TORONTO, Jan. 19, 2012 /CNW/ - The Northwater Market-Neutral Trust (the "Trust") announced today that the final net asset value of the Trust per unit as at December 31, 2011 is $0.74. This net asset value does not take into account the impact of the termination distribution of $0.53 per unit announced on January 16, 2012.
The return of the Trust for the month of December 2011 is -31.06% reflecting the previously announced reduction in the net asset value of the Trust incurred as a result of the secondary market sales of the remaining illiquid hedge funds held by the Trust. The rolling 12-month return for the Trust is -33.07%.
As previously announced, the closing of the secondary market sales described above is subject to a number of conditions including the consent of managers of the relevant underlying funds. Northwater Fund Management Inc. (the "Manager"), in its capacity as manager of the Trust, continues to expect that the remaining sale transactions will close by not later than March 31, 2012. Additional termination distributions of the net proceeds from such sales will be distributed to investors as soon as reasonably practicable after such closings occur.
For further information:
Dan Mills at Northwater Capital Management Inc. at (416) 360-2101