TORONTO, ONTARIO -- 10/16/07 --
Sentry Select Capital Corp. ("Sentry Select" or "Manager") is pleased to announce the exchange ratios for the Sentry Select Diversified Income Trust (the "Trust") (TSX: SDT.UN) Exchange Offer as announced in the preliminary prospectus of the Trust dated September 18, 2007.
Deposit date and closing
The Exchange Offer was open for acceptance by holders of securities of the Issuers until 4:00 pm (Toronto time) on October 15, 2007 (the "Deposit Date"). Subject to the satisfaction of the conditions of the Exchange Offer, the closing is expected to occur on or about October 26, 2007.
Exchange ratio
The number of Trust Units issuable for the securities of each Issuer (the "Exchange Ratio") was determined by dividing the volume weighted average trading price of such securities on the Toronto Stock Exchange ("TSX") during the period of three consecutive trading days ending on the Deposit Date (the "Pricing Period") by the volume weighted average trading price of the Trust Units on the TSX during the Pricing Period (the "Unit Price").
Unit Price and net asset value
The 3 day Unit Price for the Trust is $4.7471 and the net asset value of the Trust, as of October 11, 2007 was $5.24 per unit.
Reimbursement of expenses
The Manager has agreed to reimburse the Trust for the expenses of the Exchange Offer, including the solicitation and agency fees, incurred by the Trust in 28 equal quarterly instalments (due January 1, April 1, July 1 and October 1), together with interest, beginning on January 1, 2009. This obligation will be evidenced by a promissory note to be issued at the closing of the Exchange Offer, which will bear interest from the date of issue at the prime rate of interest posted from time to time by the Trust's bank.
Acceptance
The following table specifies the weighted average trading price of each eligible security and the Exchange Ratio used to determine the number of units to be issued for each eligible security. The Exchange Ratios and other information disclosed below will be included in the final prospectus to be filed with the securities regulatory authorities across Canada. The Exchange Ratios are rounded down to four decimal places.
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Volume
Weighted
Average
Trading Trading Exchange
Issuer Symbol Price ($) Ratio
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DIVIDEND PAYING EQUITIES
AGF Management Ltd. AGF.B $ 35.8341 7.5486
Agrium Inc. AGU $ 54.2662 11.4314
Atco Ltd. ACO.X $ 56.9387 11.9944
Bank of Montreal BMO $ 63.6351 13.4050
Bank of Nova Scotia BNS $ 51.7328 10.8977
BCE Inc. BCE $ 40.6417 8.5613
Brookfield Asset Management Inc. BAM.A $ 39.6013 8.3422
Brookfield Properties Corp. BPO $ 25.5735 5.3871
CAE Inc. CAE $ 13.1888 2.7782
Canadian Imperial Bank of Commerce CM $ 102.6495 21.6236
Canadian National Railway Company CNR $ 52.7848 11.1193
Canadian Natural Resources Ltd. CNQ $ 72.7432 15.3237
Canadian Pacific Railway Ltd. CP $ 69.7592 14.6951
Canadian Utilities Ltd. CU $ 48.1558 10.1442
Canadian Western Bank CWB $ 29.4156 6.1965
Emera Inc. EMA $ 19.7988 4.1707
Enbridge Inc. ENB $ 37.7438 7.9509
EnCana Corp. ECA $ 63.1663 13.3062
Finning International Inc. FTT $ 31.8381 6.7068
First Capital Realty Inc. FCR $ 25.9799 5.4727
Fortis Inc. FTS $ 27.4153 5.7751
Gluskin Sheff + Associates Inc. GS $ 28.5521 6.0146
Great-West Lifeco Inc. GWO $ 36.5892 7.7076
IGM Financial Inc. IGM $ 53.3549 11.2394
Imperial Oil Ltd. IMO $ 47.2767 9.9590
Industrial Alliance Insurance and
Financial Services Inc. IAG $ 38.7418 8.1611
ING Canada Inc. IIC $ 45.6064 9.6072
Inmet Mining Corp. IMN $ 108.3642 22.8274
Manitoba Telecom Services Inc. MBT $ 48.1067 10.1339
Manulife Financial Corp. MFC $ 41.8032 8.8060
National Bank of Canada NA $ 55.0027 11.5865
Norbord Inc. NBD $ 8.1246 1.7114
Onex Corp. OCX $ 38.4026 8.0896
Power Corporation Of Canada POW $ 40.4014 8.5107
Power Financial Corp. PWF $ 41.5960 8.7624
Rogers Communications Inc. RCI.B $ 48.2032 10.1542
Royal Bank of Canada RY $ 55.3709 11.6641
Sherritt International Corp. S $ 16.9772 3.5763
Shoppers Drug Mart Corp. SC $ 55.7151 11.7366
SNC-Lavalin Group Inc. SNC $ 47.3127 9.9666
Sun Life Financial Inc. SLF $ 52.1189 10.9791
Talisman Energy Inc. TLM $ 19.6978 4.1494
Teck Cominco Ltd. TCK.B $ 51.0826 10.7608
TELUS Corp. T $ 57.3143 12.0735
Tim Hortons Inc. THI $ 35.8421 7.5503
Toronto-Dominion Bank TD $ 72.7291 15.3207
TransAlta Corp. TA $ 30.2191 6.3658
TransCanada Corp. TRP $ 38.1178 8.0297
TSX Group Inc. X $ 47.5399 10.0145
West Fraser Timber Co Ltd. WFT $ 36.9827 7.7905
ENERGY
Advantage Energy Income Fund AVN.UN $ 11.9555 2.5184
ARC Energy Trust AET.UN $ 20.6100 4.3415
Baytex Energy Trust BTE.UN $ 19.4940 4.1065
Bonavista Energy Trust BNP.UN $ 29.1815 6.1472
Bonterra Energy Income Trust BNE.UN $ 27.2435 5.7389
Canadian Oil Sands Trust COS.UN $ 32.4972 6.8456
Canetic Resources Trust CNE.UN $ 15.1402 3.1893
Crescent Point Energy Trust CPG.UN $ 22.0406 4.6429
Daylight Resources Trust DAY.UN $ 7.2567 1.5286
Enerplus Resources Fund ERF.UN $ 45.3617 9.5556
Fairborne Energy Trust FEL.UN $ 6.7900 1.4303
Focus Energy Trust FET.UN $ 17.4737 3.6809
Freehold Royalty Trust FRU.UN $ 14.8759 3.1336
Harvest Energy Trust HTE.UN $ 26.7373 5.6323
NAL Oil & Gas Trust NAE.UN $ 12.5000 2.6331
Paramount Energy Trust PMT.UN $ 7.4331 1.5658
Pengrowth Energy Trust PGF.UN $ 17.8547 3.7611
Penn West Energy Trust PWT.UN $ 30.9112 6.5115
Peyto Energy Trust PEY.UN $ 16.7232 3.5228
PrimeWest Energy Trust PWI.UN $ 26.1855 5.5161
Progress Energy Trust PGX.UN $ 11.2905 2.3783
Provident Energy Trust PVE.UN $ 12.4325 2.6189
Spectra Energy Income Fund SP.UN $ 9.7832 2.0608
Vault Energy Trust VNG.UN $ 4.3086 0.9076
Vermilion Energy Trust VET.UN $ 35.3268 7.4417
Zargon Energy Trust ZAR.UN $ 26.5301 5.5886
RESOURCE
Acadian Timber Income Fund ADN.UN $ 11.3785 2.3969
Canfor Pulp Income Fund CFX.UN $ 12.5666 2.6472
Fording Canadian Coal Trust FDG.UN $ 38.9067 8.1958
Labrador Iron Ore Royalty Income Fund LIF.UN $ 42.2367 8.8973
Noranda Income Fund NIF.UN $ 10.0112 2.1089
SFK Pulp Fund SFK.UN $ 3.6521 0.7693
Timberwest Forest Corp. TWF.UN $ 14.9554 3.1504
POWER
Algonquin Power Income Fund APF.UN $ 9.0504 1.9065
Atlantic Power Corporation ATP.UN $ 10.7669 2.2681
Boralex Power Income Fund BPT.UN $ 9.0274 1.9016
Creststreet Power & Income Fund L.P. CRS.UN $ 5.3922 1.1358
EPCOR Power L.P. EP.UN $ 24.5731 5.1764
Great Lakes Hydro Income Fund GLH.UN $ 20.1638 4.2476
Innergex Power Income Fund IEF.UN $ 12.5804 2.6501
Macquarie Power & Infrastructure Income
Fund MPT.UN $ 10.0357 2.1140
Northland Power Income Fund NPI.UN $ 12.5363 2.6408
Primary Energy Recycling Corporation PRI.UN $ 5.9982 1.2635
Transalta Power L.P. TPW.UN $ 8.3082 1.7501
UTILITIES & INFRASTRUCTURE
AltaGas Income Trust ALA.UN $ 25.6180 5.3965
Bell Aliant Regional Communications
Income Fund BA.UN $ 31.9548 6.7314
Enbridge Income Fund ENF.UN $ 10.8202 2.2793
Fort Chicago Energy Partners L.P. FCE.UN $ 10.5637 2.2252
GAZ Metro Limited Partnership GZM.UN $ 15.7526 3.3183
Inter Pipeline Fund IPL.UN $ 9.5986 2.0219
Keyera Facilities Income Fund KEY.UN $ 18.0175 3.7954
Pembina Pipeline Income Fund PIF.UN $ 17.6590 3.7199
Royal Utilities Income Fund RU.UN $ 12.0784 2.5443
Taylor NGL Limited Partnership TAY.UN $ 9.2519 1.9489
CONSUMER
A&W Revenue Royalties Income Fund AW.UN $ 13.3919 2.8210
Aeroplan Income Fund AER.UN $ 23.5419 4.9592
Arctic Glacier Income Fund AG.UN $ 12.4513 2.6229
AutoCanada Income Fund ACQ.UN $ 10.6323 2.2397
Big Rock Brewery Income Trust BR.UN $ 18.0385 3.7998
Boston Pizza Royalties Income Fund BPF.UN $ 14.5763 3.0705
The Brick Group Income Fund BRK.UN $ 8.6435 1.8207
Chesswood Income Fund CHW.UN $ 5.6090 1.1815
CI Financial Income Fund CIX.UN $ 27.1612 5.7216
Cineplex Galaxy Income Fund CGX.UN $ 18.4136 3.8789
Cinram International Income Fund CRW.UN $ 17.3940 3.6641
CML Healthcare Income Fund CLC.UN $ 15.8641 3.3418
Coast Wholesale Appliances Income Fund CWA.UN $ 9.8261 2.0699
Colabor Income Fund CLB.UN $ 10.3504 2.1803
Connors Bros. Income Fund CBF.UN $ 8.2343 1.7345
The Consumers' Waterheater Income Fund CWI.UN $ 15.4616 3.2570
Davis & Henderson Income Fund DHF.UN $ 19.2231 4.0494
Energy Savings Income Fund SIF.UN $ 15.7865 3.3255
Firm Capital Mortgage Investment Trust FC.UN $ 10.1202 2.1318
First National Financial Income Fund FN.UN $ 16.5690 3.4903
FP Newspapers Income Fund FP.UN $ 12.0259 2.5333
Futuremed Healthcare Income Fund FMD.UN $ 11.7419 2.4734
Gamehost Income Fund GH.UN $ 40.8569 8.6067
GMP Capital Trust GMP.UN $ 23.0733 4.8605
Golf Town Income Fund GLF.UN N/A N/A
Home Equity Income Trust HEQ.UN $ 12.9773 2.7337
The Keg Royalties Income Fund KEG.UN $ 13.4665 2.8367
Keystone North America Inc. KNA.UN $ 7.9262 1.6696
Liquor Stores Income Fund LIQ.UN $ 22.1806 4.6724
Medical Facilities Corporation DR.UN $ 11.0758 2.3331
Medisys Health Group Income Fund MHG.UN $ 7.7819 1.6392
Newport Partners Income Fund NPF.UN $ 5.6826 1.1970
North West Company Fund NWF.UN $ 20.5454 4.3279
Park Lawn Income Trust PLC.UN $ 5.7975 1.2212
PDM Royalties Income Fund PDM.UN $ 9.9092 2.0874
Pizza Pizza Royalty Income Fund PZA.UN $ 10.0171 2.1101
Pollard Banknote Income Fund PBL.UN $ 9.7899 2.0622
Premium Brands Income Fund PBI.UN $ 13.8270 2.9127
Prime Restaurants Royalty Income Fund EAT.UN $ 7.9580 1.6763
Priszm Income Fund QSR.UN $ 6.6849 1.4082
Resolve Business Outsourcing Income Fund RBO.UN $ 8.1558 1.7180
Rogers Sugar Income Fund RSI.UN $ 4.7413 0.9987
Royal LePage Franchise Services Fund RSF.UN $ 13.0035 2.7392
Second Cup Royalty Income Fund SCU.UN $ 9.9665 2.0994
Sleep Country Canada Income Fund Z.UN $ 22.0239 4.6394
Sterling Shoes Income Fund SSI.UN $ 17.3073 3.6458
Sun Gro Horticulture Income Fund GRO.UN $ 7.6051 1.6020
Swiss Water Decaffeinated Coffee Income
Fund SWS.UN $ 7.9363 1.6718
Teranet Income Fund TF.UN $ 9.9848 2.1033
Village Farms Income Fund VFF.UN $ 2.8365 0.5975
INDUSTRIALS
Ag Growth Income Fund AFN.UN $ 25.8949 5.4548
Agtech Income Fund AGT.UN $ 9.6185 2.0261
Altus Group Income Fund AIF.UN $ 14.3759 3.0283
Armtec Infrastructure Income Fund ARF.UN $ 17.6000 3.7075
ATS Andlauer Income Fund ATS.UN $ 12.1849 2.5668
Avenir Diversified Income Trust AVF.UN $ 8.2533 1.7385
Badger Income Fund BAD.UN $ 16.6148 3.4999
BFI Canada Income Fund BFC.UN $ 26.9166 5.6701
Bird Construction Income Fund BDT.UN $ 27.2908 5.7489
Builders Energy Services Trust BET.UN $ 4.8816 1.0283
Canadian Helicopters Income Fund CHL.UN $ 10.9995 2.3170
Canexus Income Fund CUS.UN $ 4.8710 1.0261
CanWel Building Materials Income Fund CWX.UN $ 4.3788 0.9224
Cargojet Income Fund CJT.UN $ 14.0603 2.9618
Cathedral Energy Services Income Trust CET.UN $ 7.8831 1.6606
Chemtrade Logistics Income Fund CHE.UN $ 7.9484 1.6743
Contrans Income Fund CSS.UN $ 9.3549 1.9706
The Data Group Income Fund DGI.UN $ 10.9145 2.2991
DirectCash Income Fund DCI.UN $ 13.7443 2.8953
Drive Products Income Fund DPI.UN $ 4.1590 0.8761
Eveready Income Fund EIS.UN $ 4.6268 0.9746
Foremost Income Fund FMO.UN $ 12.8386 2.7045
General Donlee Income Fund GDI.UN $ 9.9957 2.1056
GENIVAR Income Fund GNV.UN $ 21.8478 4.6023
IAT Air Cargo Facilities Income Fund ACF.UN $ 8.9976 1.8953
IBI Income Fund IBG.UN $ 20.4685 4.3117
Jazz Air Income Fund JAZ.UN $ 7.8609 1.6559
K-Bro Linen Income Fund KBL.UN $ 13.4898 2.8416
Livingston International Income Fund LIV.UN $ 15.5180 3.2689
Morneau Sobeco Income Fund MSI.UN $ 12.9995 2.7384
Mullen Group Income Fund MTL.UN $ 18.4676 3.8902
New Flyer Industries Inc. NFI.UN $ 11.2589 2.3717
Newalta Income Fund NAL.UN $ 19.5604 4.1204
Oceanex Income Fund OAX.UN $ 18.9701 3.9961
OFI Income Fund OFB.UN $ 5.0019 1.0536
Parkland Income Fund PKI.UN $ 17.4629 3.6786
Peak Energy Services Trust PES.UN $ 3.1582 0.6652
Phoenix Technology Income Fund PHX.UN $ 8.3411 1.7570
Precision Drilling Trust PD.UN $ 17.5498 3.6969
PRT Forest Regeneration Income Fund PRT.UN $ 7.6530 1.6121
Richards Packaging Income Fund RPI.UN $ 9.0916 1.9151
Stoneham Drilling Trust SDG.UN $ 12.8729 2.7117
Strongco Income Fund SQP.UN $ 6.4771 1.3644
Student Transportation of America Ltd. STB.UN $ 11.1670 2.3523
Superior Plus Income Fund SPF.UN $ 12.9092 2.7193
Supremex Income Fund SXP.UN $ 5.7042 1.2016
Total Energy Services Trust TOT.UN $ 6.7175 1.4150
TransForce Income Fund TIF.UN $ 11.0852 2.3351
Tree Island Wire Income Fund TIL.UN $ 6.0167 1.2674
Trilogy Energy Trust TET.UN $ 7.7405 1.6305
Trimac Income Fund TMA.UN $ 7.9759 1.6801
Trinidad Energy Services Income Trust TDG.UN $ 12.0597 2.5404
Vicwest Income Fund VIC.UN $ 10.8328 2.2819
Wajax Income Fund WJX.UN $ 36.1870 7.6229
Wellco Energy Services Trust WLL.UN $ 3.3648 0.7088
Westshore Terminals Income Fund WTE.UN $ 15.3057 3.2242
Yellow Pages Income Fund YLO.UN $ 14.1643 2.9837
REAL ESTATE
Allied Properties Real Estate Investment
Trust AP.UN $ 22.5301 4.7460
Artis Real Estate Investment Trust AX.UN $ 17.6031 3.7081
Boardwalk Real Estate Investment Trust BEI.UN $ 45.5136 9.5876
Calloway Real Estate Investment Trust CWT.UN $ 25.5273 5.3774
Canadian Apartment Properties Real
Estate Investment Trust CAR.UN $ 19.1580 4.0357
Canadian Real Estate Investment Trust REF.UN $ 29.3325 6.1790
Chartwell Seniors Housing Real Estate
Investment Trust CSH.UN $ 12.0720 2.5430
Cominar Real Estate Investment Trust CUF.UN $ 21.9953 4.6334
Crombie Real Estate Investment Trust CRR.UN $ 13.1469 2.7694
Dundee Real Estate Investment Trust D.UN $ 37.6382 7.9286
Extendicare Real Estate Investment Trust EXE.UN $ 14.9442 3.1480
H&R Real Estate Investment Trust HR.UN $ 23.6108 4.9737
Huntingdon Real Estate Investment Trust HNT.UN $ 2.2263 0.4689
InnVest Real Estate Investment Trust INN.UN $ 11.9052 2.5078
InterRent Real Estate Investment Trust IIP.UN $ 4.2199 0.8889
Lanesborough Real Estate Investment
Trust LRT.UN $ 5.3472 1.1264
Morguard Real Estate Investment Trust MRT.UN $ 13.9714 2.9431
Northern Property Real Estate Investment
Trust NPR.UN $ 22.9406 4.8325
Primaris Retail Real Estate Investment
Trust PMZ.UN $ 19.0114 4.0048
Public Storage Canadian Properties PUB $ 20.4515 4.3082
Retrocom Mid-Market Real Estate RMM.UN
Investment Trust $ 5.0218 1.0578
RioCan Real Estate Investment Trust REI.UN $ 25.0423 5.2752
Royal Host Real Estate Investment Trust RYL.UN $ 6.9631 1.4668
Scott's Real Estate Investment Trust SRQ.UN $ 8.7026 1.8332
Dealer manager
National Bank Financial has been engaged as the dealer manager for the Exchange Offer.
Sentry Select Diversified Income Trust
Sentry Select Diversified Income Trust is a closed-end investment trust that aims to maximize distributions to unitholders by investing primarily in high income securities issued by a broad range of royalty and income trusts, real estate investment trusts, and limited partnerships and, to a lesser extent, fixed-income securities and high-yielding common stocks.
Sentry Select Capital Corp.
Sentry Select is a Canadian wealth management company that manages approximately $8 billion in gross assets as of September 30, 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. With 29 reporting issuers, Sentry Select is the manager and/or advisor to more Toronto Stock Exchange-listed entities than any other investment manager. In addition, Sentry Select manages and/or provides advisory services to four reporting issuers listed on the TSX Venture Exchange.
Restrictions
The Exchange Offer is not a take-over bid for any of the Issuers and is not, and under no circumstances is to be construed as, an offering of any Trust Units for sale in the U.S. or to any resident thereof.
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
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
