Creststreet 2009 Limited Partnership to refund portion of capital
/NOT FOR DISTRIBUTION TO
The flow-through investments made by the Partnership were acquired at a very attractive average premium to market at the time of investment of 15% and have now appreciated to be par with market. The remaining proceeds were not fully invested as a number of flow-through investment opportunities that were expected to be available to the Partnership late in the year did not materialize. While the Manager subsequently reviewed a number of alternative flow-through investment opportunities in order to complete the investment program, they did not meet the Partnership's quality and pricing criteria. As a result, the Partnership determined that it was in the best interest of limited partners to return a portion of the capital to investors.
As a result of the refund by the Manager, of the issue costs related to the refunded capital, investors will not suffer any loss as a result of issue costs on the capital refunded by the Partnership.
We apologize for any inconvenience the underinvestment of the Partnership's proceeds may cause, however, we felt it was better to maintain the Partnership's strict quality and pricing criteria rather than risk losing investors' capital simply for the benefit of acquiring tax deduction.
The offering was made through a syndicate of investment dealers led by Scotia Capital Inc. and includes: BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., HSBC Securities (
About Creststreet
Creststreet is an investment management firm that was founded on the premise that energy is an increasingly scarce commodity which will increase in value over time, providing attractive long-term investment opportunities. Since its inception in 2000, Creststreet has raised over
For further information: Sheryl Chiddenton, Manager, Compliance and Investment Services, Creststreet Asset Management Limited, Tel: (416) 864-3125, E-mail: [email protected]
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