Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Discussion of the Gold portion of the Permanent Portfolio

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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by HB Reader » Mon Jun 15, 2015 9:55 pm

Well, all of my GTU holdings are in retirement accounts so I plan to accept the tender offer.  I have no tax issues.  I have always tried to buy gold as directly as possible.  Over many years, the problem of the dearth of viable gold retirement account vehicles became one of the more vexing problems I experienced sticking with the PP as retirement accounts came to dominate my holding "spaces". 

I don't particularly like Sprott, but whether they or anyone else make a "huge" profit on the deal is irrelevant to me.  I may well end up transferring the holdings over to one of the major gold ETFs.

I have bought GTU several times over the years simply because it occasionally traded at a substantial discount to spot gold and I believed it to be very safe (from a fraud perspective).  I doubt it will every trade at much of a premium again since there are so many other vehicles of relatively recent advent that trade at NAV and can be traded easily in "normal" brokerage accounts.

Basically, this offer is what I've been waiting to happen. 



     
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by dragoncar » Tue Jun 16, 2015 1:43 am

HB Reader wrote: Well, all of my GTU holdings are in retirement accounts so I plan to accept the tender offer.  I have no tax issues.  I have always tried to buy gold as directly as possible.  Over many years, the problem of the dearth of viable gold retirement account vehicles became one of the more vexing problems I experienced sticking with the PP as retirement accounts came to dominate my holding "spaces". 

I don't particularly like Sprott, but whether they or anyone else make a "huge" profit on the deal is irrelevant to me.  I may well end up transferring the holdings over to one of the major gold ETFs.

I have bought GTU several times over the years simply because it occasionally traded at a substantial discount to spot gold and I believed it to be very safe (from a fraud perspective).  I doubt it will every trade at much of a premium again since there are so many other vehicles of relatively recent advent that trade at NAV and can be traded easily in "normal" brokerage accounts.

Basically, this offer is what I've been waiting to happen. 



   
Which other options are you referring to?

Shouldn't the discount disappear now since anyone can but GTU and immediately tender? 
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by sophie » Tue Jun 16, 2015 6:46 am

One thing I wasn't quite certain of in the offer is whether the trade is for the current value (including the discount), or at a zero discount.  Does anyone know for certain what "nav to nav basis" means?

At the current discount of -6.3%, I'd lose out since I got some shares at -4%.  It may never trade again at a premium, but there's no reason the discount wouldn't rise to near zero.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by Pet Hog » Tue Jun 16, 2015 1:43 pm

sophie wrote: One thing I wasn't quite certain of in the offer is whether the trade is for the current value (including the discount), or at a zero discount.  Does anyone know for certain what "nav to nav basis" means?

At the current discount of -6.3%, I'd lose out since I got some shares at -4%.  It may never trade again at a premium, but there's no reason the discount wouldn't rise to near zero.
I don't know for certain, but this it what I think it means.  Using yesterday's numbers from the Sprott and GoldTrust websites, one share of GTU had a NAV of $43.50/share and one share of PHYS had a NAV of $9.83/share, so on a NAV-to-NAV basis you would get 4.43 shares (43.50/9.83) of PHYS for your one share of GTU.  Now, that 4.43 shares of PHYS would have been worth $43.46 at the closing price of $9.81/share, and your one share of GTU would have been worth $40.75.  So the gain on doing the swap would have been 6.65%.

As long as the discount on the shares of GTU at the time you bought them is greater that the discount on the shares of PHYS at the time of the swap, I think you will end up profiting on the deal.  Consider it this way:  GTU's discount yesterday was 6.3%; if PHYS's discount was also 6.3%, then the swap would be a wash.  Thus, your purchase of GTU at a discount of 4% should be profitable relative to PHYS's discount yesterday of 0.28%.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by MachineGhost » Tue Jun 16, 2015 2:48 pm

This seems like free money.  What is the catch?  Too late to buy shares and agree to tender?
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by steve » Tue Jun 16, 2015 3:13 pm

I am in full agreement with the trustees of Central Gold Trust, even before they came out and gave the opinion not to tender, I had the same opinion, I'm in this for the long run. The only reason there is a discount to nav is because people who should not have bought it or bought for the wrong reasons want to sell when gold is out of favor and are desperate, think about it if anyone who wanted to sell held fast to a price that was equal or above nav there would be no discount.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by HB Reader » Tue Jun 16, 2015 4:52 pm

dragoncar wrote:
HB Reader wrote: Well, all of my GTU holdings are in retirement accounts so I plan to accept the tender offer.  I have no tax issues.  I have always tried to buy gold as directly as possible.  Over many years, the problem of the dearth of viable gold retirement account vehicles became one of the more vexing problems I experienced sticking with the PP as retirement accounts came to dominate my holding "spaces". 

I don't particularly like Sprott, but whether they or anyone else make a "huge" profit on the deal is irrelevant to me.  I may well end up transferring the holdings over to one of the major gold ETFs.

I have bought GTU several times over the years simply because it occasionally traded at a substantial discount to spot gold and I believed it to be very safe (from a fraud perspective).  I doubt it will every trade at much of a premium again since there are so many other vehicles of relatively recent advent that trade at NAV and can be traded easily in "normal" brokerage accounts.

Basically, this offer is what I've been waiting to happen. 



   
Which other options are you referring to?

Shouldn't the discount disappear now since anyone can but GTU and immediately tender?
The "other options" I was referring to are the gold ETFs (like GLD and SGOL).  They have only come about in the last dozen years (I've been at this for a long time!).  It used to be that GTU and CEF were the only games in town for retirement accounts, except for very expensive (in terms of fees) bullion dealers that would hold American Eagles for you.

Yes, the GTU discount should disappear if it is taken over by Sprott.  In any case, there are now so many exchange traded options available, I just don't think the old "buy on the discount/sell on the premium" attraction of GTU will offer much opportunity in the future. 

Not sure I answered your question.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by Libertarian666 » Tue Jun 16, 2015 5:08 pm

MachineGhost wrote: This seems like free money.  What is the catch?  Too late to buy shares and agree to tender?
No, you can still buy and tender if you want to. However, there are a couple of catches that I have identified.

1. The governance of PHYS seems to be very opaque, unlike that of GTU, and the offer is actually a request for an irrevocable proxy for them to use to replace the trustees, although this is not how it is described in their documents. I don't like those tactics.
2. If you buy at about a 6% discount (as it was recently) and the offer fails, then the discount could widen.
3. PHYS has sold at a discount in the past, according to the trustees, and may do so again when the offer is completed, so you may not get that much (or any) premium.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by dragoncar » Tue Jun 16, 2015 5:21 pm

Libertarian666 wrote:
MachineGhost wrote: This seems like free money.  What is the catch?  Too late to buy shares and agree to tender?
No, you can still buy and tender if you want to. However, there are a couple of catches that I have identified.

1. The governance of PHYS seems to be very opaque, unlike that of GTU, and the offer is actually a request for an irrevocable proxy for them to use to replace the trustees, although this is not how it is described in their documents. I don't like those tactics.
2. If you buy at about a 6% discount (as it was recently) and the offer fails, then the discount could widen.
3. PHYS has sold at a discount in the past, according to the trustees, and may do so again when the offer is completed, so you may not get that much (or any) premium.
OK so it sounds like the conversion is conditional on enough people tendering.  Not like I can just buy a bunch of GTU right now, exchange it for PHYS, and then sell my PHYS.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by sophie » Tue Jun 16, 2015 5:27 pm

I agree with MachineGhost, it does sound like free money.  Not to mention that once the offer is completed, GTU's discount could well drop further.

PHYS has indeed sold at a discount but per the numbers listed in the 108 page document linked to in the email about the Sprott offer, it's very small compared to GTU.  Currently it's -0.33%.  I'm willing to bet it will drop a bit more at the time the offer is executed, but probably not as low as GTU.  And if that happens you could quickly buy some and then wait for the discount to return to normal.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by Libertarian666 » Wed Jun 17, 2015 9:06 am

Here's an interesting detail from the latest salvo from the GTU trustees in this battle, from http://archive.fast-edgar.com//20150616 ... JZ2W2ZB72/:

"Sprott has required that any GoldTrust Unitholder that wishes to tender to the Sprott Offer on a tax-deferred basis must grant to Sprott Asset Management LP an irrevocable power of attorney to effect the structural changes to GoldTrust necessary to force through their proposed merger transaction. For reasons that Sprott has failed to disclose, this power of attorney becomes irrevocable at 4:58 p.m. on the expiry date, meaning that Sprott maintains voting control over Units tendered on a rollover basis after expiry, even if Sprott has not achieved any or all of the stated conditions to the Sprott Offer or paid GoldTrust Unitholders for their Units. As set out in the Trustees’ Circular, a number of possible scenarios may prevail following the expiry of the Sprott Offer, during any or all of which Unitholders that may have tendered to the Sprott Offer might wish to withdraw their consent to the Sprott Offer or, at least, maintain voting control over Units that have not been taken up by Sprott. Units tendered on a rollover basis are not actually intended to be taken up by Sprott, meaning that Sprott could end up with broad voting control over a significant number of GoldTrust Units without having paid any consideration therefor and with no ability by tendering Unitholders to take back their votes."

That alone is an excellent reason to reject this offer.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by steve » Wed Jun 17, 2015 12:13 pm

Libertarian666 wrote: Here's an interesting detail from the latest salvo from the GTU trustees in this battle, from http://archive.fast-edgar.com//20150616 ... JZ2W2ZB72/:

"Sprott has required that any GoldTrust Unitholder that wishes to tender to the Sprott Offer on a tax-deferred basis must grant to Sprott Asset Management LP an irrevocable power of attorney to effect the structural changes to GoldTrust necessary to force through their proposed merger transaction. For reasons that Sprott has failed to disclose, this power of attorney becomes irrevocable at 4:58 p.m. on the expiry date, meaning that Sprott maintains voting control over Units tendered on a rollover basis after expiry, even if Sprott has not achieved any or all of the stated conditions to the Sprott Offer or paid GoldTrust Unitholders for their Units. As set out in the Trustees’ Circular, a number of possible scenarios may prevail following the expiry of the Sprott Offer, during any or all of which Unitholders that may have tendered to the Sprott Offer might wish to withdraw their consent to the Sprott Offer or, at least, maintain voting control over Units that have not been taken up by Sprott. Units tendered on a rollover basis are not actually intended to be taken up by Sprott, meaning that Sprott could end up with broad voting control over a significant number of GoldTrust Units without having paid any consideration therefor and with no ability by tendering Unitholders to take back their votes."

That alone is an excellent reason to reject this offer.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by MachineGhost » Wed Jul 08, 2015 11:56 pm

Not sure what this really means, but he sure is cocky.

Rick spoke with us last week while taking a brief break from Sprott's unsolicited bid to acquire all the units of Central GoldTrust (NYSE: GTU) and Silver Bullion Trust (which trades exclusively on the Toronto exchange).

We had a wide-ranging conversation on everything from precious metals and energy to Greece, the U.S. dollar, China and more. But before we could discuss any of those things, Rick first had to wind down from the takeover proceedings surrounding those two precious metals funds.

Sprott already manages two similar funds, Sprott Physical Gold Trust (NYSE: PHYS) and Sprott Physical Silver Trust (NYSE: PSLV). The company made an $898 million offer via a share swap for the two Canadian precious metals trusts in April, figuring it can add plenty of value to the funds, which trade at discounts to their net asset value.

"Our offer is clearly superior," Rick said. "They [the gold and silver trusts] have traded at big discounts to their net asset value for years. The good news is the other side isn't fighting us on the Street... they're fighting us on Bay Street.

"That's not where shareholders live."
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by AdamA » Sun Jul 19, 2015 10:08 am

Can anyone explain to me what happened with this in very simple terms?  I really don't understand. 

I used GTU because I felt that they were very transparent and therefor a little easier to trust than some of the ETFs.  Now I don't know what to think. 
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by Libertarian666 » Sun Jul 19, 2015 11:59 am

AdamA wrote: Can anyone explain to me what happened with this in very simple terms?  I really don't understand. 

I used GTU because I felt that they were very transparent and therefor a little easier to trust than some of the ETFs.  Now I don't know what to think.
Very simply, Sprott Asset Management wants the gold in GTU, to increase their asset base, which has been depleted by a bunch of their big shareholders cashing out the gold they held. So they are soliciting the unitholders of GTU to give them proxies to vote for a change in the terms of GTU so they (Sprott) can take over the assets of GTU.

I don't like the tactics that Sprott has used, and prefer not to have their opaque management style in charge of one of my assets, so I did not give them my proxies.

Actually, it's all more or less moot to me at this point, because I sold most of my GTU anyway to generate tax losses.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by AdamA » Sun Jul 19, 2015 1:28 pm

So if I do nothing, GTU keeps my proxies and I keep GTU, right?  Nothing changes?
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by rickb » Sun Jul 19, 2015 4:17 pm

AdamA wrote: So if I do nothing, GTU keeps my proxies and I keep GTU, right?  Nothing changes?
Nothing changes unless Sprott obtains enough proxies to take over the fund.  If this happens then GTU will be merged into PHYS.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by Libertarian666 » Sun Jul 19, 2015 8:16 pm

AdamA wrote: So if I do nothing, GTU keeps my proxies and I keep GTU, right?  Nothing changes?
Proxies are assignments of your shareholder (actually unitholder) voting rights. You don't have to give them to anyone unless you want someone else to vote your units, which I don't recommend.

So long as you don't give proxies to anyone, nothing will happen to you... unless Sprott collects enough proxies to vote 66 2/3rd % of the outstanding units, in which case they will take over the assets of GTU and boot out the current management. If they managed that, they would exchange your units for PHYS whether you liked it or not.

I don't see the advantage to me in that, so I wasn't going to give Sprott my proxies, but it is moot to me because I have sold most of my GTU for (mostly) unrelated reasons, as mentioned above.

(The reason it is only mostly unrelated is that the discount to NAV narrowed after the GTU trustees announced that they were going to allow unitholders to cash in at 5% under NAV, which made it more attractive to sell GTU right now.)
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by BearBones » Tue Jul 28, 2015 8:10 pm

Ok, I have now received my third "TIME CRITICAL - MUST RESPOND" notice from Vanguard along with another Notice from Sprott!

I too like GTU and will probably stick with it (and buy more). My only reservation is giving up the "free money" eluded to earlier in this post. Sophie and MachineGhost, would you still be inlined to exchange? Others?
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by Mike59 » Wed Aug 19, 2015 8:35 pm

so, this story drags on, the discounts are ridiculous compared to NAV (which I'm ok with, I've stacked CEF recently at -12%, looking to hit a rebalancing band soon and throw some cash at GTU which sits at -6%). Surprisingly  my precious metal positions are in the green...

Can anyone help translate this article into layman's terms? Thank you in advance!
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by dualstow » Sun Aug 23, 2015 12:18 pm

I was out of town and did not respond to the time-critical offers. Oops.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by Libertarian666 » Sun Aug 23, 2015 5:08 pm

dualstow wrote: I was out of town and did not respond to the time-critical offers. Oops.
Don't worry.
1. They aren't that great.
2. They will probably be extended.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by dualstow » Sun Aug 23, 2015 7:33 pm

Good to know. If I do nothing, will I get to keep my PHYS by default?
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by Libertarian666 » Mon Aug 24, 2015 8:13 am

dualstow wrote: Good to know. If I do nothing, will I get to keep my PHYS by default?
If the exchange offer succeeds, all GTU units will be "converted" to PHYS. Otherwise, nothing will happen to anyone who hasn't tendered their GTU units. It's not clear what happens to people who have tendered, but I can't see how it could be anything good.

BTW, I don't expect the offer to succeed.
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Re: Sprott Intends to Make Exchange Offers for Central GoldTrust and Silver Bullion

Post by flyingpylon » Mon Aug 24, 2015 11:20 am

Is there some limit to how long they can try to obtain the necessary proxies?  I'm getting tired of the mail and phone calls.
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