MISSISSAUGA, ON, Dec. 20 /CNW/ - Second Cup Income Fund (SCU.UN) ("Fund") announced that its Board of Trustees has approved cash distributions of $0.07667 per unit for the month of November 2010 and $0.07667 per unit for the month of December 2010. The distribution for the month of November is to be paid on December 31, 2010 to unitholders of record at the close of business on December 29, 2010. The distribution for the month of December is to be paid on January 31, 2011 to unitholders of record at the close of business on December 31, 2010.
The Fund also announced that its conversion from an income trust structure to a public corporation is expected to be completed on January 1, 2011 at which time all the outstanding units of the Fund will be exchanged on a one-for-one basis for common shares of a new corporation, The Second Cup Ltd., on a tax-deferred basis. It is expected that the common shares of The Second Cup Ltd. will commence trading on the Toronto Stock Exchange under the symbol SCU on January 4, 2010.
About the Fund
The Fund is an open-ended trust established under the laws of the Province of Ontario. It holds the Canadian trade-marks and other intellectual property and associated rights used in connection with the operation of Second Cup cafés in Canada. The Second Cup Ltd., an indirect wholly owned subsidiary of the Fund, is Canada's largest specialty coffee café franchisor, as measured by number of cafés. For the ultimate on-line coffee experience, visit www.secondcup.com.
For more information on the Second Cup Income Fund please visit www.secondcupincomefund.com.
For further information: For further information: Robert Masson, Chief Financial Officer, (905) 362-1824 or [email protected]