|Date Announced:||April 23, 2015|
|Client Name:||Central GoldTrust|
Central GoldTrust, a $1 billion, TSX-listed, passively-stewarded gold bullion investment trust, in connection with its defence of an unsolicited takeover bid for all of the outstanding Units of Central GoldTrust by Sprott Asset Management Gold Bid LP, an affiliate of Sprott Asset Management LP and Sprott Inc. (collectively, "Sprott"). Sprott commenced its takeover bid for Central GoldTrust on May 27, 2015, and is offering to acquire all of the outstanding Units of Central GoldTrust in exchange for units of Sprott Physical Gold Trust ("Sprott PHYS"), originally on a net asset value ("NAV") to NAV basis and since October 6, 2015, for a premium of US$0.10 per Central GoldTrust Unit payable in Sprott PHYS units.
Bennett Jones acted for the Special Committee of Independent Trustees in its consideration and ultimate recommendation to the board of trustees of Central GoldTrust to recommend that Unitholders reject the Sprott bid. Bennett Jones has also represented the Special Committee in subsequent proceedings before the Ontario Superior Court of Justice and the Ontario Securities Commission in connection with the Sprott bid, and continues to represent the Special Committee in respect of the proposed conversion of Central GoldTrust into an exchange-traded fund in partnership with Purpose Investments, as announced on November 17, 2015.