CARFINCO INCOME FUND
EDMONTON, Dec. 20 /CNW/ - Carfinco Income Fund ("Carfinco" or the "Fund") today released the details of a one-time unit distribution, which was
originally announced on December 7th of this year. The details are
being announced today as the calculations required in determining the
precise nature of the distribution could not be completed until after
the close of trading on December 17, 2010.
Unitholders will receive a one-time year-end trust unit distribution of
0.02549 (2,549/100,000) units per unit held, for a value of 19 cents
per unit. The Board of Trustees has concluded that it is in the best
interests of the unitholders to pay them the cash equivalent of any
fractional units that they would otherwise be entitled to under the
distribution. This distribution is in addition to the total monthly and
special cash distribution of 14 cents per unit announced for December
2010 and brings Carfinco's total cash and unit distributions to 78.5
cents per unit for 2010.
The distribution is based on the weighted average closing trading price
of the units during the ten business days immediately preceding the
record date of December 20, 2010, which is $7.454, and a distribution
value of 19 cents per unit. The distribution is payable on December 31,
2010 to unitholders of record on December 20, 2010. The
ex-distribution date was December 16, 2010.
The cash and units to be distributed are based on an estimate by the
Board of Trustees of the year-end taxable income of the Fund. The unit
distribution is subject to TSX acceptance.
About Carfinco Income Fund
Carfinco focuses on providing consumer vehicle loans to borrowers unable
to obtain financing through traditional lending sources. A network of
select independent and franchise dealerships offer Carfinco's payment
plan to their customers who must, along with the vehicle, meet
Carfinco's underwriting guidelines. The units of the Fund trade on The
Toronto Stock Exchange under the symbol "CFN.UN".
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Fund. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties
and should not place undue reliance on such forward-looking statements.
SOURCE Carfinco Financial Group Inc.
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