TORONTO, Dec. 10, 2012 /CNW/ - AlphaNorth 2011 Flow-Through Limited
Partnership (the "Partnership") announced that, in connection with the
planned dissolution of the Partnership, it will be proceeding with a
transaction (the "Transaction") pursuant to which the assets of the
Partnership (the "Assets") will be transferred on a tax-deferred basis
to the AlphaNorth Resource Fund (the "Resource Fund"). The Resource
Fund is a class of AlphaNorth Mutual Funds Limited, an open-ended
mutual fund corporation. The effective date of the Transaction is expected to be on or about
February 22, 2013. Note that previously, the anticipated date was
January 4, 2013. The Manager believes the new date may be in the best interest to
unitholders due to market seasonality. Within 60 days of the
Transaction, the Partnership will be dissolved.
In exchange for the Assets, Series B shares of the Resource Fund will be
issued to the Partnership and then distributed to the individual
limited partners. The general partner of the Partnership will be
implementing the Transaction in accordance with the limited partnership
agreement that governs the Partnership. Appropriate elections under
applicable income tax legislation will be made to effect the transfer
on a tax-deferred basis.
Following the Transaction, investors may switch to series F for fee
based accounts, switch to the AlphaNorth Growth Fund (the 'Growth
Fund'), or redeem their shares on any business day by contacting their
dealers. Due to the low adjusted cost base of the Partnership units,
when these positions are sold, the entire proceeds are taxable.
Therefore tax liabilities incurred may be deferred by remaining
invested in the Resource Fund or Growth Fund.
The AlphaNorth Resource Fund is an open-ended mutual fund. The objective of the Resource Fund is to
generate strong returns by investing in Canadian resource companies
that offer attractive risk-reward characteristics. The Manager will
invest primarily in junior and intermediate Canadian resource
The AlphaNorth Growth Fund is also an open-ended mutual fund. The objective of the Growth Fund is
to generate industry leading long-term returns by providing investors
with diversified exposure to primarily small and mid-capitalization
Canadian companies that offer attractive risk-reward characteristics.
These will typically be companies with market capitalizations between
$100 million and $5 billion.
About AlphaNorth Asset Management:
AlphaNorth Asset Management is a Toronto-based investment management
firm with $110 million in assets under management. It manages the
AlphaNorth Partners Fund, which recently won the award for 'Best 3-Year
Annualized Return' (July 31-2009 -- July 31 2012 annualized returns of
37.4% over the 3 year period) at the Fifth Canadian Hedge Fund Awards
for the second year in a row. It also manages the AlphaNorth Growth
Fund, the AlphaNorth Resource Fund, the AlphaNorth 2011 Flow-Through
Limited Partnership and the AlphaNorth 2012 Flow-Through Limited
SOURCE: AlphaNorth Asset Management
For further information:
Please visit our website at www.alphanorthasset.com or contact Skye Collyer, Vice President, Sales and Marketing at 416-506-0776 (ext. 227) or firstname.lastname@example.org.