TORONTO: Sentry Select Capital Corp. (“Sentry Select” or the “Manager”) is pleased to announce that a merger of Sentry Select FIDAC U.S. Mortgage Trust (the “Terminating Fund”) with Sentry Select MBS Adjustable Rate Income Fund II (“ARIF II”) (the “Merger”) became effective today. The Merger was approved at a special meeting of the unitholders of the Terminating Fund held on February 27, 2008.
The Terminating Fund transferred all of its assets to ARIF II in exchange for units of ARIF II and the assumption by ARIF II of all the liabilities of the Terminating Fund. Each unitholder of the Terminating Fund received units of ARIF II having the same aggregate net asset value as their units of the Terminating Fund as of the close of business on March 6, 2008.
Each unitholder of the Terminating Fund received approximately 1.1315 units of ARIF II in exchange for each unit of the Terminating Fund. Fractional units were not issued.
The Merger: The Manager believes that the Merger will result in significant benefits to unitholders for the following reasons:
Costs of the Merger: All costs and expenses associated with the Merger are borne by the Manager.
Sentry Select Capital Corp.: Sentry Select Capital Corp. is a Canadian wealth management company that manages approximately $8 billion in gross assets as of December 31, 2007. The company offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates. Sentry Select is the manager and/or advisor to 29 TSX-listed reporting issuers. In addition, Sentry Select manages and/or provides advisory services to four reporting issuers listed on the TSX Venture Exchange.
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Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect’’, ‘‘intend’’, “will” and similar expressions to the extent they relate to Sentry Select. The forward-looking statements are not historical facts but reflect Sentry Select’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Sentry Select believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Sentry Select undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
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