Sentry Select Capital Corp. (TSX: SDT.UN) is pleased to announce the exchange ratios for the Sentry Select Diversified Income Trust (the "Trust") Exchange Offer as announced in the preliminary prospectus of the Trust dated August 11, 2006.
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 September 12, 2006 (the "Deposit Date"). The closing is expected to occur on or about September 21, 2006.
Determination of Exchange ratios
The number of Trust Units issuable for the securities of each Issuer (the "Exchange Ratio") was determined by dividing the 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 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 $5.8763 and the net asset value of the Trust on September 12, 2006 was $5.82 per unit.
Reimbursement of expenses
Sentry Select Capital Corp. ("Sentry Select"), the manager of the Trust previously announced that in connection with the Exchange Offer, Sentry Select has agreed to issue a promissory note in favour of the Trust on the closing of the offering to reimburse the Trust for all expenses incurred in connection with the offering, including the fees payable to the dealer manager and soliciting dealers. The note will bear interest at the prime rate of interest and will be payable in equal quarterly payments over a four year period commencing on January 1, 2008.
Acceptance
Acceptances have been received which would result in the issuance of 39,562,741 (assuming no withdrawals) at a Unit Price of $5.8763. 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.
Issuer
Stock Exchange Symbol Unit Price Ratio
ENERGY
Advantage Energy Income Fund AVN.UN 15.9859 2.7204 ARC Energy Trust AET.UN 26.9929 4.5935 Avenir Diversified Income Trust AVF.UN 9.4265 1.6041 Baytex Energy Trust BTE.UN 23.3323 3.9705 Bonavista Energy Trust BNP.UN 34.1714 5.8151 Bonterra Energy Income Trust BNE.UN 34.5250 5.8752 Canadian Oil Sands Trust COS.UN 31.3789 5.3399 Canetic Resources Trust CNE.UN 20.8063 3.5407 Crescent Point Energy Trust CPG.UN 20.1471 3.4285 Daylight Energy Trust DAY.UN 10.0924 1.7174 Enerplus Resources Fund ERF.UN 57.4243 9.7721 Enterra Energy Trust ENT.UN 10.6908 1.8193 Esprit Energy Trust EEE.UN 12.8405 2.1851 Fairborne Energy Trust FEL.UN 13.1630 2.2400 Focus Energy Trust FET.UN 22.8693 3.8917 Freehold Royalty Trust FRU.UN 19.9209 3.3900 Harvest Energy Trust HTE.UN 32.1131 5.4648 NAL Oil and Gas Trust NAE.UN 18.4658 3.1424 Paramount Energy Trust PMT.UN 18.3907 3.1296 Pengrowth Energy Trust PGF.A 23.9186 4.0703 Penn West Energy Trust PWT.UN 41.6428 7.0865 Peyto Energy Trust PEY.UN 21.5366 3.6649 PrimeWest Energy Trust PWI.UN 31.2865 5.3241 Progress Energy Trust PGX.UN 15.8000 2.6887 Provident Energy Trust PVE.UN 13.4857 2.2949 Sequoia Oil & Gas Trust SQE.UN 12.3107 2.0949 Shiningbank Energy Income Fund SHN.UN 20.4553 3.4809 Sound Energy Trust SND.UN 7.2593 1.2353 Thunder Energy Trust THY.UN 8.4890 1.4446 Trilogy Energy Trust TET.UN 18.0370 3.0694 True Energy Trust TUI.UN 12.9577 2.2050 Vault Energy Trust VNG.UN 8.0830 1.3755 Vermilion Energy Trust VET.UN 33.8963 5.7683 Zargon Energy Trust ZAR.UN 31.4096 5.3451
RESOURCE
Acadian Timber Income Fund ADN.UN 9.1090 1.5501 Canfor Pulp Income Fund CFX.UN 11.7286 1.9959 Fording Canadian Coal Trust FDG.UN 30.4804 5.1870 Labrador Iron Ore Royalty Income Fund LIF.UN 26.8601 4.5709 Noranda Income Fund NIF.UN 11.9880 2.0400 SFK Pulp Fund SFK.UN 4.1045 0.6984 Sun Gro Horticulture Income Fund GRO.UN 7.3730 1.2547 TimberWest Forest Corp. TWF.UN 14.3706 2.4455
POWER
Algonquin Power Income Fund APF.UN 10.0676 1.7132 Atlantic Power Corporation ATP.UN 10.6746 1.8165 Boralex Power Income Fund BPT.UN 10.9616 1.8653 Calpine Power Income Fund CF.UN 10.4025 1.7702 Clean Power Income Fund CLE.UN 6.1154 1.0406 Countryside Power Income Fund COU.UN 9.9778 1.6979 Creststreet Power & Income Fund L.P CRS.UN 5.1668 0.8792 Epcor Power L.P EP.UN 31.2637 5.3203 Great Lakes Hydro Income Fund GLH.UN 18.9313 3.2216 Innergex Power Income Fund IEF.UN 14.1505 2.4080 Macquarie Power & Infrastructure MPT.UN 11.0890 1.8870 Income Fund Northland Power Income Fund NPI.UN 14.7089 2.5030 Primary Energy Recycling Corporation PRI.UN 10.1160 1.7214 TransAlta Power, L.P TPW.UN 8.1732 1.3908
UTILITIES INFRASTRUCTURE
AltaGas Income Trust ALA.UN 28.5741 4.8626 Amtelecom Income Fund AMT.UN 12.8122 2.1803 Bell Aliant Regional Communications BA.UN 35.0468 5.9640 Income Fund Bell Nordiq Income Fund BNQ.UN 17.9727 3.0585 The Consumers' Waterheater Income Fund CWI.UN 15.5819 2.6516 Duke Energy Income Fund DET.UN 12.1890 2.0742 Enbridge Income Fund ENF.UN 13.6079 2.3157 Fort Chicago Energy Partners L.P FCE.UN 11.8810 2.0218 Gaz Metro Limited Partnership GZM.UN 17.0592 2.9030 Inter Pipeline Fund IPL.UN 10.1846 1.7331 Keyera Facilities Income Fund KEY.UN 21.1363 3.5968 Pembina Pipeline Income Fund PIF.UN 17.0524 2.9018 Royal Utilities Income Fund RU.UN 11.7112 1.9929 Taylor NGL Limited Partnership TAY.UN 9.7763 1.6636 UE Waterheater Income Fund UWH.UN 14.8714 2.5307
CONSUMER
A & W Revenue Royalties Income Fund AW.UN 15.9116 2.7077 Aeroplan Income Fund AER.UN 14.0172 2.3853 Arctic Glacier Income Fund AG.UN 12.8000 2.1782 Art In Motion Income Fund AIM.UN 2.5742 0.4380 Associated Brands Income Fund ABF.UN 0.9030 0.1536 AutoCanada Income Fund ACQ.UN 12.1759 2.0720 Benvest New Look Income Fund BCI.UN 6.0938 1.0370 Big Rock Brewery Income Trust BR.UN 18.9398 3.2230 Boston Pizza Royalties Income Fund BPF.UN 18.7802 3.1959 The Brick Group Income Fund BRK.UN 9.9003 1.6847 Carfinco Income Fund CFN.UN 4.1047 0.6985 Chesswood Income Fund CHW.UN 7.7619 1.3208 CI Financial Income Fund CIX.UN 30.5631 5.2010 Cineplex Galaxy Income Fund CGX.UN 13.5892 2.3125 Clearwater Seafoods Income Fund CLR.UN 5.3477 0.9100 CML Healthcare Income Fund CLC.UN 15.0507 2.5612 Coast Wholesale Appliances Income Fund CWA.UN 8.0841 1.3757 Colabor Income Fund CLB.UN 12.4255 2.1145 Connors Bros. Income Fund CBF.UN 11.1166 1.8917 Custom Direct Income Fund CDI.UN 7.8919 1.3430 Davis + Henderson Income Fund DHF.UN 17.9543 3.0553 Dominion Citrus Income Fund DOM.UN 0.7912 0.1346 E.D. Smith Income Fund JAM.UN 8.9220 1.5183 Energy Savings Income Fund SIF.UN 17.1910 2.9254 Entertainment One Income Fund EOF.UN 1.8657 0.3174 Firm Capital Mortgage Investment Trust FC.UN 10.1475 1.7268 First National AlarmCap Income Fund FNA.UN 6.1164 1.0408 FMF Capital Group Ltd FMF.UN 0.3271 0.0556 Futuremed Healthcare Income Fund FMD.UN 12.5727 2.1395 Gamehost Income Fund GH.UN 37.5345 6.3874 Gateway Casinos Income Fund GCI.UN 16.6463 2.8327 GMP Capital Trust GMP.UN 23.0237 3.9180
Golf Town Income Fund GLF.UN 11.4021 1.9403 Hartco Income Fund HCI.UN 3.3714 0.5737 Home Equity Income Trust HEQ.UN 13.4909 2.2958 Hot House Growers Income Fund VEG.UN 2.8736 0.4890 KCP Income Fund KCP.UN 9.7264 1.6551 The Keg Royalties Income Fund KEG.UN 13.0928 2.2280 Keystone North America Inc KNA.UN 8.0791 1.3748 Lakeport Brewing Income Fund TFR.UN 18.4178 3.1342 Liquor Barn Income Fund LBN.UN 11.9741 2.0376 Liquor Stores Income Fund LIQ.UN 22.3405 3.8017 Madacy Entertainment Income Fund MEG.UN 2.0033 0.3409 Medical Facilities Corporation DR.UN 9.3453 1.5903 Medisys Health Group Income Fund MHG.UN 11.8606 2.0183 Menu Foods Income Fund MEW.UN 6.7445 1.1477 Movie Distribution Income Fund FLM.UN 6.7993 1.1570 Newport Partners Income Fund NPF.UN 7.4140 1.2616 North West Company Fund NWF.UN 50.7590 8.6379 Parkland Income Fund PKI.UN 31.3157 5.3291 PDM Royalties Income Fund PDM.UN 10.1776 1.7319 Pizza Pizza Royalty Income Fund PZA.UN 9.9040 1.6854 Pollard Banknote Income Fund PBL.UN 10.4206 1.7733 Premium Brands Income Fund PBI.UN 12.1428 2.0664 Prime Restaurants Royalty Income Fund EAT.UN 8.6412 1.4705 Priszm Canadian Income Fund QSR.UN 12.3310 2.0984 Rainmaker Income Fund RNK.UN 3.2895 0.5597 Rogers Sugar Income Fund RSI.UN 4.1542 0.7069 Royal LePage Franchise Services Fund RSF.UN 13.3509 2.2719 SCI Income Trust SMN.UN 12.7350 2.1671 Second Cup Royalty Income Fund SCU.UN 10.7130 1.8230 SIR Royalty Income Fund SRV.UN 10.5546 1.7961 Sleep Country Canada Income Fund Z.UN 25.4673 4.3339 Somerset Entertainment Income Fund SOM.UN 2.8036 0.4771 Specialty Foods Group Income Fund HAM.UN 0.1956 0.0332 Stephenson's Rental Services Income Fund RNT.UN 6.9910 1.1896 Sterling Shoes Income Fund SSI.UN 14.4642 2.4614 Swiss Water Decaffeinated Coffee Income Fund SWS.UN 10.4872 1.7846 Teranet Income Fund TF.UN 10.4565 1.7794 Voxcom Income Fund VOX.UN 10.2507 1.7444 XS Cargo Income Fund XSC.UN 14.3476 2.4416
INDUSTRIALS
ACS Media Income Fund AYP.UN 8.1270 1.3830 Ag Growth Income Fund AFN.UN 15.0199 2.5560 Altus Group Income Fund AIF.UN 14.7213 2.5051 Armtec Infrastructure Income Fund ARF.UN 20.2446 3.4451 Arriscraft International Income Fund AIN.UN 4.8171 0.8197 Atlas Cold Storage Income Trust FZR.UN 7.5824 1.2903 ATS Andlauer Income Fund ATS.UN 12.3414 2.1001 Badger Income Fund BAD.UN 17.2296 2.9320 BFI Canada Income Fund BFC.UN 29.3803 4.9997 Bird Construction Income Fund BDT.UN 14.0312 2.3877 Bonnett's Energy Services Trust BT.UN 21.9696 3.7386 Boyd Group Income Fund BYD.UN 1.3711 0.2333 Builders Energy Services Trust BET.UN 16.0558 2.7322 Canada Cartage Diversified Income Fund TRK.UN 10.6881 1.8188 CCS Income Trust CCR.UN 38.0906 6.4820 Canadian Energy Services L.P. CEU.UN 8.8457 1.5053 Canadian Helicopters Income Fund CHL.UN 8.7399 1.4873 Canexus Income Fund CUS.UN 8.0654 1.3725 CanWel Building Materials Income Fund CWX.UN 4.9471 0.8418 CanWest MediaWorks Income Fund CWM.UN 7.7334 1.3160 Cargojet Income Fund CJT.UN 8.7306 1.4857 Cathedral Energy Services Income Trust CET.UN 9.8740 1.6803 Chemtrade Logistics Income Fund CHE.UN 10.3705 1.7648 Cinram International Income Fund CRW.UN 23.3200 3.9684 Contrans Income Fund CSS.UN 13.8949 2.3645 The Data Group Income Fund DGI.UN 9.7679 1.6622 DirectCash Income Fund DCI.UN 16.8330 2.8645 Essential Energy Services Trust ESN.UN 7.9308 1.3496 Eveready Income Fund EIS.UN 6.7796 1.1537 Foremost Income Fund FMO.UN 19.7125 3.3545 FP Newspapers Income Fund FP.UN 11.0343 1.8777 General Donlee Income Fund GDI.UN 6.1567 1.0477 GENIVAR Income Fund GNV.UN 12.6680 2.1557 Gienow Windows and Doors Income Fund GIF.UN 6.8805 1.1708 Granby Industries Income Fund GBY.UN 5.1948 0.8840 Great Lakes Carbon Income Fund GLC.UN 9.9977 1.7013 Halterm Income Fund HAL.UN 12.0418 2.0492 Hardwoods Distribution Income Fund HWD.UN 5.3150 0.9044 High Arctic Energy Services Trust HWO.UN 10.9534 1.8639 IAT Air Cargo Facilities Income Fund ACF.UN 7.8366 1.3335 IBI Income Fund IBG.UN 14.4679 2.4620 Jazz Air Income Fund JAZ.UN 9.1182 1.5516 K-Bro Linen Income Fund KBL.UN 14.9985 2.5523 Livingston International Income Fund LIV.UN 23.1090 3.9325 Morneau Sobeco Income Fund MSI.UN 12.6190 2.1474 Mullen Group Income Fund MTL.UN 25.2308 4.2936 New Flyer Industries Inc. NFI.UN 8.6560 1.4730 Newalta Income Fund NAL.UN 32.4528 5.5226 Norcast Income Fund NCF.UN 7.5342 1.2821 Oceanex Income Fund OAX.UN 14.3985 2.4502 OFI Income Fund OFB.UN 9.7256 1.6550 Osprey Media Income Fund OSP.UN 6.3273 1.0767 Peak Energy Services Trust PES.UN 9.9889 1.6998 Phoenix Technology Income Fund PHX.UN 7.7683 1.3219 Precision Drilling Trust PD.UN 37.8896 6.4478 PRT Forest Regeneration Income Fund PRT.UN 11.2179 1.9090 Resolve Business Outsourcing Income Fund RBO.UN 8.2712 1.4075 Richards Packaging Income Fund RPI.UN 8.7649 1.4915 Spinrite Income Fund SNF.UN 0.8224 0.1399 Stoneham Drilling Trust SDG.UN 21.1836 3.6049 Strongco Income Fund SQP.UN 20.4618 3.4820 Student Transportation of America Ltd. STB.UN 11.8539 2.0172 Superior Plus Income Fund SPF.UN 12.1713 2.0712 Supremex Income Fund SXP.UN 9.9042 1.6854 TerraVest Income Fund TI.UN 8.6962 1.4798 Total Energy Services Trust TOT.UN 16.0437 2.7302 TransForce Income Fund TIF.UN 16.2188 2.7600 Tree Island Wire Income Fund TIL.UN 9.4818 1.6135 Trimac Income Fund TMA.UN 10.5276 1.7915 Trinidad Energy Services Income Trust TDG.UN 15.9049 2.7066 Versacold Income Fund ICE.UN 9.3962 1.5989 Vicwest Income Fund VIC.UN 17.7423 3.0192 Wajax Income Fund WJX.UN 40.6733 6.9215 Wellco Energy Services Trust WLL.UN 10.5243 1.7909 Westshore Terminal Income Fund WTE.UN 10.6816 1.8177 Yellow Pages Income Fund YLO.UN 14.5471 2.4755
REAL ESTATE
Alexis Nihon Real Estate Investment Trust AN.UN 13.2171 2.2492 Allied Properties Real Estate Investment Trust AP.UN 18.2873 3.1120 Boardwalk Real Estate Investment Trust BEI.UN 30.8661 5.2526 Calloway Real Estate Investment Trust CWT.UN 25.8550 4.3998 Canadian Apartment Properties Real Estate Investment Trust CAR.UN 17.9777 3.0593 Canadian Hotel Income Properties Real Estate Investment Trust HOT.UN 13.5245 2.3015 Canadian Real Estate Investment Trust REF.UN 25.5961 4.3558 Chartwell Seniors Housing Real Estate Investment Trust CSH.UN 13.8555 2.3578 Cominar Real Estate Investment Trust CUF.UN 20.6408 3.5125 Crombie Real Estate Investment Trust CRR.UN 11.6343 1.9798 Dundee Real Estate Investment Trust D.UN 31.8086 5.4130 First Capital Realty Inc. FCR 24.9094 4.2389 H&R Real Estate Investment Trust HR.UN 22.3267 3.7994 Holloway Lodging Real Estate Investment Trust HLR.UN 5.0840 0.8651 Huntingdon Real Estate Investment Trust HNT.UN 2.3778 0.4046 InnVest Real Estate Investment Trust INN.UN 13.0796 2.2258 Instorage Real Estate Investment Trust IS.UN 1.5631 0.2660 IPC US Real Estate Investment Trust IUR.UN 10.9490 1.8632 Lakeview Hotel Real Estate Investment Trust LHR.UN 4.1153 0.7003 Lanesborough Real Estate Investment Trust LRT.UN 5.7258 0.9743
Legacy Hotels Real Estate Investment Trust LGY.UN 8.7521 1.4893 Morguard Real Estate Investment Trust MRT.UN 11.6866 1.9887 Northern Property Real Estate Investment Trust NPR.UN 21.9509 3.7354 Primaris Retail Real Estate Investment Trust PMZ.UN 18.0810 3.0769 Retirement Residences Real Estate Investment Trust RRR.UN 7.1968 1.2247 Retrocom Mid-Market Real Estate Investment Trust RMM.UN 6.3285 1.0769 RioCan Real Estate Investment Trust REI.UN 23.1544 3.9403 Royal Host Real Estate Investment Trust RYL.UN 6.1482 1.0462 Scotts Real Estate Investment Trust SRQ.UN 9.5700 1.6285 Summit Real Estate Investment Trust SMU.UN 29.8208 5.0747 Sunrise Senior Living Real Estate Investment Trust SZR.UN 10.2794 1.7492 Westfield Real Estate Investment Trust WFD.UN 14.0278 2.3871 Whiterock Real Estate Investment Trust WRK.UN 12.8439 2.1857
Dealer manager National Bank Financial has been engaged as the dealer manager for the Exchange Offer.
Sentry Select The Trust is a closed-end trust that aims to Diversified maximize distributions to unitholders by Income Trust investing primarily in a broad range of royalty and income trusts, real estate investment trusts and other high-yielding securities.
Distribution The Trust offers a distribution reinvestment plan reinvestment whereby residents of Canada may elect to have plan their cash distributions reinvested in additional units of the Trust.
Website To find out more about the Trust, including portfolio holdings, net asset values and investment objectives, please go to www.sentryselect.com.
Sentry Select Sentry Select provides investment, administrative Capital Corp. and marketing services to 33 exchange-listed closed-end funds and corporations, including preferred securities and debentures, 16 mutual funds, 15 principal-protected notes and four flow-through limited partnerships. Sentry Select is one of the largest Canadian investment managers in the income trust sector. As of August 31, 2006, the firm had approximately $8.5 billion in gross assets under management.
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 Telephone: (416) 861-8729 Fax: (416) 364-5615
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) info@sentryselect.com www.sentryselect.com
SOURCE: Sentry Select Diversified Income Trust