Newport Partners Income Fund
TSX : NPF.UN

August 29, 2005 09:10 ET

Newport Partners Income Fund Closing of Over-Allotment Option

TORONTO, ONTARIO--(CCNMatthews - Aug. 29, 2005) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Newport Partners Income Fund (the "Fund")(TSX:NPF.UN) today announced that the Fund has issued an additional 1,350,000 units pursuant to the exercise of the over-allotment option granted to the underwriters in connection with the Fund's initial public offering. The additional units were purchased by the underwriters at a price of $10.00 per unit for gross proceeds of $13,500,000. The underwriting syndicate was led by RBC Capital Markets. Following the exercise of the over-allotment option there are 24,844,395 units of the Fund issued and outstanding.

ABOUT NEWPORT PARTNERS INCOME FUND

The Fund is an unincorporated, open-ended trust created to hold through the Company's investment in Newport Partners Commercial Trust, interests in Newport Private Yield LP, a limited partnership established under the laws of the Province of Ontario. The Fund began trading on the TSX on August 8, 2005 under the symbol NPF.UN.

ABOUT NEWPORT

Newport is the financial partner to more than 50 successful entrepreneurs who have proven track records and operate businesses that have a history of profitability and consistent cash flows. Newport has an ownership interest in ten operating partnerships in four industries generating approximately $339 million in revenues and $60 million in distributable cash. Newport's business strategy allows the entrepreneur to make the operating decisions for the business, while strategic and capital allocation decisions are made jointly by Newport and the entrepreneur. Entrepreneurs are attracted to Newport by the opportunity to diversify their personal wealth while still maintaining operational control of their business and benefiting from access to lower cost capital. Newport's managing principals are 15 individuals who have more than 350 years experience in investment management, corporate finance and operations.



Contact Information

  • Newport Partners Income Fund
    Kelly Willis
    (416) 867-8590