Sentry Select FIDAC U.S. Mortgage Trust (SSF.UN) Completes Merger with Sentry Select MBS Adjustable Rate Income Fund II (MGS.UN)
07 Marzo 2008 - 5:46PM
Marketwired
TORONTO, ONTARIO is pleased to announce that a merger of Sentry
Select FIDAC U.S. Mortgage Trust (the "Terminating Fund")(TSX:
SSF.UN) with Sentry Select MBS Adjustable Rate Income Fund II
("ARIF II")(TSX: MGS.UN) (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:
- The larger, combined ARIF II 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;
- The Merger will provide greater liquidity on the Toronto Stock
Exchange ("TSX") resulting from a greater market
capitalization;
- Unitholders of the Terminating Fund will receive distributions
more frequently since ARIF II pays distributions monthly while the
Terminating Fund paid distributions quarterly; and
- The Merger will provide greater stability and predictability
of distributions for the Terminating Fund unitholders, since ARIF
II distributions are targeted to approximate the average 10-Year
U.S. Treasury Note yield plus 3%, whereas the Terminating Fund has
no targeted yield.
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.
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.
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 Sentry Select Capital
Corp. Kinga Lam (media inquiries) 1-888-246-6656 (416) 364-1197
(FAX) Email: info@sentryselect.com Website:
www.sentryselect.com
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