On February 9, 2015, Polar Securities Inc. announced that following concerted efforts by Polar and its advisors to engage in a constructive dialogue with the boards of trustees of Silver Bullion Trust, Polar requisitioned the board of trustees of the Company to call a special meeting of unitholders for the purposes of reconstituting the Company's Board by removing 4 of the current trustees: Bruce D. Heagle, Ian M.T. McAvity, Michael A. Parente and Jason A. Schwandt and electing 3 new independent trustees: Robert A. Lehodey, Stephen T. Moore, and Andrew J. Papierz, nominated by Polar.