TORONTO: Sentry Select Capital Corp. (“Sentry Select” or the “Manager”) is pleased to announce that it has filed a final prospectus across Canada qualifying the initial public offering of Sentry Select Lazard Global Listed Infrastructure Fund (the “Fund”), a closed-end investment fund for which Sentry Select will be the Manager and Trustee.
Offering price: The offering price is $10 per unit and the minimum purchase quantity is 200 units ($2,000).
Investment objectives: The Fund will be actively managed by Lazard Asset Management LLC (“Lazard”) and will seek long term, defensive, low volatility returns by investing in a globally diversified portfolio of publicly listed global infrastructure companies.
The Fund’s investment objectives are to:
• provide a total return for unitholders consisting of interest, dividend income and capital appreciation that will outperform inflation, as measured by the Canadian Consumer Price Index (‘‘CPI’’), by 5% per annum over rolling five-year periods, and
• pay quarterly cash distributions (initially, expected to be $0.125 per quarter, or 5% per annum based on the original price of $10.00 per unit).
The portfolio: From the universe of global listed infrastructure companies, Lazard focuses on a sub-sector, comprised of approximately 70-100 companies, it calls “Preferred Infrastructure”. Lazard believes “Preferred Infrastructure” companies have the ability to generate higher revenue and profit confidence with lower volatility as these companies typically have the following characteristics: monopolistic position, captive customer base, pricing power, high operating margins and low volatility of cash flows. Lazard expect that the portfolio will be made up of 25 to 50 of such “Preferred Infrastructure” companies.
Closing: The closing is expected to occur on or about February 23, 2007.
Conversion of the Fund: On April 1, 2009 the Fund will become an open-ended mutual fund, and the units will be delisted and become redeemable at the net asset value per unit on a daily basis.
TSX listing: The Toronto Stock Exchange has conditionally approved the listing of the units under the symbol GLS.UN.
Distribution reinvestment plan: The Fund will offer a distribution reinvestment plan whereby residents of Canada may elect to have their cash distributions reinvested in additional units of the Fund. After the conversion to an open-end mutual fund, all distributions will automatically be re-invested in units, unless the unitholder requests to receive cash.
Investment Manager: Lazard Asset Management LLC has been retained as the Investment Manager of the Fund. Lazard has research analysts in the US, Australia, Japan, Korea, the UK and Germany. As of September 30, 2006, the firm had approximately 173 investment professionals overseeing approximately US$87.7 billion in assets under management, including over US$200 million invested in infrastructure.
The Manager: Sentry Select Capital Corp. is a wealth management company providing investment, administrative and marketing services to 35 exchange-listed closed-end funds and corporations (including preferred securities and debentures), 22 principal-protected notes, 16 mutual funds and four flow-through limited partnerships. As of December 31, 2006, the firm had approximately $8 billion in gross assets under management.
The Agents: A syndicate of agents co-led by RBC Dominion Securities Inc. and CIBC World Markets Inc. includes: BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., Berkshire Securities Inc., IPC Securities Corporation, Jory Capital Inc., Research Capital Corporation and Wellington West Capital Inc.
More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel: 1-888-246-6656 Fax: 416-364-1197 firstname.lastname@example.org www.sentryselect.com
This news release contains forward-looking statements that involve risks and uncertainties. These statements reflect Sentry Select’s current expectations, but are subject to a number of risks and uncertainties. Due to the many risks and uncertainties, Sentry Select cannot assure that the forward-looking statements contained in this news release will be
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).