Copernican International Premium Dividend Fund

February 20, 2008 15:29 ET

Copernican International Premium Dividend Fund-Distribution, February 2008

BURLINGTON, ONTARIO--(Marketwire - Feb. 20, 2008) - Copernican International Premium Dividend Fund (TSX:CPM.UN) (the "Fund") today announced that in accordance with its declaration of trust, it will suspend payment of monthly distributions on its Trust Units effective immediately 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 dividend-paying issuers based outside North America 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 recent and sharp 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 $0.05833 per unit or $0.70 per annum.

A unitholder that has continually held units since inception has received a total of $0.50 per unit.

Contact Information

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