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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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August 3, 2015
08:26 EDTPHYSOntario court affirms Sprott offer for Central Goldtrust
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July 29, 2015
08:14 EDTPHYSCentral GoldTrust urges shareholders to reject Sprott offer
Central GoldTrust (GTU) issued a letter to shareholders, saying that its board has recommended that the shareholders REJECT the Sprott (PHYS, PSLV) offer and TAKE NO ACTION. The letter said that Sprott offers "no meaningful premium" and that it will charge shareholders roughly 75% higher management fees. "Over the past few months, we have been speaking with GoldTrust Unitholders," the letter reads. "Our Unitholders, who are predominantly long-term gold bullion investors, tell us they bought GoldTrust Units due to our very low administration fees, industry-leading gold bullion security, tax-efficient structure and long-term track record of stewarding gold bullion investments. In order to respond to current bear market conditions, GoldTrust adopted an enhanced cash redemption feature, which we believe is a prudent way of addressing the current net asset value discount without altering the advantages of the GoldTrust tax, fee and security structure. For these reasons and the reasons set forth in the Trustees' Circular, we believe that GoldTrust Unitholders are much better off retaining their GoldTrust Units than exchanging them for Sprott units which come with significantly higher ongoing management fees, lower bullion security, much greater tax risk and virtually no governance rights."

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