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Sterling Shoes raises monthly cash distribution
22 Jan '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 January 1, 2008 to January 31, 2008, payable on February 15, 2008 to unitholders of record at the close of business on January 31, 2008. This increase brings the Fund's annualized monthly payout to $1.50 per trust unit..
"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 (in March 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.
The Fund experienced exceptional growth in the number of new stores openings during 2007. At January 1, 2008 we operated 141 stores in five provinces under six banners, an increase of 14 net stores during 2007.
"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 (in March 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.
The Fund experienced exceptional growth in the number of new stores openings during 2007. At January 1, 2008 we operated 141 stores in five provinces under six banners, an increase of 14 net stores during 2007.
Sterling Shoes Income Fund
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