TORONTO, June 26 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") today is providing investors with a further update on the
scheduled termination of the Trust on June 30, 2009 (the "Termination Date").
The Trust previously announced on June 19, 2009 that it will be making an
initial termination distribution in the amount of $3.87 per unit to
unitholders of record on June 30, 2009. The Toronto Stock Exchange (the "TSX")
has inquired about the intentions of the Trust in relation to the listing of
its units on the TSX after the Termination Date in light of this significant
distribution of the Trust's available liquid assets.
Northwater Fund Management Inc., in its capacity as trustee of the Trust,
has requested that the units of the Trust remain listed on the TSX beyond the
Termination Date as the Trust continues to work toward an orderly liquidation
of all of its assets. The TSX today has determined to permit the continued
trading in units of the Trust beyond the Termination Date but not beyond
September 30, 2009. While the Trustee will continue to seek additional
extensions of this deadline to maintain the listing of the Trust's units on
the TSX, it is possible that trading in units may cease as of September 30,
2009. Notwithstanding the ability of the Trust to formally seek unitholder
approval to extend the listing beyond September 30, 2009, it is likely that
the cost of holding such a unitholder meeting would outweigh the benefit of
maintaining the listing.
Regardless of whether the listing on the TSX is maintained beyond
September 30, 2009, the Trust will continue to exist and unitholders of the
Trust will have a right to the return of their pro rata share of the assets of
the Trust as such assets are liquidated and cash becomes available for
distribution to unitholders.
Additional details will be provided to unitholders as they become
Units of the Northwater Five-Year Market-Neutral Trust are listed on The
Toronto Stock Exchange under the symbol NYF.UN.
For further information:
For further information: Mohamed Khaki at Northwater Capital Management
Inc. at (416) 360-5435