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SEF Private Issuers Trust announces a notional distribution of approximately $0.125 per unit

TORONTO: Sentry Select Capital Inc. (the “Manager”) announces that SEF Private Issuers Trust (the “Trust”) will make a notional distribution of approximately $0.125 per Trust unit to unitholders of record at the close of business (Toronto time) on December 31, 2009. This notional capital gains distribution is due to the liquidation of a portion of the private investments within the Trust’s portfolio.

A notional distribution occurs when a fund declares a distribution in additional units and completes a concurrent unit consolidation such that the number of units outstanding after the consolidation is identical to the number of units outstanding before the distribution was made. While the Trust currently has sufficient funds to pay the distribution in cash, the Trust’s investment restrictions prevent the Manager from making a cash distribution at this time. The Manager expects to make an additional distribution in cash in the first half of 2010, consisting primarily of a return of capital and capital gains, which should exceed the amount of this notional distribution.

The Net Asset Value (“NAV”) of the Trust will not be affected by the notional distribution. As of November 30, 2009, the NAV per unit of the Trust was $0.89.

Tax information: The notional distribution will be treated as capital gains and will increase unitholders’ Adjusted Cost Base (ACB) by the amount of the distribution.

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.

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 Manager or the Trust. The forward-looking statements are not historical facts but reflect the Manager’s and the Trust’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 and amount of any notional or cash distribution. Although the Manager and the Trust believe 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. Neither the Manager nor the Trust undertake any 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 (