Benvest New Look Income Fund
TSX : BCI.UN

Benvest New Look Income Fund

July 20, 2005 17:02 ET

Benvest New Look Income Fund Announces Increase in Monthly Distribution Commencing with July 2005

MONTREAL, QUEBEC--(CCNMatthews - July 20, 2005) - Benvest New Look Income Fund (TSX:BCI.UN) (the "Fund") today announced that a cash distribution of $0.0416 per unit has been declared for the period of July 1st through July 31st, 2005. The distribution will be paid to unitholders of record at the close of business on July 31st, 2005 and will be paid on August 20th, 2005. This is an increase over the distribution of $0.0375 per unit in May and June 2005, since the units of the Fund were listed for trading. Annualized, the distribution for July represents $0.50 per unit per year (as compared to $0.45 previously).

The Fund's operating subsidiary, New Look Eyewear Inc., also has declared a dividend for July 2005 on its exchangeable shares of $0.0277 per exchangeable share, payable on August 20th, 2005 to the holders of exchangeable shares of record as at the close of business on July 31st, 2005. This is an increase over the dividend in May and June 2005 of $0.025 per exchangeable share. Annualized, the dividend for July represents $0.33 per share per year (as compared to $0.30 previously). These shares, which are not freely tradable, are exchangeable on a one-for-one basis into units of the Fund after May 1st, 2006.

John Bennett, Chairman of the Fund, noted that:

"The increased distribution and dividend rate reflect the continuing strong performance and growth of our subsidiary, New Look Eyewear Inc.".

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. 5,424,335 units of the Fund are issued and outstanding. In addition, 4,196,864 exchangeable shares of the subsidiary are 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.

Contact Information

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