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Sprott said planning unsolicited bid for Canadian metals trusts
By Scott Deveau
Bloomberg News
Thursday, April 23, 2015
Sprott Asset Management LP is planning to make an unsolicited offer to acquire Central GoldTrust and Silver Bullion Trust valued at $800 million, a person with knowledge of the matter said.
An offer at that level would reflect a 3.5 percent discount to the combined market value of the trusts at the close Wednesday of about $829 million. The proposal could come as early as today, said the person, who asked not to be identified because the information is private.
The trusts, which buy and hold substantially all of their assets in respective metals in bullion and certificates, have been under pressure from investor Polar Securities Inc., the Toronto-based hedge fund. Polar has been urging the trusts to change how unitholders can redeem their investment as a means of closing their trading gaps. ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-04-23/sprott-said-planning-u...
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