TORONTO, Dec. 21 /CNW/ - The Manager of Lawrence Income and Growth Fund ("LIGF") (formerly Lawrence Payout Ratio Trust) today announced the Fund's distribution to holders of Lawrence Income and Growth Fund Series X Units (LAW480) and Series A Units (LAW400/LAW420) and Series F Units (LAW450). The monthly distribution of $0.0583 per Series X unit and $0.04 per Series A and $0.04 per Series F units will be payable on or before January 15, 2010 to holders of record as of December 31, 2009.
Also, starting in January 2010, the annual distribution amount for Series X Units will be decreased from $0.70 per annum to $0.48 per annum, in line with distributions paid on Class A Units of the Fund. The Manager believes this is prudent as the performance of Class X Units, with a current yield in excess of 12%, has lagged that of Class A Units due to the erosion of net assets. This revised distribution rate represents a yield of 8.68% for Class X Units based on the current net asset value per unit of $5.53.
Lawrence Income and Growth Fund is an actively managed portfolio of Canadian income funds, convertible bonds, debentures, high yield debt instruments and listed equity securities. LIGF units are RRSP eligible. LIGF is managed by Lawrence Asset Management Inc.
Distribution per LAW480: $0.0583
Distribution per LAW400/LAW420/LAW450: $0.0400
Ex-Dividend Date: December 29, 2009
Record Date: December 31, 2009
Payment Date: January 15, 2010
SOURCE LAWRENCE INCOME AND GROWTH FUND
For further information: For further information: Investor Relations, Catherine Stretch, (416) 362-6283, firstname.lastname@example.org, www.lawrenceasset.com