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.
For further information: For further information:
|Mr. Tracy A. Graf
CEO & Trustee of Carfinco Income Fund
Web site: www.carfinco.com
|The Howard Group Inc.
Jeff Walker / Dave Burwell
Web site: www.howardgroupinc.com