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17:03 | 17.09.2009
Front Street Capital Pleased to Report Returns of 93% Year-to-date for Front Street Canadian Energy Fund
TORONTO, ONTARIO–(Marketwire – Sept. 17, 2009) – NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES Front Street Capital 2004 (”Front Street Capital”) is pleased to announce returns in its Front Street Canadian Energy Fund, formerly Front Street Mining Opportunities Fund, of 93% year-to-date. Front Street Capital notes that this performance is off a low base at December 31, 2008 as a result of the extraordinary market events and illiquidity that occurred in capital markets during the fourth quarter of 2008. As set out in the Fund’s offering memorandum, Front Street Capital is entitled to earn performance fees subject to meeting certain conditions. Despite the exceptional performance of the Fund in 2009, Front Street Capital as Manager has determined that it would be appropriate to recognize the volatility of the past year by waiving the performance bonus that would be payable to the Manager for the fiscal 2009 year and, accordingly, will reverse the performance bonus accrual to return this amount to investors. Investors that have redeemed their units in 2009 will also receive an adjustment to reflect the reversal of the performance bonus accrual. These changes will be effective September 24, 2009. Front Street Capital is an Ontario-based investment fund manager which manages a number of investment funds, mutual funds and flow-through limited partnerships sold throughout Canada. |
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