TORONTO: Sentry Select Capital Corp. is pleased to announce the exchange ratios for the Sentry Select 40 Split Income Trust (the “Trust”) Exchange Option as announced in the preliminary prospectus of the Offering dated November 9, 2006.
Cash option: Prospective purchasers may still acquire the Preferred Securities and Capital Units for cash until closing at a price is $10.00 per Preferred Security and $10.00 per Capital Unit.
Exchange option: The Exchange Option was open for acceptance by holders of Eligible Securities until 5:00 pm (Toronto time) on November 24, 2006.
Investment objectives: The Trust’s investment objectives are:
a) with respect to the Preferred Securities, (i) to pay fixed quarterly interest payments equal to 5.25% per annum on the principal amount of the Preferred Securities and (ii) to return to securityholders on November 30, 2008 the original subscription price of the Preferred Securities (in cash or, at the election of the holder, in Capital Units); and
b) with respect to the Capital Units, (i) to pay monthly distributions, initially expected to be equal to 10% per annum, and (ii) to preserve and enhance net asset value.
Exchange Ratio: The number of Combined Units (a Combined Unit is one Preferred Security and one Capital Unit) issuable for the Eligible Securities of an Exchange Issuer was determined by dividing the weighted average trading price of such Eligible Securities on the Toronto Stock Exchange during the three consecutive trading days ended on November 24, 2006 as adjusted to reflect distributions declared by such Exchange Issuer that will not be received by the Trust; by $20.00.
Issuers and Exchange Ratios: The following table sets out the weighted average trading price of each Eligible Security and the Exchange Ratios used to determine the number of Combined Units to be issued for each Eligible Security. The information disclosed below will be included in the final prospectus to be filed with the securities regulatory authorities across Canada. The Exchange Ratios are rounded down to four decimal places.
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Exchange Ratios |
|
Exchange Issuer |
Weighted Average Trading Price |
Exchange Ratio |
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RESOURCE |
|
|
|
Fording Canadian Coal Trust |
$23.8387 |
1.1919 |
|
Noranda Income Fund |
$9.8339 |
0.4916 |
|
|
|
|
|
POWER |
|
|
|
Algonquin Power Income Fund |
$9.5691 |
0.4784 |
|
Atlantic Power Corporation |
$9.9778 |
0.4988 |
|
Boralex Power Income Fund |
$8.9116 |
0.4455 |
|
Calpine Power Income Fund |
$10.3109 |
0.5155 |
|
Macquarie Power & Infrastructure Income Fund |
$9.5341 |
0.4767 |
|
Primary Energy Recycling Corporation |
$9.8437 |
0.4921 |
|
TransAlta Power, L.P. |
$7.3309 |
0.3665 |
|
|
|
|
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UTILITIES & INFRASTRUCTURE |
|
|
|
Bell Aliant Regional Communications Income Fund |
$28.0898 |
1.4044 |
|
Fort Chicago Energy Partners L.P. |
$10.7282 |
0.5364 |
|
Inter Pipeline Fund |
$8.3609 |
0.418 |
|
Keyera Facilities Income Fund |
$16.5724 |
0.8286 |
|
Pembina Pipeline Income Fund |
$14.6962 |
0.7348 |
|
Royal Utilities Income Fund |
$10.7330 |
0.5366 |
|
|
|
|
|
CONSUMER |
|
|
|
CI Financial Income Fund |
$26.6522 |
1.3326 |
|
CML Healthcare Income Fund |
$13.6262 |
0.6813 |
|
Teranet Income Fund |
$9.0128 |
0.4506 |
|
|
|
|
|
INDUSTRIAL |
|
|
|
BFI Canada Income Fund |
$26.2895 |
1.3144 |
|
CanWest MediaWorks Income Fund |
$6.8660 |
0.3433 |
|
Canexus Income Fund |
$6.5632 |
0.3281 |
|
Precision Drilling Trust |
$28.6813 |
1.434 |
|
Superior Plus Income Fund |
$10.5881 |
0.5294 |
|
Westshore Terminals Income Fund |
$11.2079 |
0.5603 |
|
Yellow Pages Income Fund |
$12.9043 |
0.6452 |
|
|
|
|
|
REITS |
|
|
|
Allied Properties Real Estate Investment Trust |
$20.6353 |
1.0317 |
|
Calloway Real Estate Investment Trust |
$28.7192 |
1.4359 |
|
Canadian Hotel Income Properties Real Estate Investment Trust |
$14.0593 |
0.7029 |
|
Chartwell Seniors Housing Real Estate Investment Trust |
$13.7686 |
0.6884 |
|
Dundee Real Estate Investment Trust |
$36.4335 |
1.8216 |
|
H&R Real Estate Investment Trust |
$24.1128 |
1.2056 |
|
RioCan Real Estate Investment Trust |
$25.7771 |
1.2888 |
|
|
|
|
|
OIL & GAS |
|
|
|
ARC Energy Trust |
$21.9835 |
1.0991 |
|
Baytex Energy Trust |
$21.8035 |
1.0901 |
|
Bonavista Energy Trust |
$27.6751 |
1.3837 |
|
Crescent Point Energy Trust |
$16.9304 |
0.8465 |
|
NAL Oil & Gas Trust |
$13.1045 |
0.6552 |
|
Pengrowth Energy Trust |
$20.2460 |
1.0123 |
|
Shiningbank Energy Income Fund |
$15.2517 |
0.7625 |
|
Trilogy Energy Trust |
$11.4979 |
0.5748 |
|
Sentry Select Capital Corp.: Sentry Select Capital Corp. is a wealth management company providing investment, administrative and marketing services to 33 exchange-listed closed-end funds and corporations, including preferred securities and debentures, 19 principal-protected notes, 16 mutual funds and four flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of October 31, 2006, the firm had over $8.0 billion in gross assets under management.
Agents: The syndicate of agents co-led by CIBC World Markets Inc. and RBC Capital Markets, includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Blackmont Capital Inc., Wellington West Capital Inc., Desjardins Securities Inc., IPC Securities Corporation, Jory Capital Inc. and Research Capital Corporation.
More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries)
Tel: 1-888-246-6656 Fax: 416-364-1330 info@sentryselect.com www.sentryselect.com
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