The Toronto Stock Exchange:
Village Farms Income Fund - VFF.UN
VANCOUVER, Oct. 22 /CNW/ - Village Farms Income Fund (the "Fund") (TSX:
VFF.UN) today declared a cash distribution of $0.01 per unit for the month
ending October 2007. The distribution will be paid on November 30, 2007 to
unitholders of record at the close of business on October 31, 2007.
Unitholders who are non-residents of Canada may be subject to withholding
taxes in respect of any distributions by the Fund.
About Village Farms
Village Farms is the largest producer, marketer and distributor of
premium-quality, greenhouse grown tomatoes, bell peppers and cucumbers in
North America. Village Farms operates sophisticated, highly intensive
agricultural greenhouse facilities in British Columbia, Texas and
Pennsylvania. It markets and distributes the premium product produced in these
facilities, as well as those produced under exclusive arrangements with other
greenhouse producers, predominantly in Mexico, under its Village Farms(R)
brand name, primarily to retail supermarkets and dedicated fresh food
distribution companies. Village Farms markets and distributes throughout the
United States, Canada, Mexico and Japan, and currently operates seven
distribution centres located across the Unites States and Canada.
Restriction on Non-Resident Ownership
The Declaration of Trust of the Fund contains provisions which prohibit
non-residents of Canada from owning more than 49.9% of the Units of the Fund
on a fully-diluted basis and give the Trustees of the Fund certain powers,
including the power to require non-residents to sell their Units if this
limitation is exceeded and the right to refuse to register transfers of units
to non-residents if such a situation is imminent. The Fund estimates that in
excess of 40% of its Units, on a fully-diluted basis, are held by
non-residents. Should non-residents acquire additional Units of the Fund, it
may be necessary for the Trustees to exercise their powers to require
non-resident Unitholders to sell their Units and/or to refuse Unit transfers
to non-residents. Accordingly, non-residents may determine that it is not
appropriate to acquire directly or indirectly Units of the Fund.
This news release includes statements about expected future events and/or
financial results that are forward-looking in nature and subject to risks and
uncertainties. The Fund cautions that actual performance will be affected by a
number of factors, many of which are beyond its control. Future events and
results may vary substantially from what the Fund currently foresees.
For further information:
For further information: Kenneth S. Hollander, Executive Vice President
and Chief Financial Officer, Village Farms Canada Limited Partnership, (732)