Creststreet Asset Management Ltd. announced Tuesday the rollover of Creststreet 2010 Flow-Through Limited Partnership National Class units and Quebec Class into Series 2012N shares and Series 2012Q shares of Creststreet Resource Class of Creststreet Mutual Funds Ltd. was completed on January 20.
The assets of the partnership comprising the National Class were exchanged on a tax-deferred basis for Series 2012N shares of the Creststreet Resource Fund of equal value, and the assets of partnership comprising the Quebec Class were exchanged on a tax-deferred basis for Series 2012Q 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 $3.8004. Immediately after the rollover, the partnership was dissolved.
Limited partners of National Class received 1.4829736360 Series 2012N shares for each National Class unit held. The net asset value per National Class unit at the time of the rollover was $5.6364. The adjusted cost base for tax purposes was retained on the tax-deferred rollover from the National Class and is $0.2602 per Series 2012N share of Creststreet Resource Fund.
Limited Partners of Quebec Class received 1.3863725335 Series 2012Q shares for each Quebec Class unit held. The net asset value per Quebec Class unit at the time of the rollover was $5.2693. The adjusted cost base for tax purposes was retained on the tax-deferred rollover from Quebec Class and is $0.0712 per Series 2012Q share of the Creststreet Resource Fund.
The shares will be redeemable and exchangeable beginning March 30. Creststreet Mutual Funds Ltd. 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 Sept. 30, 2012 or such earlier date as may be determined by the manager of the Creststreet Resource Fund.