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AMEX:GTU | AMEX | Common Stock |
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TORONTO, April 9, 2015 /CNW/ Polar Securities Inc. ("Polar") is calling on fellow unitholders of Central GoldTrust ("CGT" or the "Trust") (TSX:GTU-U; NYSE MKT:GTU) to unlock over USD$65 million in value by voting their BLUE proxy in support of Polar's proposed unit redemption feature and its five highly-qualified independent Trustees at the annual and special meeting of the Trust to be held on May 1, 2015 (the "Meeting").
Polar is proposing to amend the unit redemption features of CGT's units ("Units") to benefit ALL unitholders, regardless of the size of their holdings. Unitholders should expect to accrue at least USD$3,364 of additional value for each 1,000 Units held.
"The incumbent Trustees of CGT, led by Chairman, President & CEO Stefan Spicer, appear completely incapable of resolving the persistent discount of the trading price of Units to their net asset value. Mr. Spicer earns his fees on the basis of the NAV of the fund, which, unfortunately, makes him indifferent to the discount," observed Paul Sabourin, CIO of Polar, from his office in Toronto.
"The Trustees continue to sit idly by as unitholders alone bear the burden of over USD$65 million in tangible value that is locked in the Trust. We believe that Mr. Spicer's trustees have a fundamental misunderstanding of how the market will react to a physical unit redemption feature," continued Mr. Sabourin. "We have come forward with a proven solution and, based on conversations to date, we are confident fellow unitholders are supportive."
CENTRAL GOLDTRUST HAS A PROBLEM THAT NEEDS TO BE SOLVED
THE TRUSTEES ARE MISLEADING UNITHOLDERS
MR. SPICER AND THE TRUSTEES ARE NOT ALIGNED WITH UNITHOLDERS
THE TRUSTEES APPEAR TO WORK FOR MR. SPICER - NOT UNITHOLDERS
THE BOARD HAS NO SOLUTION FOR THE NAV DISCOUNT
BREAK OUT OF THE GOLDTRUST VALUE TRAP - VOTE BLUE FOR CHANGE
Fellow unitholders, we need your support to unlock over $65 million of unitholder value. Vote the BLUE proxy today in favour of Polar's redemption proposal and for Polar's five highly qualified and independent nominees.
If you have any questions or need assistance in voting your BLUE proxy, please contact Shorecrest Group Ltd. at 1-888-637-5789 (toll free within North America) or 647-931-7454 (collect calls accepted), or by email at contact@shorecrestgroup.com.
POLAR SECURITIES INC.
Established in 1991, Polar, based in Toronto, Canada, is registered as an Investment Dealer, Investment Fund Manager and Futures Commission Merchant with the Ontario Securities Commission and is a member of the Investment Industry Regulatory Organization of Canada. Polar acts as the investment manager for certain investment funds and manages over CAD$2 billion of client funds. Polar's investment philosophy focuses on capital preservation and low volatility. During its tenure, Polar has invested in more than 10 Canadian precious metals funds and more than 75 Canadian closed-end products and has extensive expertise in structuring, managing and investing in complex investment products.
SOURCE Polar Securities Inc.
Copyright Canada NewsWire
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