TORONTO, May 4, 2015 /PRNewswire/ - Polar Securities
Inc. ("Polar") a 5.7% unitholder of Central GoldTrust ("CGT" or the
"Trust") (TSX:GTU-U; NYSE MKT:GTU) commented on the voting result
of Friday's annual and special meeting of unitholders of Central
GoldTrust (the "Meeting").
Of the total votes cast at the meeting, more than 43% supported
the election of Polar's five independent and highly qualified
nominees. After Polar began its process to unlock value for the
benefit of all Unitholders, Sprott Asset Management ("Sprott")
publicly stated its intention to launch an exchange offer to the
benefit of all Unitholders.
"The Meeting was a referendum on the trustees of CGT. The strong
support received for Polar's trustee nominees is a clear and
unambiguous message that a significant number of CGT Unitholders
have lost confidence in the trustees," said Paul Sabourin, CIO of Polar.
"We have continually stated that our sole objective is to reduce
the persistent trading discount of the Trust's Units to their net
asset value. A successful exchange offer from Sprott will
accomplish that. During our solicitation process, unitholders,
including those that were unable to support our redemption
proposal, provided significant positive feedback about the
potential of a Sprott offer. We would like to thank Unitholders for
their support of our efforts to maximize Unitholder value and to
establish a truly independent board," continued Mr. Sabourin.
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.