TORONTO: C.A. Bancorp Inc. (the “Manager”), the manager of Sentry Select Total Strategy Fund (the “Trust”), announced today that the Trust intends to purchase up to 525,730 of the 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 “Exchange”). The 525,730 Units represent approximately 10% of the public float of the Trust. As of November 13, 2006, 5,500,000 Units are issued and outstanding. The public float of 5,257,300 Units has been calculated as the issued and outstanding Units less Units held by insiders of the Trust.
The purchases may commence on November 17, 2006 and will terminate on November 16, 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 Exchange.
The Trust Agreement, which created the Trust, prohibits the Trust from purchasing Units at a price exceeding the NAV per Unit (as defined in the Trust Agreement). The Trust Agreement requires the Trust to purchase Units offered on the 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 Trust Agreement pursuant to which the redemption or purchase of Units may be suspended, and (iv) subject to the rules of the Exchange. The Trust is permitted, but not required, to purchase Units at prices equal to or greater than 95% of the latest determined NAV per Unit (but not exceeding the latest determined NAV per Unit) and/or in excess of 1.25% of the number of Units outstanding in any three month period, subject to the maximum number of Units described above.
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 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 TSF.UN.
Investment objectives: The Trust’s investment objective is to maximize the total return to unitholders. The investment strategy is to invest at least 75% of the assets of the Trust in a diversified portfolio of primarily Canadian equity and equity-related securities, including income trusts and up to 25% of the Trust’s assets in private equity and equity-related securities of Canadian small and middle-market private and public companies.
Manager: C.A. Bancorp Inc. is the manager of the Trust. C.A. Bancorp Inc., a Toronto-based merchant bank and alternative asset investment manager, is involved in transactions with both private and public companies across a range of industries, predominantly in Canada, with a specific focus on mid-market investments in private equity, real estate, infrastructure and financial services. C.A. Bancorp conducts its business through two areas of focus: direct investing, and fund management for the institutional, high-net-worth and retail markets. The company trades on the TSX Venture Exchange, under the symbol BKP.
Investment manager: Sentry Select Capital Corp. provides investment management services to the Trust. Sentry Select Capital Corp. is a wealth management company providing investment, administrative and marketing services to 33 exchange-listed closed-end funds and corporations, including preferred securities and debentures, 19 principal-protected notes, 16 mutual funds and four flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of October 31, 2006, the firm had over $8.0 billion in gross assets under management.
More information: Mark Gardhouse, President, C.A. Bancorp Inc. Tel: 1-866-388-5985 Fax: 416-364-2398 email@example.com www.cabancorp.com Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel: 1-888-246-6656 Fax: 416-364-1330 firstname.lastname@example.org www.sentryselect.com
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