Benvest New Look Income Fund
TSX : BCI.UN

Benvest New Look Income Fund

August 18, 2006 11:07 ET

Benvest New Look Income Fund Announces Monthly Distribution for August 2006

MONTREAL, QUEBEC--(CCNMatthews - Aug. 18, 2006) - Benvest New Look Income Fund(TSX:BCI.UN) (the "Fund") today announced that a cash distribution of $0.0458 per unit has been declared for the period of August 1st through August 31st, 2006. The distribution will be paid on September 20th, 2006 to unitholders of record at the close of business on August 31st, 2006.

The Fund's operating subsidiary, New Look Eyewear Inc., has also declared a dividend for August 2006 on its exchangeable shares of $0.0342 per exchangeable share, payable on September 20th, 2006 to the holders of exchangeable shares of record as at the close of business on August 31st, 2006. These 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 July 31st, 2006, 5,496,395 units of the Fund are issued and outstanding. In addition, 4,153,804 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