TORONTO, Jan. 17 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the final net asset value of the Trust per unit,
as at December 31, 2007, is $11.76. The Northwater Market-Neutral Trust also
announced today that it has finalized the year-end distribution previously
declared to unitholders of record on December 31, 2007. The year-end
distribution will be $2.00 per unit. The final net asset value reflects the
year-end distribution of $2.00 per unit.
The final character of the distribution for tax purposes will be
determined in accordance with the trust agreement and the Income Tax Act
(Canada) and will be communicated to unitholders as soon as practicable after
it becomes available.
As indicated previously, the record date for the distribution is
December 31, 2007 and the distribution will be paid on January 29, 2008.
The amount of the distribution includes all of the Trust's net income and
net realized capital gains for 2007 required to be distributed.
The return of the Trust for the month of December is -0.08%. The rolling
12-month return for the Trust is 3.42%.
For the month of December, 25 of the Trust's 37 hedge funds posted
positive returns, while 7 of the 11 market-neutral strategies included within
the Trust's portfolio added to the bottom line. Specifically, the Trust's
fixed income arbitrage managers, in aggregate, were the largest contributors
to the estimated return of the Trust for the month.
Subject to limits set out in the Trust's prospectus, the Trust is
required to purchase its units in the market in the event that the market
price falls below 92.5% of net asset value. The Trust also makes purchases of
its units pursuant to a normal course issuer bid. The Trust purchased 10,000
units under these programs during the month.
Holders of Units in the Northwater Market-Neutral Trust may elect to have
their distributions re-invested into additional Units by enrolling in the
Trust's Distribution Reinvestment Plan. Unitholders should contact their
broker or the Plan Agent (CIBC Mellon Trust Company) to enroll in the plan.
The Northwater Market-Neutral Trust is a diversified portfolio of
market-neutral hedge funds, the return of which is expected to be
substantially independent of the major bond and equity markets.
Units are listed on The Toronto Stock Exchange under the symbol NMN.UN.
For further information:
For further information: Mohamed Khaki or Stephen Foote at Northwater
Capital Management Inc. at (416) 360-5435