TORONTO, ONTARIO, Jul 04 (MARKET WIRE) --
Sentry Select Capital Corp. ("Sentry Select" or the "Manager") is pleased
to announce that a merger of Select 50 S-1 Income Trust II (TSX: SDE.UN)
("Terminating Fund") with Select 50 S-1 Income Trust (TSX: SON.UN)
("Continuing Fund") (the "Merger") was completed effective July 4, 2008.
The Merger was approved at a special meeting of unitholders of the
Terminating Fund held on June 23, 2008.
The Terminating Fund transferred all of its assets to the Continuing Fund
in exchange for units of the Continuing Fund and the assumption by the
Continuing Fund of all the liabilities of the Terminating Fund. Each
unitholder of the Terminating Fund received units of the Continuing Fund
having the same aggregate net asset value as their units of the
Terminating Fund as of the close of business on July 3, 2008.
Each unitholder of the Terminating Fund received 1.0123 units of the
Continuing Fund 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 of the Terminating Fund for the following reasons:
- The larger combined Continuing Fund will have the advantage of
increased economies of scale and lower proportionate fund operating
expenses.
- The Merger will eliminate the administrative and regulatory costs of
operating separate investment funds.
- Units of the Continuing Fund will have greater liquidity on the Toronto
Stock Exchange.
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 $6.5 billion in gross assets as of March 31, 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.
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.
Sentry Select Capital Corp.
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 861-8729
Fax: (416) 364-5615
Contacts:
Sentry Select Capital Corp.
Investor Services
(broker/investor inquiries)
1-888-246-6656
(416) 364-1197 (FAX)
Sentry Select Capital Corp.
Kinga Lam
(media inquiries)
1-888-246-6656
(416) 364-1197 (FAX)
Email: info@sentryselect.com
Website: www.sentryselect.com
Copyright 2008, Market Wire, All rights reserved.
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