TORONTO: Sentry Select Capital Corp. (the “Manager”), the manager of Oil Sands and Energy Mega-Projects Trust (the “Trust”), announced today that the Trust intends to purchase up to 992,500 units of the Trust (the “Units”) for cancellation by way of a normal course issuer bid through the facilities of The Toronto Stock Exchange. The 992,500 Units represent approximately 10% of the public float of the Trust. As of July 12, 2006, the issued and outstanding Units are 10,015,000. The public float has been calculated as the issued and outstanding Units less Units held by insiders of the Trust.
The purchases may commence on July 17, 2006 and will terminate on July 17, 2007, or on such earlier date as the Trust may complete its purchase or provide notice of termination. Any such purchases will be made by the Trust, at the prevailing market price at the time of such purchases, in accordance with the requirements of The Toronto Stock Exchange. The Declaration of Trust creating the Trust prohibits the Trust from purchasing Units at a price exceeding the NAV per Unit (as defined in the Declaration of Trust).
The Declaration of Trust requires the Trust to purchase Units offered on the Toronto Stock Exchange at prices less than 95% of the latest determined NAV per Unit (i) provided that the Manager determines that such purchases are in the best interests of the Unitholders, (ii) subject to a maximum number in any three month period of 1.25% of the number of Units outstanding at the beginning of such period, (iii) subject to the provisions of the Declaration of Trust pursuant to which the redemption or purchase of Units may be suspended, and (iv) subject to the rules of the Exchange.
To the knowledge of the Manager, no director, senior officer or other insider of the Manager intends at present to sell any common shares under this bid. However, sales by such persons through the facilities of The Toronto Stock Exchange or elsewhere may occur if the circumstances or decisions of any such person change. The benefits to any such person whose common shares are purchased would be the same as the benefits available to all other holders whose common shares are purchased.
Trading information: The Trust units trade on the Toronto Stock Exchange under the symbol OSM.UN.
The Trust: The Trust invests in an actively managed portfolio of securities of issuers that are involved in Canadian energy mega-projects, primarily in the oil sands sector, the northern gas projects, enhanced oil recovery projects and liquified natural gas facilities, including those whose businesses are directly or indirectly related to these projects including, oil and gas production, service, pipelines and infrastructure, construction and real estate. The Trust’s investment objectives are to provide unitholders with: (a) long-term capital appreciation, and (b) monthly cash distributions.
Sentry Select Capital Corp.: Sentry Select Capital Corp. provides investment, administrative and marketing services to 25 exchange-listed closed-end funds, 15 of which have exposure to the income trust sector, 16 mutual funds, 13 principal-protected notes and three flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of June 30, 2006, the firm had approximately $8.0 billion in gross assets under management.
More information: Investor Services (broker/investor inquiries) or Brian McOstrich (media inquiries) Tel: 1-888-246-6656 Fax: 416-364-1330 firstname.lastname@example.org www.sentryselect.com
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