TORONTO, ONTARIO--(Marketwire - Feb. 7, 2013) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
Front Street Capital 2004 ("FSC"), the manager of Front Street Strategic Yield Fund Ltd., and Sprott Asset Management LP ("Sprott"), the manager of Sprott Flatiron Yield Trust and Flatiron Market Neutral LP ("FMN LP"), have announced today that they have fulfilled the objectives previously set out for the co-investment advisory appointments of Front Street Investment Management Inc. ("FSIMI") and Sprott to certain funds described below and that these funds are well-positioned going forward. As a result, FSC and Sprott have reached an agreement in principle whereby the co-investment advisory relationships previously announced on December 3, 2012, will be terminated.
Since December 3, 2012, FSIMI and Sprott have been the co-investment advisors to each of the following funds: Front Street Strategic Yield Fund Ltd., Flatiron Strategic Yield Ltd., Sprott Flatiron Yield Trust, and FMN LP (collectively, the "Funds"). The co-investment advisory agreement for each of the Funds will be terminated effective at the close of trading on February 15, 2013 (the "Termination Date").
Following the Termination Date, it is currently expected that FSIMI will be the sole investment advisor for Front Street Strategic Yield Fund Ltd. and Flatiron Strategic Yield Ltd. and that Sprott will be the sole investment advisor for Sprott Flatiron Yield Trust and FMN LP. FMN LP is currently in the process of being wound-up, and it is anticipated that this wind-up will be completed on or about February 8, 2013.
Certain statements in this joint press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "plans", "estimates" or "intends" (or negative or grammatical variations thereof), or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Statements which may constitute forward-looking statements relate to: the execution of definitive documentation, the termination of the appointment of FSIMI and Sprott as co-investment advisors to each of the Funds, identity of the persons that will be the investment advisors to the Funds following the Termination Date, and the expected completion date of the wind-up of FMN LP. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of each of the Funds. There are no assurances the Funds can fulfill such forward-looking statements and the Funds do not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing one or more of the Funds, some of which are beyond the control of the Funds.