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May 27, 2015 8:45 AM ET

Capital Markets

Company Overview of Sprott Physical Gold Trust

Company Overview

Sprott Physical Gold Trust is an exchange traded commodity launched and managed by Sprott Asset Management, LP. The fund invests in the commodity markets. It primarily invests in physical gold bullion in London Good Delivery bar form. Sprott Physical Gold Trust was formed on August 28, 2009 and is domiciled in Canada.

Royal Bank Plaza

South Tower

200 Bay Street

Suite 2700

Toronto, ON M5J 2J1


Founded in 2009





Key Executives for Sprott Physical Gold Trust

Chief Executive Officer of Sprott Asset Management LP and Co-Chief Investment Officer of Sprott Asset Management LP
President of Sprott Asset Management LP
Chief Financial Officer of Sprott Asset Management LP and Principal Accounting Officer of Sprott Asset Management LP
Co- Chief Investment Officer of Sprott Asset Management LP
Chief Compliance Officer of Sprott Asset Management LP
Compensation as of Fiscal Year 2014.

Sprott Physical Gold Trust Key Developments

Sprott Intends To Make Hostile Offer For GoldTrust

Sprott Asset Management, LP announced its intention, together with Sprott Physical Gold Trust (ARCA:PHYS) to make a hostile offer to acquire all of the outstanding units of Central GoldTrust (TSX:GTU.UN). No offer has yet been received, and unit holders are advised to do nothing until after an offer is actually made and GoldTrust's Independent Trustees make their recommendation to unit holders. Bruce Heagle, Chairman of the Special Committee of Independent Trustees, stated, "We are surprised and disappointed that Sprott did not approach GoldTrust prior to announcing its intended offer."

Sprott Asset Management Plans $800 Million Unsolicited Bid For Canadian Metals Trusts

Sprott Asset Management, LP plans to make an unsolicited offer to buy Central GoldTrust (TSX:GTU.UN) and Silver Bullion Trust (TSX:SBT.UN) for almost $900 million, saying the precious metals companies are undervalued. The share swap by Sprott represents an 8.3% premium to the trusts’ combined market value of $829 million. Under the terms of the bid, Sprott would exchange units of its own trusts, Sprott Physical Gold Trust (ARCA:PHYS); Sprott Physical Silver Trust (ARCA:PSLV), for units of Central GoldTrust and Silver Bullion on a net asset value basis. The offers will happen simultaneously and be conditional on the approval of both Central GoldTrust and Silver Bullion unitholders and other conditions.

Sprott Physical Gold Trust Reports Audited Earnings Results for the Year Ended December 31, 2014

Sprott Physical Gold Trust reported audited earnings results for the year ended December 31, 2014. For the period, the company reported loss of USD 24,052,199 compared with USD 752,619,183 for the same period last year. Net income and comprehensive loss for the period was USD 32,977,362 compared with USD 762,888,218 for the same period last year. Net cash used in operating activities was USD 8,341,866 compared with USD 9,896,036 for the same period last year. The Trust’s net asset value per unit on December 31, 2014 was USD 9.84 against USD 10.06 per share a year ago.

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