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Oil Sands Split Trust (TSX: OST.UN and OST.PR.A) announces the Ontario Superior Court of Justice decision regarding the 2008 Special Annual Retraction of Capital Units
2010-04-05

TORONTO: Oil Sands Split Trust (the “Trust”) announces that yesterday Mr. Justice Morawetz of the Ontario Superior Court of Justice, Commercial List (the “Court”) issued reasons for decision in an application brought by a unitholder (the "Applicant") in respect of the Trust’s interpretation of the calculation provisions contained in the Trust Agreement in respect of the Trust’s 2008 Special Annual Retraction (the “Annual Retraction”) of Capital Units. The Court held that the Trust erred in its interpretation of the relevant provisions resulting in an additional $15.07812 per Capital Unit owing to the Applicant in respect of the Annual Retraction. The Applicant had sought an additional $29.02112 per Capital Unit.

Sentry Select Capital Inc. (“Sentry Select”), the administrator of the Trust, is reviewing the decision to determine whether or not to appeal the Court’s decision on behalf of the Trust.

The Court has determined that the Trust should have sold the underlying units of Canadian Oil Sands Trust in conjunction with the Annual Retraction on December 1, 2008 and that therefore the Applicant was entitled to $100.31326 per Capital Unit, rather than the $85.23514 per Capital Unit in which the Applicant was initially paid by the Trust.

If the decision of Mr. Justice Morawetz is upheld on appeal or if the judgment is not appealed, the Trust will be required to make a payment to the Applicant and other holders of Capital Units who participated in the Annual Retraction. In the aggregate, the Trust would be liable in these circumstances to pay out $1,193,026 plus applicable interest.

Oil Sands Split Trust: Oil Sands Split Trust offers investors both Preferred Securities and Capital Units. The Trust holds units of Canadian Oil Sands Trust in order to fund quarterly fixed interest payments on the Trust's Preferred Securities and to enable the holders of the Trust's Capital Units to participate in any capital appreciation in the Canadian Oil Sands Trust units and benefit from any increase in the distributions paid on those units.

Sentry Select Capital Inc.: Sentry Select Capital Inc., the administrator of the Trust, is a Canadian wealth management company that offers a diverse range of investment products including closed-end investment funds, mutual 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," "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 including, but not limited to, the likelihood of an appeal of the decision of the Ontario Superior Court of justice. 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. For a complete disclosure record of the trust, please visit the trust's profile at 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).