Sentry Select Diversified Income Trust (SSDIT) completed, on February 24, 2003, an exchange offer pursuant to which it had agreed to issue SSDIT units in exchange for up to 9.9 per cent of the units of various income trusts, royalty trusts, real estate investment trusts and limited partnerships. SSDIT is a closed-end investment trust with the objective of maximizing monthly distributions to unitholders by investing primarily in a broad range of royalty and income trusts, real estate investment trusts and other high-yielding securities. Established in 1997, SSDIT is the first Canadian closed-end investment fund dedicated to income trusts. At closing, SSDIT issued 30,306,755 units which, based on the weighted average trading price of the units of $4.296 per unit, resulted in the aggregate value of the offer of over $130 million. National Bank Financial Inc. was the dealer manager for the offer.
Borden Ladner Gervais LLP acted for SSDIT, with a team that included Ed Merringer, Dolores Di Felice and Luana DiCandia (securities/corporate) and Craig Webster (tax). Blake, Cassels & Graydon LLP acted for the dealer manager, with a team that included Jeff Glass, Anoop Dogra and Robyn Keinick (securities/corporate) and Ron Richler (tax).