Benvest New Look Income Fund

Benvest New Look Income Fund

November 20, 2008 11:17 ET

Benvest New Look Income Fund Announces Monthly Distribution for November 2008

MONTREAL, QUEBEC--(Marketwire - Nov. 20, 2008) - Benvest New Look Income Fund (TSX:BCI.UN) (the "Fund") today announced that a cash distribution of $0.0542 per unit has been declared for the period of November 1st through November 30th, 2008. The distribution will be paid on December 19th, 2008 to unitholders of record at the close of business on November 30th, 2008. The distribution of $0.0542 per unit includes for tax purposes a portion of $0.0187 as "eligible dividend", the difference being "other income".

The Fund's operating subsidiary, New Look Eyewear Inc., has also declared a dividend for November 2008 on its exchangeable shares of $0.0424 per exchangeable share, payable on December 19th, 2008 to the holders of exchangeable shares of record as at the close of business on November 30th, 2008. In accordance with 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 October 31st, 2008, 5,882,830 units of the Fund were issued and outstanding. In addition, 3,870,404 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. The statements contained in this release are not to be construed as tax advice and 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