Toronto Stock Exchange: VIC.UN, VIC.DB
OAKVILLE, ON, Dec. 13, 2010 /CNW/ - Vicwest Income Fund ("the Fund") today announced its cash distribution for the month of December 2010. The monthly cash distribution of $0.13 per unit is payable on December 31, 2010 to unitholders of record as of December 31, 2010. Holders of units who are non-residents of Canada will be required to satisfy all withholding taxes payable in respect of any distributions of income by the Fund.
2011 Conversion and Quarterly Dividend
As previously announced and approved by its unitholders, the Fund will convert to a corporation called Vicwest Inc. on or about January 1, 2011. Also, as previously announced, Vicwest Inc. will adopt a distribution policy of paying a dividend on its common shares on a quarterly basis, commencing in 2011. These dividends will be designated as eligible dividends for Canadian income tax purposes. Vicwest Inc. currently anticipates the payment of quarterly dividends at an initial annualized rate of $1.08 per common share commencing on April 15, 2011 for shareholders of record on March 31, 2011.
About Vicwest Income Fund
The Fund is a leading manufacturer and distributor of building construction products, and steel containment products for agricultural grain, fertilizer and liquid storage. Through its Vicwest Building Products division, the Fund fabricates and markets metal roofing, siding and other metal building products under the trade names Vicwest, Mercury Metals, Valley Truss & Metal, RCA Metal and AWIP-Vicwest USA. The Fund's Westeel Storage Solutions division manufactures storage solutions for agricultural grain and fertilizer, as well as liquid storage tanks and accessories. These products are manufactured and distributed under the trade names Westeel, Northern Steel Industries and NSI. Through a global alliance, Westeel also distributes Buhler Industries-manufactured grain handling equipment in Canada under the Westeel brand. With approximately 1,200 dedicated employees and strategically located manufacturing facilities, the Fund delivers superior quality products and excellent service to customers in chosen markets. Vicwest Income Fund has traded on the Toronto Stock Exchange since 2005 and is a member of the S&P/TSX SmallCap Index. For more information, visit www.vicwestfund.com.
Certain statements in this news release may constitute "forward-looking" statements. When used in this news release, such statements use words, including but not limited to, "may", "will", "expect", "believe", "plan", "intend", "anticipate", "future" and other similar terminology. These forward-looking statements reflect the current expectations of the Fund's management regarding future events but involve known and unknown risks, uncertainties and other factors which may cause the outcome of the Offering or the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events could differ materially from those projected herein and depend on a number of factors. These factors would include, but are not limited to, dependence on market and economic conditions, sales and margin risk, competition, information system risks, availability of supply of products, risks associated with the introduction of new product lines, product design risk, environmental risks, volatility of commodity prices, inventory risks, customer and vendor risks, acquisition and integration risks, availability of credit, credit risks, interest rate risks, regulatory risks and employee retention risks. These forward-looking statements speak only as of the date of this news release. Except as required by applicable securities laws, the Fund does not undertake, and specifically disclaims, any obligation to update or revise any forward looking information, whether as a result of new information, future developments or otherwise, except as required by applicable law.
For further information: For further information:
|Colin Osborne||John Slattery|
|President & Chief Executive Officer||Executive VP & Chief Financial Officer|
|Vicwest Income Fund||Vicwest Income Fund|
|Tel: (905) 469-5700||Tel: (905) 469-5706|
|Fax: (905) 825-1090||[email protected]|