Vancouver-based footwear retailer announces monthly cash distribution

24 Mar '08

2 min read

Sterling Shoes Income Fund, a Vancouver-based, national specialty footwear retailer, announced that its Board of Trustees has approved a cash distribution of $0.125 per trust unit for the period from March 1, 2008 to March 31, 2008, payable on April 15, 2008 to unitholders of record at the close of business on March 31, 2008.

"Our outstanding performance has enabled us to continue to reward our unitholders with special distributions and increases in our monthly distributions," said Jeremy Horwitz, President and Chief Executive Officer of the Fund. "Our monthly payout at $0.125 per unit is 40 percent more than when we went public in July 2005.

Furthermore, for 2005, 2006 and 2007, we have been able to make special, year-end payments of 16 cents, 47 cents and 36 cents per unit, respectively. These special distributions are a key part of our distribution strategy and result in a substantial return on the investment that our unitholders have made in Sterling."

Upon completion of the Fund's audited financial statements for the year ended December 31, 2007 (results are scheduled for release on March 26, 2008), this special distribution for the year ended December 31, 2007 may be supplemented by a further payment to allow the Fund to distribute all of its taxable income for 2007.

Any such further payment would be payable to unitholders of record at the close of business on December 31, 2007. The special cash distribution is not indicative of future performance.

Sterling Shoes Limited Partnership is continuing to pay equivalent distributions to the retained interest holder on the Subordinated Exchangeable LP Units of the Partnership.

Sterling Shoes Income Fund

More Sterling Shoes Income Fund News... More Fashion News - Canada...