Copernican British Banks Fund

February 19, 2008 17:12 ET

Copernican British Banks Fund-February 2008

BURLINGTON, ONTARIO--(Marketwire - Feb. 19, 2008) - Copernican British Banks Fund (TSX:CBB.UN) (the "Fund") today announced that in accordance with its declaration of trust, it will continue to suspend payment of monthly distributions on its Trust Units in order to protect the Fund's Net Asset Value and to preserve its ability to rebuild and meet its investment objectives in the long term.

The Fund's portfolio of securities comprised primarily of British bank-based financial services companies has experienced a sharp decline resulting in a reduction in the Fund's net asset value. As stated in the declaration of trust of the Fund, Copernican Capital Corp. (the "Manager") may suspend distributions on the Trust Units if the Net Asset Value per Trust Unit would be less than $7.50 after giving effect to such distributions, other than any distributions required so that the Fund will not be liable for income tax under the Income Tax Act. Due to the decline in the Net Asset Value of the Fund, no distribution will be paid to unitholders of record as of February 29, 2008. A re-evaluation will be conducted next month to determine whether the distribution can be reinstated for unitholders of record as of March 31, 2008.

Once it is determined that the distribution can be reinstated, the Fund's anticipated monthly distribution amount for the next 12 months is targeted to be $0.0667 per unit or $0.80 per annum.

Contact Information

  • Copernican Capital Corp.
    Client Service Department
    (905) 319-4922