TORONTO: The Board of Directors of Sentry Select Capital Corp. (“Sentry Select” or the “Manager”) is pleased to announce that at a special meeting held today, the unitholders of Sentry Select Focused 50 Income Fund (the “Terminating Fund”) unanimously approved the merger of the Terminating Fund with Sentry Select Canadian Income Fund (“Canadian Income Fund”) (the “Merger”).
Completion of the Merger: The effective date of the Merger is expected to be on or about August 20, 2008. The Terminating Fund will transfer all of its assets to Canadian Income Fund in exchange for units of Canadian Income Fund and the assumption by Canadian Income Fund of all the liabilities of the Terminating Fund. Each unitholder of the Terminating Fund will receive units of Canadian Income Fund having the same aggregate net asset value as their units of the Terminating Fund as of the close of business on the business day prior to the effective date of the Merger.
The proposed Merger is subject to regulatory approval.
The Merger: The Manager believes that the Merger will result in significant benefits to unitholders of the Terminating Fund for the following reasons:
Tax consequences of the Merger: The Manager is proposing that the Merger be effected on a tax-deferred basis.
Costs of the Merger: All costs and expenses associated with the Merger will be borne by the Manager.
Sentry Select Capital Corp.: Sentry Select Capital Corp. is a Canadian wealth management company that manages over $6 billion in assets as of June 30, 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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