Polar welcomes Sprott exchange offer for units of Central GoldTrust and Silver Bullion Trust

• Polar believes NAV for NAV exchange offer would resolve persistent discounts at Central GoldTrust and Silver Bullion Trust
• Polar encourages Central GoldTrust Unitholders to vote in favour of Polar's Nominees for the board of Central GoldTrust
• Polar's Nominees are most capable of objectively reviewing the Sprott offer with a view to enhancing value for all Unitholders

TORONTO, April 23, 2015 /CNW/ - Polar Securities Inc. ("Polar") announced today that it would welcome an exchange offer from the globally-recognized leader in the precious metals space, Sprott Asset Management LP, whereby units of Central GoldTrust ("CGT") (TSX:GTU-U; NYSE MKT:GTU) and Silver Bullion Trust ("SBT") (TSX:GTU-U; NYSE MKT:GTU) would be exchanged for units of Sprott Physical Gold Trust ("PHYS") (NYSEARCA:PHYS) and Sprott Physical Silver Trust ("PSLV") (NYSEARCA:PSLV), respectively. 

"We have continually stated that our sole objective is to reduce the persistent trading discount of CGT and SBT Units to their respective NAVs.  The proposal by Sprott Asset Management as presented in today's press release appears to be an elegant solution to this ongoing problem that the existing management teams have been unwilling to resolve on their own. The Sprott team understands and responds to unitholder interests far better than the existing management of CGT and SBT and they have established PHYS and PSLV as industry-leading precious metals funds," said Paul Sabourin, Chairman and CIO of Polar.

"We remain concerned that Mr. Spicer, Chairman and CEO of CGT and SBT, and the incumbent trustees of CGT and SBT are neither willing nor capable of objectively evaluating alternatives to resolve this ongoing problem," he continued. "For this reason, we will continue with our proxy solicitation to reconstitute CGT's board of trustees at the Annual and Special Meeting to be held on May 1. We have no doubt our nominees are most capable of objectively reviewing the Sprott offer with a view to enhancing value for all Unitholders."

Unitholders that want a fair and effective review of the Sprott offer are strongly encouraged to vote the BLUE proxy today for Polar's five highly qualified and independent nominees.

If you have any questions or need assistance in voting your BLUE proxy, please contact Shorecrest Group Ltd. at 1-888-637-5789 (toll free within North America) or 647-931-7454 (collect calls accepted), or by email at [email protected].

POLAR SECURITIES INC.

Established in 1991, Polar is registered as an Investment Dealer, Investment Fund Manager and Futures Commission Merchant with the Ontario Securities Commission and is a member of the Investment Industry Regulatory Organization of Canada. Polar acts as the investment manager for certain investment funds and manages over CAD$2 billion of client funds. Polar's investment philosophy focuses on capital preservation and low volatility. During its tenure, Polar has invested in more than 10 Canadian precious metals funds and more than 75 Canadian closed-end products and has extensive expertise in structuring, managing and investing in complex investment products.

SOURCE Bayfield Strategy

Unitholders of CGT: Shorecrest Group Ltd., 1-888-637-5789 (toll free within North America), 647-931-7454 (collect calls accepted), [email protected]; Media: Riyaz Lalani, Bayfield Strategy, Inc., [phone], [email protected]