TORONTO, Jan. 15 /CNW/ - The Northwater Top 75 Income Trusts PLUS (the "Trust") announced today that the final net asset value of the Trust per unit, as at December 31, 2009, is $1.11. The final net asset value is net of the previously announced initial termination distribution of $1.00 per unit paid on January 15, 2010. The return of the Trust for the month of December is -22.06%. The rolling 12-month return for the Trust is -8.69%.
The Trust also announced today that it has declared the second termination distribution to be payable to unitholders of record on January 22, 2010 in the amount of $1.00 per unit. The second termination distribution is expected to be paid on January 29, 2010. In addition, the Trust has concluded that no special distribution of the Trust's net income and realized capital gains will be required to ensure that the Trust will not be liable to pay income tax under Part I of the Income Tax Act.
Unitholders are advised that the second termination distribution declared payable to unitholders of record on January 22, 2010 in the amount of $1.00 per unit is not the final and terminal distribution of the Trust. In order to finally wind-up the affairs of the Trust and to ensure that all of the Trust's liabilities have been paid in full, it is necessary for the Trust to hold back approximately $0.11 per unit to allow for the payment of any such liabilities that remain outstanding and payable. The Trust is in the process of conferring with each of the Trust's third party service providers to finalize any such outstanding and payable amounts and a final and terminal distribution will be declared as soon as reasonably practicable upon the completion of this process at which time the Trust will be formally terminated.
The decrease in the value of the Trust during the month was the result of the sale of the Trust's only asset, Enhancement Fund Limited (the "Fund") which held the underlying illiquid hedge fund portfolio. Please refer to the December 30, 2009 press release of the Trust that outlines the process undertaken to liquidate the Fund to allow for the distribution of the Trust's remaining assets and ultimately the termination of the Trust. As previously announced, the Trust was scheduled to terminate on December 31, 2009 but due to the illiquidity of the underlying hedge fund portfolio, the Trust has not been able to liquidate the Fund's holdings and had been actively seeking a secondary market transaction to provide liquidity to the Trust's unitholders and ultimately terminate the Trust.
SOURCE NORTHWATER TOP 75 INCOME TRUSTS PLUS
For further information: For further information: Dan Mills at Northwater Capital Management Inc. at (416) 360-2101