Rights Offering - Strategic Energy Management Corp. is pleased to announce that Strategic Energy Fund (the "Fund") has filed a preliminary prospectus in connection with an offering of Rights to its Unitholders to subscribe for Trust Units (the "Rights Offering"). The Rights Offering is subject to receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange.
Rights and subscription price - Each Unitholder will receive one Right for each Trust Unit held on the record date. Three Rights will entitle the holder to purchase one Trust Unit. The record date, exercise price and rights expiration date have not yet been determined. The Trust will make a further announcement subsequent to the filing of the final prospectus.
Additional Subscription Privilege - Holders of Rights who fully exercise their Rights are entitled to subscribe pro rata for additional Trust Units, if available, that were not subscribed for initially.
Standby Commitment - John F. Driscoll, a principal Unitholder, has agreed to invest up to $3,000,000 to subscribe for all Units to which he is entitled under the Basic Subscription Right, and to purchase Units not otherwise subscribed for pursuant to the Basic Subscription Rights or the Additional Subscription Privilege.
Step Up Privilege - Holders of Rights not evenly divisible by three will be entitled to round up subscriptions to the next highest whole number.
Use of proceeds - The net proceeds of the Rights Offering will be invested by the Fund in accordance with the Investment Objectives, subject to the Investment Restrictions of the Fund.
Dealer Manager - First Associates Investments Inc. has been engaged to be the Dealer Manager for the Rights Offering.
Strategic Energy Fund - Strategic Energy Fund is an investment trust that seeks to provide Unitholders with superior rates of return through a diversification strategy focused on investment opportunities within the Canadian energy sector. The Fund invests in established companies as well as early stage energy companies and to a lesser extent special energy issuers, each with prospects for high growth in the near to medium term and the potential for long term capital appreciation. The Fund's investments in established companies, including energy royalty and income trusts, are made with a view of generating sufficient income to permit the Fund to make monthly cash distributions to Unitholders. These distributions are currently at a rate of $0.07 per unit monthly. Investments in early stage energy companies are focused on both private and public issuers with strong, experienced management teams, which have proven track records of enhancing shareholder value and successfully executing exit strategies. As well, the Fund may invest in undervalued issuers where Sentry Select Capital Corp., investment adviser to the Fund, believes that capital appreciation can be realized.
Sentry Select Capital Corp. - The Investment Adviser is Sentry Select Capital Corp. Sentry Select is a wealth management company with total assets under management of approximately $4.0 billion, including more than $1.2 billion in energy sector-related investments.
Les documents (y compris les communiqués de presse) se rapportant aux divers fonds d'investissement pour lesquels Sentry agit à titre de gestionnaire ou de conseiller ne sont fournis qu'à titre informatif. Ces documents ne peuvent être considérés comme étant exhaustifs ou exempts d'erreur sans un examen approfondi de la totalité des documents se rapportant à un fonds d'investissement en particulier disponibles sur SEDAR (www.sedar.com).