intends to complete the liquidation of this portion of the Fund’s assets prior to the Termination Date.
In addition the Manager intends to concurrently begin the process of liquidating the less liquid portion of the Fund’s assets including the Fund’s private portfolio of investments. The Manager expects that the process of liquidating the private portfolio will extend beyond the Termination Date. The Manager may, in its discretion, upon not less than 30 days prior written notice to unitholders, extend the Termination Date by a maximum of 180 days if the Manager would be unable to convert all of the assets of the Fund to cash and the Manager determines that it would be in the best interest of unitholders to do so.
Status Update: The Manager currently intends to provide unitholders with a further update on the status of the liquidation of the Fund’s assets and termination of the Fund by mid- June 2008.
Trading Information and Discount to NAV: The Fund’s units trade on the TSX under the symbol: TSF.UN. The Fund’s units closed at a market price of $8.41 per unit on May 20, 2008, which represents a 19% discount to the most recently reported net asset value per unit as of May 15, 2008.
C.A. Bancorp Inc.: C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp is focused on investments in small- and middle-capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors.
More information: Paolo De Luca, Chief Financial Officer, C.A. Bancorp Inc.Tel: 1-866-388-5985 Fax: 416-861-8166 firstname.lastname@example.org www.cabancorp.com
Certain statements included in this news release constitute forward looking statements, including those identified by the expressions ‘‘expect’’, ‘‘believe’’, ‘‘intend’’, “will” and similar expressions. The forward looking statements are not historical facts but reflect C.A. Bancorp and Total Strategy’s current expectations regarding future results or events. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations including, but not limited to, the timing of the liquidation of the Fund’s assets. Readers are cautioned not to place undue reliance on forward-looking information. C.A. Bancorp and Total Strategy undertake no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (www.sedar.com).