Income Financial: Further 5% Increase to Monthly Distribution
19 December 2013 - 1:00AM
Marketwired
Income Financial: Further 5% Increase to Monthly Distribution
TORONTO, ONTARIO--(Marketwired - Dec 18, 2013) - On November 18,
2013, Income Financial announced a change to the distribution
policy that resulted in an immediate increase of 23% to the monthly
dividend. Income Financial is pleased to announce a further 5%
increase to the monthly distribution from its previous month's
distribution, due to the increased market price of Income
Financial. The dividend for November will be $0.08967 per unit.
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 December 31, 2013 will receive a distribution of $0.08967 per
unit based on the VWAP of $10.76 over the last 3 trading days of
November 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 $26.05 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: |
$0.08967 |
Ex-Dividend Date: |
December 27, 2013 |
Record Date: |
December 31, 2013 |
Payable Date: |
January 10, 2014 |
Income FinancialInvestor Relations416-304-4443 or Toll Free:
1-877-4-Quadra (1-877-478-2372)www.quadravest.com
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