Connors Bros. Income Fund Declares Special Non-Cash Distribution of Units



    TORONTO, Dec. 18 /CNW/ - Connors Bros. Income Fund (TSX: CBF.UN) (the
"Fund"), whose subsidiaries market consumer food products under brands such as
Bumble Bee(R), Clover Leaf(R), Brunswick(R), Castleberry's(R) and Sweet
Sue(R), today announced that its Board of Trustees has approved a special
distribution to be paid in units on or before January 30, 2008 to unitholders
of record as of December 31, 2007. The Fund's Declaration of Trust requires
that all of the Fund's taxable income be paid to unitholders prior to the end
of the taxation year. Subject to a final review of the Fund's taxable income
for the year ended December 31, 2007 and the amount thereof that has not
previously been paid to unitholders, management's best estimate is that the
special distribution will be C$0.14 - C$0.17 per unit, payable in units.
    Immediately after the issuance of the additional units, the outstanding
units of the Fund will be consolidated such that the number of units held by
any unitholder will remain unchanged from the number outstanding immediately
prior to the special distribution, subject to withholding tax, if any. A
unitholder will be required to include the amount of the special distribution
in income (or be subject to Canadian withholding tax on the amount in the case
of unitholders not resident in Canada). This same amount also will be added to
the adjusted cost base of the units held by such unitholder, thereby reducing
taxable income that may be realized on future dispositions of those units.

    Forward Looking Statements

    The statements contained in this news release that are forward-looking
are based on current expectations, and are subject to a number of
uncertainties and risks, and actual results may differ materially. These
uncertainties and risks include, but are not limited to: final determination
of the costs and expenses related to the Recall, availability of resources
such as fish, meat and other raw materials, competitive pressures and changes
in market activity, risks associated with U.S. and international sales and
foreign exchange, and regulatory requirements. Further information can be
found in the disclosure documents filed by the Fund with the Canadian
securities regulatory authorities, available at www.sedar.com.

    About Connors Bros. Income Fund

    Connors Bros. Income Fund indirectly owns, through its subsidiaries, a
100% interest in Clover Leaf Seafoods, L.P. and Bumble Bee Foods, LLC.
Together, these two operating companies comprise North America's largest
branded seafood company, offering a full line of canned tuna, salmon, sardine
and specialty seafood products, marketed under leading brands including Clover
Leaf(R), Bumble Bee(R), Brunswick(R), Snow's(R) and Beach Cliff(R), as well as
a full-line of canned chicken and canned meat products in the U.S. under the
American Originals(TM), Castleberry's(R), and Sweet Sue(R) brand names. For
further information, please visit the Fund's website at www.connors.ca.
    %SEDAR: 00016892E




For further information:

For further information: Kent McNeil, Executive Vice President & Chief
Financial Officer, Connors Bros., Ltd., (858) 715-4076

Organization Profile

CONNORS BROS. INCOME FUND

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890