FP Newspapers Income Fund

FP Newspapers Income Fund

November 19, 2008 15:30 ET

FP Newspapers Income Fund Announces Special Distribution and Monthly Distribution-November 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2008) - FP Newspapers Income Fund (TSX:FP.UN) today announced a special distribution of 9.50 cents per unit relating to the suspended distribution for October 2008 and a monthly distribution of 9.50 cents per unit for the month of November 2008, to unitholders of record on November 28, 2008. The special distribution will be paid December 10, 2008. The monthly distribution will be paid December 30, 2008.

The monthly distribution level prior to the temporary suspension on October 21st was 10.75 cents. The 9.50 cents per unit distribution reflects the financial impact of the missed publications as well as other considerations. The Trustees will continue to monitor the financial performance of the operating businesses to determine the appropriate distribution levels.

The Fund owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership. The Fund's policy is for unitholders of record on the last business day of a calendar month to receive distributions on or before the last day of the following month. Holders of units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the Fund.

FP Canadian Newspapers Limited Partnership owns the Winnipeg Free Press, the Brandon Sun, and their related businesses, as well as Canstar Community News Limited, the publisher of seven community and special interest newspapers in the Winnipeg region. The Winnipeg Free Press newspaper publishes seven days a week, serving Winnipeg and Manitoba with an average seven-day circulation of approximately 124,000 copies. The Brandon Sun also publishes seven days a week, serving the region with an average circulation of approximately 14,000 copies. Canstar Community News publishes weekly with an average circulation of approximately 206,000 copies. Based in Winnipeg, the businesses employ approximately 630 people in Winnipeg, Brandon and Thunder Bay. Further information can be found at www.fpnewspapers.com, and in the disclosure documents filed by FP Newspapers Income Fund with the securities regulatory authorities available at www.sedar.com.

Contact Information

  • FP Newspapers Income Fund
    Daniel Koshowski
    Vice President, Finance and Administration
    (204) 697-7425
    (204) 632-0281 (FAX)
    Website: www.fpnewspapers.com