Benvest New Look Income Fund
TSX : BCI.UN

Benvest New Look Income Fund

December 19, 2006 14:48 ET

Benvest New Look Income Fund Announces Monthly Distribution for December 2006

MONTREAL, QUEBEC--(CCNMatthews - Dec. 19, 2006) - Benvest New Look Income Fund (TSX:BCI.UN) (the "Fund") today announced that a cash distribution of $0.05 per unit has been declared for the period of December 1st through December 31st, 2006. The distribution will be paid on January 19th, 2007 to unitholders of record at the close of business on December 31st, 2006.

The Fund's operating subsidiary, New Look Eyewear Inc., has also declared a dividend for December 2006 on its exchangeable shares of $0.0361 per exchangeable share (including a year-end adjustment of ($0.0019)), payable on January 19th, 2007 to the holders of exchangeable shares of record as at the close of business on December 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 November 30th, 2006, 5,751,395 units of the Fund were issued and outstanding. In addition, 3,898,804 exchangeable shares 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.

Contact Information

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