/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES./
TORONTO, Jan. 21, 2014 /CNW/ - Faircourt Asset Management Inc., as Manager of Metals Plus Income Corp. (TSX: MPI) (the "Fund") announces today that the monthly distribution on the shares will be temporarily reduced from $0.05 per month per share ($0.60 per annum per share) to $0.03 per month per share ($0.36 per annum per share).
The Fund's distribution, funded primarily by option writing, has helped the Fund outperform the S&P/TSX Capped Materials Index during a very challenging environment for metals and materials mining equities over the past 2 years. As the global economy gradually improves this year, we believe that demand for metals & materials will solidify. Managing the distribution level represents an opportunity, to assist in growing the Net Asset Value (NAV) of the Fund back to more acceptable levels. Specifically, in a rising price environment a lower distribution will reduce the potential for capping our returns by writing options on securities we currently hold in the portfolio. As a result, we have decided to reduce the monthly distribution from $0.05 per share per month to $0.03 per share per month, representing a current yield of approximately 8%.
|Faircourt Funds|| Trading
|Ex-Dividend Date||Record Date||Payable Date|
|Metals Plus Income Corp.||MPI||$0.03||January 29, 2014||January 31, 2014||February 14, 2014|
Faircourt Asset Management Inc. is the Investment Advisor for Metals Plus Income Corp.
SOURCE: Faircourt Asset Management Inc.
For further information:
on the Faircourt Funds, please visit www.faircourtassetmgt.com or please contact 1-800-831-0304.