Art In Motion Income Fund

Art In Motion Income Fund

June 16, 2005 07:15 ET

Art In Motion Income Fund Announces June 2005 Cash Distribution

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 16, 2005) - Art In Motion Income Fund (the "Fund") (TSX:AIM.UN) today announced a cash distribution of $0.10417 per unit for the month of June 2005. The distribution will be made to Unitholders of record at the close of business on June 30, 2005 and will be paid on July 15, 2005. The amount of this distribution is the same as in previous months.

On December 15, 2004, the Board of Directors of Art In Motion GP Ltd suspended the distributions on the Class C (Class C LP) units of Art In Motion Limited Partnership (AIM LP) for the quarter then ended. The distributions on the Class C LP units remain suspended for the quarter ended June 30, 2005. The Class C Limited Partnership units, which are owned by the Founders of Art In Motion and form part of their retained interest, are subject to subordination provisions, which provide Unitholder protection for shortfalls of up to 20% of distributable cash occurring over any 12-month period. The amount otherwise payable on the Class C Limited Partnership units for the quarter ended June 30, 2005 is approximately $670,000. This amount remains payable for the next 12 months if cash is available for distribution after normal distributions have been made to Unitholders of the Fund and to holders of Class B Limited Partnership units.

The Fund is an unincorporated, open-ended limited purpose trust established under the laws of British Columbia to hold, indirectly, the securities of AIM LP. Art In Motion is a leading global publisher, framer and licensor of images and fine-art reproductions. Art In Motion designs, manufactures and markets fine-art reproductions based on proprietary artwork.

The Fund's policy is to pay cash distributions on or about the 15th of each month to unitholders of record on the last business day of the preceding month.

Contact Information

  • Art In Motion Income Fund
    Allan Achtemichuk
    Chief Financial Officer
    (877) AIM-3233 ((877) 246-3233)