06:11:40 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Sprott Physical Gold Trust
Symbol PHY
Shares Issued 150,119,093
Close 2015-07-07 U$ 9.50
Market Cap U$ 1,426,131,384
Recent Sedar Documents

Sprott Physical Gold files notices of extension

2015-07-07 17:59 ET - News Release

Mr. Glen Williams reports

SPROTT FILES NOTICES OF EXTENSION AND VARIATION IN CONNECTION WITH OFFERS FOR CENTRAL GOLDTRUST AND SILVER BULLION TRUST

Sprott Asset Management LP, together with Sprott Physical Gold Trust and Sprott Physical Silver Trust, has filed notices of extension and variation in connection with the offers by Sprott Asset Management Gold Bid LP and Sprott Asset Management Silver Bid LP to acquire all of the outstanding units of Central GoldTrust (GTU) and Silver Bullion Trust (SBT), respectively, for units of Sprott Physical Gold Trust and units of Sprott Physical Silver Trust, in each case on a net asset value (NAV) to NAV exchange basis. The notices of variation extend the expiry time of the Sprott offers to 5 p.m. (Toronto time) on Aug. 7, 2015, as previously disclosed by Sprott in its June 29, 2015, news release.

GTU and SBT unitholders who have questions regarding the Sprott offers are encouraged to contact Kingsdale Shareholder Services at 1-888-518-6805 (toll-free in North America) or at 1-416-867-2272 (outside of North America) or by e-mail at contactus@kingsdaleshareholder.com.

Additional details of the Sprott offers

Each Sprott offer is subject to conditions, including, but not limited to, the number of GTU or SBT units (as applicable) in respect of which an exchange offer election or merger election (as such terms are defined in the Sprott offers) has been made, together with the number of GTU or SBT units (as applicable) held as of the expiry time (as such term is defined in the Sprott offers) by or on behalf of Sprott, if any, representing at least 66-2/3 per cent of the then issued and outstanding GTU or SBT units (as applicable); the receipt of all necessary governmental or regulatory approvals; no material adverse change in relation to GTU or SBT; GTU, SBT and the Sprott physical trusts not being prohibited by applicable law from completing the merger transactions (as such term is defined in the Sprott offers); and no litigation or regulatory order that may jeopardize the Sprott offers, as described in the offer documents (as defined below).

Each Sprott offer is open for acceptance until 5 p.m. on Aug. 7, 2015, unless extended or withdrawn. Concurrently with each of the Sprott offers and as contemplated under the declaration of trust of each of GTU and SBT, written consents, by way of a power of attorney granted to Sprott, requiring the approval of the holders of at least 66-2/3 per cent of the GTU units and of the SBT units are being solicited as part of the letter of transmittal to, among other things, authorize a qualifying exchange as part of the relevant merger transaction with Sprott Physical Gold Trust and Sprott Physical Silver Trust, respectively; replace the trustees of GTU and SBT (other than administrator nominees), respectively, with nominees to be designated by Sprott; and amend the declaration of trust of each of GTU and SBT to provide that GTU and SBT units shall be redeemable on demand at NAV and to reduce the tender required for a compulsory acquisition to 66-2/3 per cent. In order for units of GTU or SBT to be tendered to the Sprott offers, a depositing unitholder will be required to provide the written consent referred to above and appoint Sprott, or an affiliate thereof, as its attorney and proxy holder for, among other things, the purposes of redeeming such unitholder's units of GTU or SBT, as applicable.

Full details of each Sprott offer are set out in a takeover bid circular and accompanying offer documents (collectively, and as amended by the notice of extension and variation dated June 22, 2015, the notice of extension and variation dated July 7, 2015, and as further extended and varied, which have been filed with the Canadian securities regulatory authorities).

In connection with each Sprott offer, the applicable Sprott Physical Trust has also filed with the U.S. Securities and Exchange Commission (SEC) a registration statement on Form F-10, which contains a prospectus relating to the applicable Sprott offer. Sprott and Sprott Physical Gold Trust have also filed a tender offer statement on Schedule TO with respect to the Sprott offer for GTU.

We seek Safe Harbor.

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