TORONTO: The Board of Directors of Sentry Select Capital Corp. (“Sentry Select” or the “Manager”) is pleased to announce that at special meetings held concurrently today, the unitholders of Diversified Income Trust II and Alliance Split Income Trust (“Alliance”) (collectively the “Terminating Funds”) approved the mergers of the Terminating Funds with Premier Value Income Trust (“Continuing Fund”) (the “Mergers”).
Completion of the Merger: The effective date of the Merger is expected to be on or about August 1, 2008 (The “Merger Date”). The Terminating Funds will transfer all of their assets to the Continuing Fund in exchange for units of the Continuing Fund and the assumption by the Continuing Fund of all the liabilities of the Terminating Funds. Each unitholder of the Terminating Funds will receive units of the Continuing Fund having the same aggregate net asset value as their units of the Terminating Fund as of the close of business on the day prior to the Merger Date.
The proposed Merger is subject to the acceptance and approval by the Toronto Stock Exchange (“TSX”).
The Mergers: The Manager believes that the Merger will result in significant benefits to unitholders for the following reasons:
Costs of the Merger: All costs and expenses associated with the Merger will be borne by the Manager.
Alliance preferred securities: Alliance preferred securities, with a face value of $4,514,910, will be called and repaid by the Trust in accordance with the trust indenture.
Sentry Select Capital Corp.: Sentry Select Capital Corp. is a Canadian wealth management company that manages over $6.5 billion in gross assets as of March 31, 2008. The company offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates.
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Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect’’, ‘‘intend’’, “will” and similar expressions to the extent they relate to Sentry Select. The forward-looking statements are not historical facts but reflect Sentry Select’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. Although Sentry Select believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Sentry Select undertakes 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.
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