Sentry Select Primary Metals Corp. (TSX: PME) Proposes Mandatory Market Purchase Program
February 08 2008 - 9:50AM
Marketwired
TORONTO, ONTARIO (TSX: PME) announces that it will seek
shareholder approval to implement a mandatory market purchase
program (the "Program"). A special meeting of shareholders will be
held on March 25, 2008, 10 a.m. at the Ridout Room of the Toronto
Board of Trade, First Canadian Place, 100 King Street West,
Toronto. The record date for the purpose of determining the
shareholders entitled to receive notice and vote at the meetings
will be the close of business on February 18, 2008.
Mandatory Market Purchase Program
Under the Program, the Corporation will be obligated to purchase
any shares offered in the market at the then prevailing market
price, if shares are offered at prices that are less than 95% of
the latest determined net asset value ("NAV") per share. The
purchases are subject to a maximum amount in any three month period
of 1.25% of the number of shares outstanding at the beginning of
such period.
The manager believes that the Program will be effective in
decreasing any potential spread between the NAV per share and the
market price of the shares and will enhance the liquidity of the
shares. Purchases of shares for cancellation at less than NAV per
share should also have the effect of increasing the NAV per
share.
Trading information
The Class A Shares and the Warrants trade on the Toronto Stock
Exchange ("TSX") under the symbols PME and PME.WT,
respectively.
Sentry Select Primary Metals Corp.
The Corporation's investment objective is to provide
shareholders with long-term capital appreciation by investing in an
actively managed portfolio consisting primarily of securities of
mining and exploration issuers. For at least the first three years,
the manager intends to focus on issuers that are engaged in the
production of and/or exploration for uranium, nickel and
molybdenum; however, the manager may, at its own discretion, change
the focus to securities of issuers that are engaged in the
production of and/or exploration for other metals.
The Manager
Sentry Select Capital Corp., ("Sentry Select") the manager of
the Corporation, 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 30 TSX-listed reporting issuers. In addition, Sentry
Select manages and/or provides advisory services to four reporting
issuers listed on the TSX Venture Exchange.
This news release contains forward-looking statements that
involve risks and uncertainties. These forward-looking statements
relate to, among other things, the future performance of the
Corporation, including the potential for purchases pursuant to the
mandatory market purchase program. These statements reflect the
Corporation's and Sentry Select's current expectations, but are
subject to a number of risks and uncertainties. Due to the many
risks and uncertainties, the Corporation and Sentry Select cannot
assure that the forward-looking statements contained in this news
release will be realized.
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) 364-1330 (FAX)
Sentry Select Capital Corp. Kinga Lam (media inquiries)
1-888-246-6656 (416) 364-1330 (FAX) Email: info@sentryselect.com
Website: www.sentryselect.com
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