CARFINCO INCOME FUND
EDMONTON, Dec. 18 /CNW/ - Carfinco Income Fund ("Carfinco" or the "Fund") today released the details of a one-time unit distribution, which was originally announced on December 8th 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, 2009.
Unitholders will receive a one-time year-end trust unit distribution of 0.0257 (257/10,000) units per unit held, for a value of 6.41 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 cash distribution of 12 cents per unit announced earlier this month and brings Carfinco's total distributions to 24.41 cents per unit for 2009.
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 18, 2009, which is $2.499, and a distribution value of 6.41 cents per unit. The distribution is payable on December 31, 2009 to unitholders of record on December 18, 2009. The ex-distribution date was December 16, 2009.
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. These results are subject to change as a result of the reviews conducted by the Fund's auditors, audit committee and the Board of Trustees. Also, 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.
For further information: For further information: Mr. Tracy A. Graf, CEO & Trustee of Carfinco Income Fund, Telephone: 1-888-486-4356, Facsimile: 1-888-486-7456, E-mail: firstname.lastname@example.org; OR The Howard Group Inc., Jeff Walker, Bob Beaty, Investor Relations, Telephone: 1-888-221-0915, Telephone: (403) 221-0915, E-mail: Info@howardgroupinc.com, Website: www.howardgroupinc