Shareholders of Sentry Select Primary Metals Corp. Approve Restructuring Proposal
March 25 2010 - 4:32PM
Marketwired
Sentry Select Capital Inc. ("the "Manager"), the manager of Sentry
Select Primary Metals Corp. (the "Corporation") (TSX: PME), is
pleased to announce that the Class A shareholders of the
Corporation have voted, at a special meeting held earlier today, to
approve the proposed restructuring of the Corporation (the
"Restructuring"), which includes:
a) an amendment to the management agreement between the
Corporation and the Manager, to reduce the annual management fee
payable to the Manager from 1.60% of the Corporation's net asset
value, to 1.10%;
b) an amendment to the management agreement to eliminate any
performance fees;
c) an amendment to the management agreement to eliminate the
Manager's right to receive a termination fee;
d) an amendment to the management agreement to state that the
Manager will not resign as the manager of the Corporation;
e) an amendment to the Corporation's articles of amendment to
implement an unlimited annual redemption right at the net asset
value per Class A Share ("Share"), subject to a declining
redemption fee schedule (the "Redemption Fee"); and
f) an amendment to the Corporation's articles of amendment to
terminate the Corporation's mandatory market purchase program
(collectively, the "Proposal").
Redemption Fee Schedule
Depending on the year of the annual redemption, Shares may be
subject to a declining Redemption Fee, payable by the redeeming
shareholder out of the redemption proceeds. The Redemption Fee will
be paid to the Manager and will be equal to the percentage of net
asset value per Share as of the applicable redemption date as shown
in the following table:
---------------------------------------
Annual Redemption Redemption Fee
---------------------------------------
2010 5%
---------------------------------------
2011 4%
---------------------------------------
2012 3%
---------------------------------------
2013 2%
---------------------------------------
2014 1%
---------------------------------------
2015 onwards 0%
---------------------------------------
Dividend
The Proposal is not expected to affect the Corporation's current
monthly dividend rate of $0.07 per Share.
Sentry Select Primary Metals Corp.
Sentry Select Primary Metals Corp.'s investment objective is to
provide shareholder's with long-term capital appreciation. The
Corporation is invested in an actively managed portfolio consisting
primarily of securities of mining and exploration issuers, with a
current focus on gold and silver issuers.
Sentry Select Capital Inc.
Sentry Select Capital Inc., the manager of the Corporation, 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 the Corporation or
the Manager. The forward-looking statements are not historical
facts but reflect the Corporation's and the Manager'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 Corporation's future dividend rate following the implementation
of the Proposal. Although the Corporation and the Manager believe
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. Neither the Corporation nor the Manager undertake any
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 Corporation, please visit the Corporation's profile
at www.sedar.com.
Sentry Select Capital Inc.
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 Primary Metals Corp. Investor Services
(broker/investor inquiries and media inquiries) 1-800-730-4623
416-364-1197 (FAX) info@sentryselect.com www.sentryselect.com
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