TRADING SYMBOL: Toronto Stock Exchange - CWA.UN
VANCOUVER, Dec. 18 /CNW/ - Coast Wholesale Appliances Income Fund (the Fund) today announced a cash distribution of $0.0416 per unit for the period from December 1, 2009 to December 31, 2009. This distribution is to be paid January 15, 2010 to unitholders of record on December 31, 2009. This is the Fund's fifty-fourth consecutive monthly cash distribution to public unitholders. A cash distribution in the same amount will be paid to the Fund's 35% non-controlling interest by Coast Wholesale Appliances LP (Coast). In addition, the Fund declared a special, one-time distribution of $0.0416 per unit, also to be paid to unitholders of record on December 31, 2009 and the non-controlling interest on January 15, 2010.
"Our performance over the past six months was stronger than we anticipated when we made the decision to reduce our distributions early this year," said Kenneth Crump, chairman of the board of trustees of the Fund. "We are pleased to be able to reward our unitholders for their continued support of our business."
The Fund is an unincorporated, open-ended limited purpose trust launched on June 23, 2005 with the completion of an initial public offering of 6,525,000 trust units. It was created to acquire and hold a 65% indirect interest in Coast, a leading independent supplier of major household appliances to developers and builders of multi-family and single-family housing, and to retail customers. Founded in 1978, Coast currently operates 16 stores, with 15 locations across the four western provinces and one store in the Greater Toronto Area.
SOURCE COAST WHOLESALE APPLIANCES INCOME FUND
For further information: For further information: Jack Peck, Chief Financial Officer, Telephone: (604) 301-3400 or email firstname.lastname@example.org, Website: www.coastincomefund.com