Benvest New Look Income Fund

Benvest New Look Income Fund

November 18, 2005 12:06 ET

Benvest New Look Income Fund Announces Monthly Distribution for November 2005

MONTREAL, QUEBEC--(CCNMatthews - Nov. 18, 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 November 1st through November 30th, 2005. The distribution will be paid to unitholders of record at the close of business on November 30th, 2005 and will be paid on December 20th, 2005.

The Fund's operating subsidiary, New Look Eyewear Inc., has also declared a dividend for November 2005 on its exchangeable shares of $0.0277 per exchangeable share, payable on December 20th, 2005 to the holders of exchangeable shares of record as at the close of business on November 30th, 2005. These shares, which are not freely tradable, are exchangeable on a one-for-one basis into units of the Fund after 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 18th, 2005, 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