TORONTO: Sentry Select Capital Inc. (“Sentry Select”) is pleased to announce that Sentry Select Corporate Class Ltd. (the “Corporation”) has acquired all of the assets of NCE Diversified Flow-Through (08) Limited Partnership (the “Partnership”). The total value of the assets at the time of the acquisition was $93,708,292.
Mutual fund share value of the (08) Partnership: In exchange for the Partnership’s assets, the Partnership received an aggregate of 2,945,398 Series A sales charge option shares (the “Shares”) of Sentry Select Canadian Resource Class (the “Fund”) at a net asset value of $31.82 per share in the capital of the Corporation.
Value of the Partnership units: As at the close of business on February 12, 2010, the value of the Partnership units was $18.99 per unit.
Distribution of mutual fund shares: Following the transfer of the Partnership’s assets in exchange for the Shares of the Fund on February 12, 2010, the Partnership distributed all of the Shares to its limited partners in proportion to their respective interest in the Partnership. The former limited partners of the Partnership are now shareholders of the Corporation. The Shares are redeemable on a daily basis at the Fund’s net asset value and can be converted into shares of other corporate classes as described below.
Notice to limited partners: A notice, dated January 7, 2010, in connection with the proposed sale of the Partnership’s assets to the Corporation in exchange for the Shares and the subsequent dissolution of the Partnership was mailed to the limited partners of the Partnership in January 2010.
NCE Diversified Flow-Through (10) Limited Partnership: A final prospectus, dated January 28, 2010, for NCE Diversified Flow-Through (10) Limited Partnership has been filed with the securities commissions and regulatory authorities in each of the provinces and territories of Canada, and the closing is expected to occur on or about February 26, 2010. It is anticipated that the assets of this limited partnership will also, in due course, be acquired by the Corporation as described in the prospectus of the limited partnership.
Sentry Select Canadian Resource Class: Sentry Select Canadian Resource Class is a class of mutual fund shares of the Corporation. To achieve its objective of long-term growth through capital appreciation, the Fund invests primarily in equities and other securities of Canadian companies engaged in energy and natural resource industries such as oil and gas, mining and minerals, forestry and other resources, as well as sectors that are dependent on these industries such as pipelines, utilities and equipment manufacturers. As at the close of business on February 12, 2010, the net assets in the Fund were approximately $255,417,715.
Sentry Select Corporate Class Ltd.: In addition to Sentry Select Canadian Resource Class, the Corporation offers shares of Sentry Select Canadian Income Class, Sentry Select Mining Opportunities Class, Sentry Select Money Market Class and Sentry Select Precious Metals Growth Class. The corporate class structure allows investors to convert shares of one corporate class fund into another without triggering any capital gains tax.
Sentry Select: Sentry Select is a Canadian wealth management company that offers a diverse range of investment products including mutual funds, closed-end funds, hedge funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect,’’ ‘‘anticipate,’’ “will” and similar expressions to the extent they relate to the NCE Diversified Flow-Through (10) Limited Partnership, the Partnership or the Fund. The forward-looking statements are not historical facts but reflect the Corporation’s and 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 including, but not limited to, the proposed closing date for the NCE Diversified Flow-Through (10) Limited Partnership. 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. For a complete disclosure record of the Partnership and the Corporation, please visit their respective profiles on www.sedar.com.
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).