· On June 8, 2007, the Fund closed an Exchange Offer that raised total gross proceeds of $95,092,933 through the issuance of 10,309,071 units. The issuance of units at $9.224 and the cost of the Exchange Offer resulted in overall dilution to the Fund of $0.844 per unit. Despite its short-term dilutive effect, management believes the additional assets acquired through the Exchange Offer can provide long-term value to the Fund’s unitholders.
· The Fund’s net assets were $297,751,705 as of June 30, 2007, an increase from $229,005,474 as of December 31, 2006. The largest factor contributing to the increase was the Exchange Offer.
· For the interim period, the Fund recorded a net loss on investments and foreign currency of $2,491,320 (2006 – a gain of $1,040,959). Contributing to the decrease was a net realized loss on sale of investments of $12,248,334 (2006 – a gain of $6,670,445), which was partially offset by a change in unrealized appreciation of investments of $10,448,680 (2006 – unrealized depreciation of $5,019,484).
· For the interim period, the Fund earned investment income of $11,335,512 (2006 – $11,152,203) mostly from royalties and dividends.
· For the interim period, the Fund declared distributions of $0.51 per unit. Current monthly distributions are $0.08 per unit and based on yesterday’s closing market price of $8.60 per unit, this represents an annual yield of 11.2%.· As of June 30, 2007, the Fund’s net asset value per unit, in accordance with Canadian GAAP, was $9.86.2007 financial results: For the complete 2007 Semi-Annual Management Report of Fund Performance and Semi-Annual Financial Statements, please visit www.sentryselect.com or www.SEDAR.com.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, 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 to generate sufficient income to permit the Fund to make monthly cash distributions to unitholders.Investments in early-stage energy companies are focused on both private and public issuers with strong, experienced management teams that 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 advisor to the Fund, believes that capital appreciation can be realized.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
This news release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the future performance of the Fund, including the potential for future distributions. 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 realized.
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).