Thursday, 8 September 2011

Carfinco's Good News Continues - Increases Monthly Distribution



Carfinco Income Fund
TSX: CFN.UN
Units outstanding: 24.61 million
Units fully diluted: 24.65 million

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Carfinco announced today that the fund will be increasing it's monthly distributions to unitholders by 20% to $0.03 per unit per month from $0.025 starting this month.

Today's increase brings the annual yield to 5.7% based on the $6.30 trading price at the time of this writing.

A second news release from the fund today stated that the Board of Trustees has approved a proposal to convert Carfinco from an income trust to a corporation. The planned conversion will take place January 1st, 2012 subject to shareholder approval.

Post conversion, investors will continue to receive a monthly dividend of $0.03 per share according to management.