Creststreet 2008 Limited Partnership extends date of rollover
/NOT FOR DISTRIBUTION TO
Private energy securities currently comprise approximately 22.1% of the Partnership's net assets and approximately 21.7% of the Fund's net assets. In order to transfer the assets of the Partnership to the Fund, under applicable securities legislation, the percentage of the net assets of the Fund made up of private securities must, immediately after the transfer, be 10% or less.
Of the net market value of securities held by the Partnership, 15.4% are securities of Tourmaline Oil Corp. ("Tourmaline"). Tourmaline was formed in late 2008 by
Of the net market value of securities held by the Fund, 16.2% are securities in Athabasca Oil Sands Corp. ("Athabasca"). At the end of August, 2009, Athabasca announced it had entered into a series of agreements with PetroChina Company Limited ("PetroChina"), whereby PetroChina had agreed to acquire a 60% interest in two of Athabasca's oil sands projects for C$1.9 billion. In an information circular mailed to Athabasca shareholders in connection with a shareholder meeting held on
Both the Partnership and the Fund believe that is in the best interests of their respective security holders not to complete the rollover transaction until such time as Athabasca's transaction with PetroChina is completed and it is determined whether a special distribution will be made to shareholders of Athabasca. At that point, the Partnership will be in a position to determine which private securities should be sold down in order to allow the rollover transaction of the Partnership's assets to the Fund to complete under applicable securities regulations. On a date to be determined by the general partner of the Partnership after the completion of such a sale transaction and no later than
About Creststreet
Creststreet is an investment management firm that was founded on the premise that energy is an increasingly scarce commodity which will increase in value over time, providing attractive long-term investment opportunities. Since its inception in 2000, Creststreet has raised over
For further information: Sheryl Chiddenton, Manager, Compliance and Investment Services, Creststreet Asset Management Limited, Tel: (416) 864-3125, E-mail: [email protected]
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