After reviewing information distributed by both Polar Securities Inc.
and Central GoldTrust, Pekin
Singer Strauss Asset Management has announced that it intends to
vote in favor of Polar’s
proposal to amend the trust’s unit redemption features.
The proposed initiative, to be addressed at Central GoldTrust’s May 1
annual unitholder meeting, will allow redemptions of 100 percent net
asset value for those requesting a gold redemption and 95 percent net
asset value for those requesting a cash redemption.
“Polar’s proposal to unlock unitholder value is proven and
straightforward. If implemented, we can expect a decrease in the trading
discount of Central GoldTrust units and maximized value for all
unitholders,” said Adam Strauss, co-CEO of Pekin Singer Strauss,
investment advisor to high-net-worth individuals and Appleseed
Fund (NYSE: APPLX, APPIX), a go-anywhere value fund where Central
GoldTrust is a top holding.
“We urge Central GoldTrust management to reconsider its rejection of
Polar’s proposal,” he said.
Since 2010, Pekin Singer Strauss – on behalf of its separately managed
accounts and Appleseed Fund -- has purchased more than 1.2 million units
of Central GoldTrust, a Canadian-based closed-end fund that owns and
holds gold bullion.
“As a long-term U.S.-based holder of Central GoldTrust units, we fully
support Polar’s redemption proposal,” said Strauss.
About Pekin Singer Strauss Asset Management
Founded in 1990, Pekin Singer Strauss Asset Management is a leading
Chicago-based wealth management firm that provides its high-net-worth
clients with thoughtful financial advice, comprehensive financial plans
and customized investment portfolios. It has generated superior returns
over time by pursuing a disciplined value investing approach which
minimizes investment risk with clients’ capital. The independent,
employee-owned firm is committed to maintaining the highest standards of
ethics and objectivity and to serving as its clients’ trusted advisor.
For more information, visit www.pekinsinger.com.
Pekin Singer Strauss Asset Management is registered with the SEC as an
investment adviser.
About Appleseed Fund
Appleseed Fund is a mutual fund that seeks to generate market-beating
returns by making, prudent, disciplined, and sustainable investments in
a variety of asset classes around the world. The Fund is managed by
Pekin Singer Strauss Asset Management. For more information, visit www.appleseedfund.com.
Past performance is no guarantee of future results. The investment
return and principal value of an investment in the Fund will fluctuate
so that an investor’s shares, when redeemed, may be worth more or less
than their original cost.
Investments in commodities may be affected by overall market
movements, changes in interest rates, and other factors such as weather,
disease, embargoes and international economic and political
developments. Commodities are assets that have tangible properties, such
as oil, metals, and agricultural products. These instruments may subject
the Fund to greater volatility than investments in traditional
securities.
As of 12/31/2014 Appleseed Fund invested 13.1% of its portfolio into
Central GoldTrust (NYSE: GTU).
You should carefully consider the investment objectives, potential
risks, management fees, and charges and expenses of the Fund before
investing. The Fund’s prospectus contains this and other information
about the Fund and should be read carefully before investing. You may
obtain a current copy of the Fund’s prospectus by calling
1-800-470-1029. Distributed by Unified Financial Securities, Inc., 2960
North Meridian Street, Suite 300, Indianapolis, IN 46208. (Member FINRA)
Copyright Business Wire 2015