On February 18, 2015, Polar Securities Inc. announced that it is pleased with the response received from unitholders of Silver Bullion Trust for Polar's proposals. In its statement, Polar Securities stated that: (i) despite strong unitholder support for Polar's proposals, Trustees fail to engage in constructive dialogue, (ii) Independent Trustees should lead process of considering proposals, and (iii) unitholders are urged to review proposal put forth by Polar on February 9, 2015.