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Name | Symbol | Market | Type |
---|---|---|---|
Income Financial Trust | TSX:INC.UN | Toronto | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.18 | -2.42% | 7.25 | 7.25 | 7.46 | 7.41 | 7.25 | 7.41 | 11,945 | 20:44:44 |
Income Financial is pleased to announce an immediate increase in its monthly distribution policy that will increase the monthly distribution by 23% from its previous month's distribution. The dividend for November will be $0.08517 per unit. In making this change, the Manager considered the following in its analysis: -- The strong investment performance of Income Financial this year. -- In addition to paying monthly distributions at a rate of 8.5%, the trust also increased its net asset value by a further 20% this year alone. -- The new distribution policy better reflects the strong performance of Income Financial's investment portfolio. Under the new distribution policy, the monthly distribution will be determined by applying a 10% annualized rate on the volume weighted average market price (VWAP) of Income Financial's units over the last 3 trading days of the preceding month. As a result, holders of record on November 29, 2013 will receive a distribution of $0.08517 per unit based on the VWAP of $10.22 over the last 3 trading days of October 2013. Effectively the amount of the new distribution policy will vary with the market price, but the current yield will remain stable at 10% (based on the VWAP) under this distribution policy. Income Financial unitholders have received a total of $25.97 per unit in distributions since inception, inclusive of this distribution. Income Financial invests in a portfolio of North American financial services companies including some of the strongest Canadian & U.S. banks, life insurance and investment firms. Distribution Details: Variable Distribution per Unit: $0.08517 Ex-Dividend Date: November 27, 2013 Record Date: November 29, 2013 Payable Date: December 10, 2013 FOR FURTHER INFORMATION PLEASE CONTACT: Income Financial Trust Investor Relations 416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372) www.quadravest.com
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