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Stock Market & Financial Investment News

News Breaks
September 7, 2012
10:01 EDTPHYSUpdate: Sprott Physical Gold 16.6M share Spot Secondary priced at $14.84
The deal price was adjusted down to $14.84 from $14.90. RBC Capital acted as sole book running manager for the offering.
News For PHYS From The Last 14 Days
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November 12, 2015
05:25 EDTPHYSSprott comments on statements made by Central Goldtrust
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November 11, 2015
08:27 EDTPHYSCentral Goldtrust responds to Sprott Physical Gold Trust
Central GoldTrust (GTU) responded to the announcement by Sprott Asset Management LP and Sprott Physical Gold Trust (PHYS) of changes to its offer to acquire all of the units of GoldTrust. Sprott has amended the Offer by attempting to unilaterally expand the scope of the powers of attorney granted to it by those Unitholders that tender to the Offer. The amendments purport to give Sprott the authority to replace the independent Trustees of GoldTrust, insert their own conflicted Trustees and force completion of their inadequate Offer, despite their continued failure to attract sufficient Unitholder support for doing so by legitimate means. GoldTrust believes that Sprott's attempt to unilaterally amend the powers of attorney is invalid and that any actions that Sprott would purport to take pursuant to them would be invalid. GoldTrust also believes that Sprott's actions are contrary to the take-over bid and proxy solicitation rules and the public interest. GoldTrust has commenced an application before the Ontario Securities Commission to contest the amendments and other aspects of the Offer and has sought an order from the Ontario Securities Commission cease trading the Offer. GoldTrust is of the view that the use of the powers of attorney by Sprott to replace its independent Trustees when the conditions to the Offer have not been met is not a purpose for which the powers of attorney were solicited, and a clear violation of law. Sprott's plan to change the terms of the powers of attorney granted by certain GoldTrust Unitholders - without consulting Unitholders or complying with securities laws - is nothing more than an illegitimate tactic to ignore the will of Unitholders and replace GoldTrust's independent Trustees with insiders of Sprott, all of whom are clearly and obviously conflicted. Further, Sprott had previously represented to Unitholders and the Ontario Superior Court of Justice that it would use the powers of attorney granted in connection with the Offer for the purpose of carrying out the mechanics required to complete the Offer, only if they achieved the minimum acceptance of 66 2/3% of GoldTrust Units. As GoldTrust pointed out in its news release of November 4, 2015, despite six extensions, a prolonged smear campaign and paying brokers to solicit tenders from their clients, the Offer is still far short of the required minimum tender condition.

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