The NAV at rollover and the performance indicated are unaudited. Please refer to the fund reports for the audited final performance and NAV information.
Investment Objective
The Partnership's investment objective was to achieve capital appreciation and provide tax deductions through investments in flow through shares of resource companies. In addition, the Partnership would participate in the exploration, development and production of oil and gas by investing in flow through shares of subsidiary companies, which would be formed to enter into joint ventures with joint venture partners.
NORREP PERFORMANCE 2003 FLOW-THROUGH LIMITED PARTNERSHIP COMPLETES ASSET TRANSFER
Calgary, Alberta, February 8, 2006 - Norrep Performance 2003 Flow-Through Limited Partnership (the "Partnership") announced that it has completed the transfer of all of its assets (the "Rollover") to Norrep II Class of Norrep Opportunities Corp. (the "Fund") effective at the close of business on February 7, 2006 pursuant to approval received at the Special Meeting of Limited Partners held on February 2, 2006. The Partnership received an aggregate of 1,014,769.737 mutual fund shares of the Fund ("Mutual Fund Shares") with a net asset value of $27.896300 per share in exchange for assets with a market value of approximately $28,308,321.02. As a result of the Rollover, each limited partner of the Partnership will receive 0.368992417 of a Mutual Fund Share for each limited partnership unit. All net asset values were calculated as at close of business on February 7, 2006. Mutual Fund Shares plus any remaining property of the Partnership will be distributed to limited partners within 5 days following the closing date.
Immediately following completion of the Rollover, the Partnership shall be dissolved in accordance with the Partnerships Act (Ontario).
Norrep Inc. is the manager of the Fund. The portfolio manager is Hesperian Capital Management Ltd., which was also the portfolio manager for the Partnership.
The final net asset value of the flow-through was $10.2825 this value does not include the January 16, 2005 distribution of $0.95/unit and January 13, 2006 distribution of $0.65/unit and a final distribution on February 15th of 0.18/unit.
The effect of these changes is as follows:
- Limited Partners will receive a T-5013 prior to tax filing time outlining taxable capital gains and other income.
- Limited Partners will receive units in Norrep II Class equal to the value of your Norrep Performance 2003 Flow-Through LP units after the distribution and all closing expenses and fees.
- Limited Partners will be able to choose to continue to hold the Norrep II Class of Norrep Opportunities Corp. units and continue to defer taxation or you may choose to redeem the units of Norrep II Class for cash. Your clients may also switch units of the Norrep II Class, tax free, to the Norrep Q Class, the Norrep US Class or the Norrep Income Growth Class.
If you have any questions, please feel free to contact Mila Belic at 403-537-5710.
