TORONTO: Sentry Select Capital Corp. (“Sentry Select” or the “Manager”) is pleased to announce that a merger of Sentry Select Focused 50 Income Fund (the “Terminating Fund”) with Sentry Select Canadian Income Fund (“Canadian Income Fund”), each a closed-end mutual fund (the “Merger”), was completed effective August 20, 2008.
The Terminating Fund transferred all of its assets to Canadian Income Fund in exchange for units of Canadian Income Fund and the assumption by Canadian Income Fund of all the liabilities of the Terminating Fund. Each unitholder of the Terminating Fund received units of Canadian Income Fund having the same aggregate net asset value as their units of the Terminating Fund.
Each Series A unitholder of the Terminating Fund received 0.7030 Series A units of Canadian Income Fund and each Series F unitholder of the Terminating Fund received 0.6959 Series F units of Canadian Income Fund in exchange for each unit of the Terminating Fund.
The Merger: The Manager believes that the Merger will result in significant benefits to unitholders of the Terminating Fund for the following reasons:
Tax consequences of the Merger: The Merger was effected on a tax-deferred basis.
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 over $6 billion in assets as of June 30, 2008. 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.
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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.
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).