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.
Calgary, Alberta, June 13, 2007 - Norrep Performance 2004 Flow-Through Limited Partnership (the "Partnership") is pleased to announce 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 June 13, 2007 pursuant to approval received at the Special Meeting of Limited Partners held on June 4, 2007. The Partnership received an aggregate of 1,501,920 mutual fund shares of the Fund ("Mutual Fund Shares") with a net asset value of $34.24 per share in exchange for assets with a market value of $51,429,051.72. As a result of the Rollover, each limited partner of the Partnership will receive 0.25716 of a Mutual Fund Share for each Limited Partnership unit based on a net asset value of $8.81 per unit. All net asset values were calculated as at the close of business on June 12, 2007. The Mutual Fund Shares plus any remaining property of the Partnership will be distributed to limited partners within 5 days following the closing date.
In addition to the $8.81 per unit mentioned above, a distribution of $0.73 per unit will be paid on June 15, 2007 to Limited Partners of record on May 4, 2007.
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.
For further information please contact Randal L. Oliver, (403) 531-2651.
** Subsequent to the rollover, investors may switch into another open Norrep fund (Norrep Q Class, Norrep G Class, Norrep Income Growth Class or Norrep US Class). If you chose to switch into one of other funds, please note that you will not be able to switch back into the Norrep II Class. More information on the Norrep II Class can be found on this website in the menu under FUNDS / NORREP II CLASS. **
