Silver Bullion Trust Issues Letter to Unitholders
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 07/30/15 -- Silver Bullion Trust (TSX: SBT.UN) (TSX: SBT.U)
Dear Fellow Silver Bullion Trust Unitholders,
As we near the latest deadline for Sprott's unsolicited offer to acquire Silver Bullion Trust ("SBT") Units, you will no doubt be receiving information and phone calls pressuring you to "act now" as their offer will expire on August 7, 2015. You should not be swayed by Sprott's self-serving pressure tactics, which are intended to convey a sense of urgency that, in our view, does not exist.
Your independent Board of Trustees, with the aid of legal and financial advisors, has recommended that you REJECT the Sprott Offer, TAKE NO ACTION with respect to the Sprott Offer and DO NOT tender your Units to the Sprott Offer. Our recommendation to Unitholders and the reasons supporting our recommendation are fully described in the SBT Trustees' Circular which was mailed to you and which can also be found on .
Your Board of Trustees determined that the Sprott Offer should be REJECTED by SBT Unitholders for the following reasons:
Over the past few months, we have been speaking with SBT Unitholders. Our Unitholders, who are predominantly long-term silver bullion investors, tell us they bought SBT Units due to our very low administration fees, industry-leading silver bullion security, tax-efficient structure and long-term track record of stewarding silver bullion investments. In order to respond to current bear market conditions, SBT adopted(2) an enhanced cash redemption feature, which we believe is a prudent way of addressing the current net asset value discount without altering the advantages of the SBT tax, fee and security structure. For these reasons and the reasons set forth in the Trustees' Circular, we believe that SBT Unitholders are much better off retaining their SBT Units than exchanging them for Sprott units which come with significantly higher ongoing management fees, lower bullion security, much greater tax risk and virtually no governance rights.
We thank SBT Unitholders for your attention to this matter and for your ongoing support of SBT.
Yours Sincerely,
About Silver Bullion Trust
Silver Bullion Trust, established on July 9, 2009, is a passive, self-governing, single purpose trust, which invests primarily in long-term holdings of physical silver bullion and it does not speculate in silver prices. At July 29, 2015, the Units of Silver Bullion Trust were 100% invested in unencumbered, allocated and physically segregated silver bullion.
For further information, please contact D.F. King & Co., North America Toll-Free at 1-800-398-2816; or via email at
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" or "forward-looking information" (collectively, "Forward-Looking Statements"), including those related to: the anticipated benefits of the enhanced cash redemption feature, including any anticipated tax impact on non-redeeming Unitholders following a redemption which utilizes the enhanced cash redemption feature; any anticipated impact of the enhanced cash redemption feature on future trading prices of SBT Units and any trading discount of SBT Units to NAV; the receipt of regulatory approvals required in connection with the implementation of the enhanced cash redemption feature; any continuing benefits of SBT's current structure from a tax and governance perspective; and SBT's expense ratio and bullion security as compared to Sprott.
Silver Bullion Trust cautions investors about important factors that could cause actual results or outcomes to differ materially from those expressed, implied or projected in such Forward-Looking Statements. Such Forward-Looking Statements involve projections, estimates, assumptions, known and unknown risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such Forward-Looking Statements or otherwise be materially inaccurate. No assurance can be given that these projections, estimates, expectations or assumptions will prove to be correct and any Forward-Looking Statements included in this press release should not be unduly relied upon. These Forward-Looking Statements speak only as to the Trust's beliefs, views, expectations and opinions as of the date of this press release. Except as required by applicable securities laws, the Trust does not intend and does not assume any obligations to update or revise these Forward-Looking Statements, whether as a result of new information, future events or otherwise. In addition, this press release may contain Forward-Looking Statements drawn from or attributed to third party sources. Factors that could cause or contribute to such differences include, but are not limited to, those risks detailed in the Trust's filings with the Canadian securities regulatory authorities.
Contacts:
D.F. King & Co.
North America Toll-Free: 1-800-398-2816
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Datum: 30.07.2015 - 11:50 Uhr
Sprache: Deutsch
News-ID 410329
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
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