Footwear retailer Sterling Shoes announces cash distribution on units

19 Jun '06

2 min read

Leading independent footwear retailer Sterling Shoes Income Fund announced that its Board of Trustees has approved a cash distribution of $0.105 per trust unit for the period from June 1, 2006 to June 30, 2006, payable on July 15, 2006 to unitholders of record at the close of business on June 30, 2006.

Sterling Shoes increased its monthly distribution by 17% from $0.08958 per trust unit effective May 1, 2006

Sterling Shoes also announced today a $397,954 distribution by Sterling Shoes Limited Partnership to SSI Investments Inc as the holder of record on June 30, 2006 of subordinated limited partner units in the Partnership.

This distribution amounts to a payment of $0.29958 per Subordinated Exchangeable LP Unit for the period from April 1, 2006 to June 30, 2006, resulting in the Subordinated Exchangeable LP Units receiving distributions equal to the trust unit distributions for that period. This distribution will also be payable on July 15, 2006.

Sterling Shoes' policy is to pay cash distributions on the 15th of each month to unitholders of record on the last business day of the preceding month. Unitholders who are non-residents of Canada will be required to pay all withholding taxes payable on any distributions by Sterling Shoes.

Distributions on the subordinated limited partner units of the Partnership are intended to be paid quarterly on a subordinated basis assuming certain financial tests are met.

Richmond-based Sterling Shoes Income Fund became a publicly traded entity on the Toronto Stock Exchange on July 12, 2005 and is a leading Vancouver-based independent footwear retailer offering a broad selection of private label and brand name shoes and accessories across five Canadian provinces through its four separate retail banners: Sterling, Joneve, Shoe Warehouse and Freedman's.

Sterling Shoes Income Fund

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