TORONTO: Sentry Select Capital Inc. (the “Manager” or “Sentry Select”), the manager of Sentry Select Global Real Estate Fund (the “Fund”), is pleased to announce that the Fund intends to purchase up to 299,500 listed units of the Fund (the “Units”) for cancellation by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange (the “TSX”). The 299,500 Units represent approximately 10% of the public float of the Fund. As of February 3, 2009, 3,005,525 Units were issued and outstanding. The public float of 2,995,000 Units has been calculated as the issued and outstanding Units less Units held by insiders of the Fund.
The purchases may commence on February 10, 2009 and will terminate on February 9, 2010, or on such earlier date as the Fund may complete its purchases or provide notice of termination. Any such purchases will be made by the Fund at the prevailing market price at the time of such purchases in accordance with the requirements of the TSX.
Pursuant to a Declaration of Trust, the Fund is prohibited from purchasing Units at a price exceeding the net asset value (“NAV”) per Unit (as defined in the Declaration of Trust) on the day immediately prior to the offer to purchase Units, subject to the maximum number of Units described above. Purchases of Units at less than NAV per Unit should have the effect of increasing the NAV per Unit. All purchased Units will be cancelled.
The Fund will not purchase in any 30-day period more than 60,111 Units (2% of the issued and outstanding Units as at the date of acceptance of the notice of the normal course issuer bid by the TSX).
In the 12 months preceding the date of this release, the Fund has purchased for cancellation 98,600 Units pursuant to an expiring normal course issuer bid at an average price of $7.91, and 130,900 Units pursuant to a mandatory market purchase plan at an average price of $7.26.
To the knowledge of the Manager, no director, senior officer or other insider of the Manager intends at present to sell any Units under this bid. However, sales by such persons through the facilities of the TSX or elsewhere may occur if the circumstances or decisions of any such person change. The benefits to any such person whose Units are purchased would be the same as the benefits available to all other holders whose Units are purchased.
Sentry Select Global Real Estate Fund: Sentry Select Global Real Estate Fund was created to capitalize on attractive investment opportunities in the global real estate market. It seeks to benefit from stable income from real estate securities in mature real estate markets and opportunities for capital appreciation from emerging markets with faster-growing economies. The Fund offers Units and Class F units.
Sentry Select Capital Inc.: Sentry Select Capital Inc. is a Canadian wealth management company that 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.
More information: Investor Services (broker/investor/media inquiries)
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, including, but not limited to, the ability of Sentry Select to purchase Units for cancellation by way of the normal course issuer bid, for whatever reason. 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. For a complete disclosure record for the Fund please visit the Fund’s profile on www.sedar.com.
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).