Canada based leading eyecare company Benvest New Look Income Fund announced an initial monthly cash distribution of $0.0375 per unit has been declared for the period of May 1st through May 31st, 2005. The distribution will be paid to unitholders of record at the close of business on May 31st, 2005 and will be paid on June 20th, 2005.
The Fund's operating subsidiary, New Look Eyewear Inc., also has declared a dividend for May 2005 on its exchangeable shares of $0.025 per exchangeable share, payable on June 20th, 2005 to the holders of exchangeable shares of record as at the close of business on May 31st, 2005.
These shares, which are not freely tradable, are exchangeable on a one-for-one basis into units of the Fund after May 1st, 2006.
Until August 31st, 2003, Benvest Capital Inc. was a merchant bank with a diverse portfolio of assets in various service industries. Since that time, its new corporate mission has been as an operating company with Lunetterie New Look as its base.
New Look is a leading enterprise in the eye care industry in Eastern Canada, with growth opportunities based on demographic trends and the consolidation of the industry in Canada. On May 1, 2005, Benvest Capital was converted into an income trust named the Benvest New Look Income Fund. 5,190,335 units of the Fund are issued and outstanding. In addition, 4,196,864 exchangeable shares of a subsidiary are also issued and outstanding.
Benvest New Look Income Fund