/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, Nov. 19, 2012 /CNW/ - Creststreet Asset Management Limited ("Creststreet") today announced that on November 16, 2012, the rollover of Creststreet 2011(II) Flow-Through Limited Partnership (the "Partnership"), National Class units CUSIP #22630F-10-8, ("C2011(II)-National Class") and Quebec Class units CUSIP #22630F-20-7, ("C2011(II)-Quebec Class") into Series 2013N(II) Shares and Series 2013Q(II) Shares (the "Shares") of the Creststreet Resource Class (the "Creststreet Resource Fund") of Creststreet Mutual Funds Limited (the "Mutual Fund") was completed.
The assets of the Partnership were exchanged on a tax-deferred basis for Shares of the Creststreet Resource Fund of equal value. The Net Asset Value per Share of Creststreet Resource Fund at the time of rollover was $1.8448. Immediately after the rollover on November 16, 2012, the Partnership was dissolved.
Limited Partners of the C2011(II)-National Class received 2.9156083962 Series 2013N(II) Shares (Fund Code: CAM115) for each C2011(II)-National Class unit held. The Net Asset Value per C2011(II)-National Class unit at the time of the rollover was $5.3793. The adjusted cost base for tax purposes was retained on the tax-deferred rollover from the C2011(II)-National Class and is $0.3001 per Series 2013N(II) Share of the Creststreet Resource Fund.
Limited Partners of the C2011(II)-Quebec Class received 2.9495692148 Series 2013Q(II) Shares (Fund Code: CAM116) for each C2011(II)-Quebec Class unit held. The Net Asset Value per C2011(II)-Quebec Class unit at the time of the rollover was $5.4419. The adjusted cost base for tax purposes was retained on the tax-deferred rollover from the C2011(II)-Quebec Class and is $0.2208 per Series 2013Q(II) Share of the Creststreet Resource Fund.
The Shares will be redeemable and exchangeable beginning March 28, 2013, or such earlier date as the board of directors of the Mutual Fund may determine. The Mutual Fund does not charge redemption fees on the Shares. The Shares will be automatically converted into Series B shares of the Creststreet Resource Fund of equal value on or about September 30, 2013 or such earlier date as may be determined by the board of directors of the Mutual Fund.
On August 29, 2012, Creststreet and Brompton Funds Limited ("Brompton") announced that they had entered into an agreement for Brompton to acquire the rights to manage Creststreet's funds, including the Creststreet Resource Fund. The transaction is expected to be completed on or about November 30, 2012 and is subject to regulatory approvals and certain other terms and conditions. It is expected that certain key Creststreet personnel will join Brompton at the time of closing to assist in the ongoing management and operations of the Creststreet funds. Following the completion of the transaction, the Creststreet Resource Fund will change its name to the Brompton Resource Fund to reflect the change in management.
Creststreet will prepare the 2012 tax information packages for the Partnership and send this important information to unitholders in the same familiar, timely and complete manner as in previous years.
Brompton is a leading and experienced Canadian fund manager which launched its first investment fund in 2002 and currently manages 12 closed-end and flow-through funds with over $1.2 billion in assets under management. Brompton is focused on meeting the needs of investors by offering innovative products with client friendly terms and supported by strong corporate governance.
Creststreet believes the long term interests of unitholders of the Partnership will be well served by Brompton, a larger and more diversified investment fund and portfolio manager, assuming management of the Creststreet Resource Fund.
About Creststreet Resource Fund
The Creststreet Resource Fund is a diversified natural resources fund that invests in a broad selection of energy, mining, metals and agricultural related equity securities. To track the performance of Creststreet Resource Fund and for further information on additional fund classes of Creststreet Mutual Funds, please visit our website www.creststreet.com, where we update net asset values on a weekly basis.
The Mutual Fund offers an additional mutual fund class, the Creststreet Dividend & Income Fund, allowing investors to switch between fund classes to further diversify their investment on a tax-deferred basis. Classes of the Mutual Fund are also RRSP/RRIF/TFSA eligible.
SOURCE: Creststreet 2011(II) Flow-through Limited Partnership
For further information:
Vice President, Compliance and Investment Services
Creststreet Asset Management Limited
Tel: (416) 864-3125
Toll Free : 1-866-864-6330