Sprott Completes Exchange Offer for Central GoldTrust
Sprott’s AUM Increased by Approximately $1 Billion
Adds Over 20,000 New Investors to Sprott Client Base
TORONTO, Jan. 18, 2016 (GLOBE NEWSWIRE) -- Sprott Inc. (TSX:SII) ("Sprott" or the "Company") today announced that its subsidiary, Sprott Asset Management LP, together with Sprott Physical Gold Trust (NYSE:PHYS) (TSX:PHY.U), has successfully completed its exchange offer to acquire all of the outstanding units of Central GoldTrust (“GTU”) (NYSE:GTU) (TSX:GTU-U) on a Net Asset Value (“NAV”) to NAV exchange basis.
“This is an important transaction for Sprott that adds more than $1 billion to our total assets under management, based on current gold pricing,” said Peter Grosskopf, CEO of Sprott. “In addition, we have increased the size and liquidity of our industry-leading physical bullion products and gained more than 20,000 new clients based largely in the US, which is a key growth area for Sprott. The overwhelming support the offer received from GTU unitholders confirms the benefits of our exchange-listed bullion products and positions us well to leverage our platform to deliver further growth.”
Subsequent to the completion of the exchange offer, the Sprott Physical Gold Trust had a NAV of approximately US$2 billion.
Sprott would like to acknowledge the efforts of the team at Sprott Asset Management and special legal counsel Stikeman Elliott who assisted on the successful transaction.
About Sprott Inc.
Sprott Inc. is a global independent asset manager dedicated to achieving superior returns for its clients over the long term. The Company operates primarily through five business units: Sprott Asset Management LP; the Global Companies; Sprott Resource Lending Corp.; Sprott Consulting LP; and Sprott Private Wealth LP. Sprott Inc. is headquartered in Toronto, Canada and is listed on the Toronto Stock Exchange under the symbol "SII". For more information on Sprott Inc., please visit www.sprottinc.com.
CONTACT: Contact information: Glen Williams Director of Communications Sprott Group (416) 943-4394 email@example.com