TORONTO, Dec. 18 /CNW/ - Middlefield Group, on behalf of COMPASS Income
Fund, announces that a special distribution will be made to holders of record
as at the close of business on December 31, 2007. This special distribution
will be made by way of additional Units, based on the net asset value per Unit
on December 31, 2007. Subject to a final review of the Fund's 2007 taxable
income in early 2008, it is expected that the special distribution will be
$0.35 per Unit. Immediately after the issuance of the additional Units, the
outstanding Units of the Fund will be consolidated such that the number of
Units will remain unchanged from the number outstanding immediately prior to
the special distribution.
This special distribution is the result of two factors. First, the Fund's
positive performance in 2007 has been accompanied by significant realized
capital gains. Second, the Fund's Declaration of Trust requires that all
taxable income be paid to Unitholders prior to the end of its taxation year.
A Unitholder will be required to include the amount of the special
distribution in income, most of which will be in the form of capital gains,
and this same amount also will be added to the adjusted cost base of the Units
held by such Unitholder thereby reducing taxable capital gains that may be
realized on future dispositions of the Units held by such Unitholder.
COMPASS trades on the Toronto Stock Exchange under the symbol CMZ.UN.
This press release contains forward-looking information which is based on
historical information. Actual future results, including the amount of the
special distribution, may differ materially from the special distribution
currently expected to be paid. The risks, uncertainties and other factors that
could influence actual results are described in the Fund's prospectus dated
March 27, 2002 and other documents filed by the Fund with the Canadian
securities regulatory authorities. The forward-looking information contained
in this press release constitutes the Fund's current estimate, as of the date
of this press release, with respect to the matters covered hereby. Investors
and others should not assume that any forward-looking statement contained in
this press release represents the Fund's estimate as of any date other than
the date of this press release.
For further information:
For further information: please visit our website at www.middlefield.com
or contact the undersigned: Nancy Tham, Senior Vice President, (416) 847-5349