TORONTO, Jan. 8 /CNW/ - Northwater Top 75 Income Trusts Plus (the
"Trust") announced today that the projected net asset value of the Trust per
unit, as at December 31, 2007, is $8.34. This net asset value reflects the
monthly cash distribution of $0.08 per Unit previously declared to unitholders
of record on December 31, 2007 but does not take into account any additional
special distribution that the Trust may be required to pay in order to ensure
that the Trust distributes all of its net income and realized capital gains so
that the Trust will not be liable to pay income tax under Part I of the Income
Tax Act. It is not currently anticipated that any such additional special
distribution will be required for 2007. However, the Trust cannot finalize the
amount of any special distribution until all of its net income and realized
capital gains for 2007 have been ascertained.
The return of the Trust for the month of December is estimated at 1.26%.
The rolling 12-month return for the Trust is approximately 4.96%. The Trust
will firm up its net asset value per unit as reports from administrators and
managers are finalized. The final net asset value per unit will be provided to
investors once it is available.
The Trust generally holds an income trust portfolio comprised of an
equally weighted portfolio of the largest 75 income trusts by market
capitalization listed on the Toronto Stock Exchange. For the month of
December, the S&P/TSX Capped Income Trust Index posted a return inclusive of
reinvested distributions of 2.14%.
The Trust also has exposure to a portfolio of market-neutral hedge funds
held by Enhancement Fund Limited (the "Fund") through a forward purchase and
sale agreement. For the month of December, 18 of the 30 hedge fund managers
posted positive returns, while seven of the 12 market-neutral strategies
included within the Fund's portfolio contributed positively to the bottom
line. Specifically, the Fund's statistical arbitrage managers, in aggregate,
were the largest contributors to the estimated return of the Trust for the
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 of a unit of the Trust falls below 95% of the net asset value of the
Trust per unit. The Trust purchased 17,000 units under this program during the
The Northwater Top 75 Income Trusts Plus is a well-diversified fund of
income trusts and market-neutral hedge funds. Units are listed on the Toronto
Stock Exchange under the symbol NTP.UN.
For further information:
For further information: Mohamed Khaki or Stephen Foote at Northwater
Capital Management Inc. at (416) 360-5435