/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
TORONTO, Nov. 19, 2012 /CNW/ - Creststreet Asset Management Limited
("Creststreet") today announced that on November 16, 2012, the rollover
of Creststreet 2011(II) Flow-Through Limited Partnership (the
"Partnership"), National Class units CUSIP #22630F-10-8,
("C2011(II)-National Class") and Quebec Class units CUSIP #22630F-20-7,
("C2011(II)-Quebec Class") into Series 2013N(II) Shares and Series
2013Q(II) Shares (the "Shares") of the Creststreet Resource Class (the
"Creststreet Resource Fund") of Creststreet Mutual Funds Limited (the
"Mutual Fund") was completed.
The assets of the Partnership were exchanged on a tax-deferred basis for
Shares of the Creststreet Resource Fund of equal value. The Net Asset
Value per Share of Creststreet Resource Fund at the time of rollover
was $1.8448. Immediately after the rollover on November 16, 2012, the
Partnership was dissolved.
Limited Partners of the C2011(II)-National Class received 2.9156083962
Series 2013N(II) Shares (Fund Code: CAM115) for each C2011(II)-National
Class unit held. The Net Asset Value per C2011(II)-National Class
unit at the time of the rollover was $5.3793. The adjusted cost base
for tax purposes was retained on the tax-deferred rollover from the
C2011(II)-National Class and is $0.3001 per Series 2013N(II) Share of
the Creststreet Resource Fund.
Limited Partners of the C2011(II)-Quebec Class received 2.9495692148
Series 2013Q(II) Shares (Fund Code: CAM116) for each C2011(II)-Quebec
Class unit held. The Net Asset Value per C2011(II)-Quebec Class unit
at the time of the rollover was $5.4419. The adjusted cost base for tax
purposes was retained on the tax-deferred rollover from the
C2011(II)-Quebec Class and is $0.2208 per Series 2013Q(II) Share of the
Creststreet Resource Fund.
The Shares will be redeemable and exchangeable beginning March 28, 2013,
or such earlier date as the board of directors of the Mutual Fund may
determine. The Mutual Fund does not charge redemption fees on the
Shares. The Shares will be automatically converted into Series B
shares of the Creststreet Resource Fund of equal value on or about
September 30, 2013 or such earlier date as may be determined by the
board of directors of the Mutual Fund.
On August 29, 2012, Creststreet and Brompton Funds Limited ("Brompton")
announced that they had entered into an agreement for Brompton to
acquire the rights to manage Creststreet's funds, including the
Creststreet Resource Fund. The transaction is expected to be
completed on or about November 30, 2012 and is subject to regulatory
approvals and certain other terms and conditions. It is expected that
certain key Creststreet personnel will join Brompton at the time of
closing to assist in the ongoing management and operations of the
Creststreet funds. Following the completion of the transaction, the
Creststreet Resource Fund will change its name to the Brompton Resource
Fund to reflect the change in management.
Creststreet will prepare the 2012 tax information packages for the
Partnership and send this important information to unitholders in the
same familiar, timely and complete manner as in previous years.
Brompton is a leading and experienced Canadian fund manager which
launched its first investment fund in 2002 and currently manages 12
closed-end and flow-through funds with over $1.2 billion in assets
under management. Brompton is focused on meeting the needs of investors
by offering innovative products with client friendly terms and
supported by strong corporate governance.
Creststreet believes the long term interests of unitholders of the
Partnership will be well served by Brompton, a larger and more
diversified investment fund and portfolio manager, assuming management
of the Creststreet Resource Fund.
About Creststreet Resource Fund
The Creststreet Resource Fund is a diversified natural resources fund
that invests in a broad selection of energy, mining, metals and
agricultural related equity securities. To track the performance of
Creststreet Resource Fund and for further information on additional
fund classes of Creststreet Mutual Funds, please visit our website www.creststreet.com, where we update net asset values on a weekly basis.
The Mutual Fund offers an additional mutual fund class, the Creststreet
Dividend & Income Fund, allowing investors to switch between fund
classes to further diversify their investment on a tax-deferred basis.
Classes of the Mutual Fund are also RRSP/RRIF/TFSA eligible.
SOURCE: Creststreet 2011(II) Flow-through Limited Partnership
For further information:
Vice President, Compliance and Investment Services
Creststreet Asset Management Limited
Tel: (416) 864-3125
Toll Free : 1-866-864-6330