TORONTO, Sept. 21, 2011 /CNW/ - The Northwater Market-Neutral Trust (the "Trust") announced today that
the final net asset value of the Trust per unit as at August 31, 2011
is $1.14. The return of the Trust for the month of August 2011 is
1.48%. The rolling 12-month return for the Trust is -7.43%.
The Trust also announced today that it has declared a termination
distribution to be payable to unitholders of record on September 30,
2011 in the amount of $0.07 per unit. This termination distribution is
expected to be paid on October 7, 2011.
In determining the net asset value of the Trust, the Trust relies on
estimates provided by administrators or managers of each of the Trust's
underlying hedge funds. These estimates may be revised and the Trust
will be required to capture these revisions in subsequent net asset
value calculations. The net asset value of the Trust is also affected
by the finalization of the net asset value by the administrators of the
underlying hedge funds.
Status of Wind-up
The Trust also provided investors with an update on the status of the
wind-up of the Trust and its ongoing efforts to liquidate the remaining
assets of the Trust as soon as reasonably practicable after the
scheduled termination date of the Trust that was scheduled to occur on
December 31, 2009 (the "Termination Date").
As announced previously, the effects of the global financial crisis have
continued to impair the ability of the remaining underlying hedge funds
in the portfolio to liquidate their holdings and have caused all of the
remaining hedge funds held by the Trust to continue to invoke various
restrictions on redemptions including, without limitation, restricting
redemptions to a limited percentage of the aggregate net asset value of
such underlying hedge funds, the temporary suspension of redemptions
altogether, or the commencement of a controlled liquidation and wind-up
of the underlying hedge fund's business. This has continued to prevent
the Trust from being able to proceed with the distribution of the
remaining assets of the Trust to unitholders and has forced the Trust
to continue to exist beyond the Termination Date.
The Manager continues to actively seek alternative means of effecting
the monetization of the underlying hedge fund portfolio of the Trust in
an effort to distribute the proceeds to unitholders as soon as
practicable. In the event that the Manager pursues an alternative
means of monetizing the underlying hedge fund portfolio, it is likely
that the value achieved through such transactions may materially differ
from the net asset values and estimates received from administrators or
managers of the Trust's underlying hedge funds.
As previously announced by the Manager, the Toronto Stock Exchange
("TSX") delisted units of the Trust and the Trust ceased trading on the
TSX effective as of December 31, 2009. Regardless of the delisting of
units of the Trust on December 31, 2009, the Trust will continue to
exist and unitholders will have a right to the return of their pro rata
share of the assets of the Trust as such assets are liquidated and cash
becomes available for distribution to unitholders.
SOURCE Northwater Market-Neutral Trust
For further information:
Dan Mills at Northwater Capital Management Inc. at (416) 360-2101.