Benvest New Look Income Fund
TSX : BCI.UN

Benvest New Look Income Fund

January 19, 2007 15:30 ET

Benvest New Look Income Fund Announces Monthly Distribution for January 2007

MONTREAL, QUEBEC--(CCNMatthews - Jan. 19, 2007) - Benvest New Look Income Fund (TSX:BCI.UN) (the "Fund") today announced that a cash distribution of $0.05 per unit has been declared for the period of January 1st through January 31st, 2007. The distribution will be paid on February 20th, 2007 to unitholders of record at the close of business on January 31st, 2007. The distribution of $0.05 per unit includes for tax purposes a portion of $0.0165 as "eligible dividend", the difference being "other income".

The Fund's operating subsidiary, New Look Eyewear Inc., has also declared a dividend for January 2007 on its exchangeable shares of $0.0388 per exchangeable share, payable on February 20th, 2007 to the holders of exchangeable shares of record as at the close of business on January 31st, 2007.

In accordance with new requirements of Canada Revenue Agency, the corporation notifies its shareholders that the dividend on exchangeable shares is an "eligible dividend" for tax purposes, i.e. a dividend entitling shareholders who are Canadian resident individuals to a higher dividend tax credit.

The exchangeable shares, which are not freely tradable, have been exchangeable on a one-for-one basis into units of the Fund since May 1st, 2006.

On May 1, 2005, Benvest Capital Inc. was converted into an income trust named the Benvest New Look Income Fund, the purpose of which is to hold securities of New Look Eyewear Inc. This subsidiary is a leading enterprise in the eye care industry in Eastern Canada, with growth opportunities based on demographic trends and the consolidation of the industry in Canada. As of December 31st, 2006, 5,751,395 units of the Fund were issued and outstanding. In addition, 3,898,804 exchangeable shares (on a consolidated basis) of the subsidiary were also issued and outstanding.

This press release may contain certain forward-looking statements that reflect the current views and / or expectations of Benvest New Look Income Fund with respect to its performance, business, and future events. Such statements are subject to a number of risks, uncertainties, and assumptions. Actual results and events may vary. Holders of units and exchangeable shares should seek their own independent tax advice.

Contact Information

  • Benvest New Look Income Fund
    Lise Melanson
    514-877-4299, ext. 2234