Citadel Income Fund Announces Further Revision of Distribution Policy
03 Februar 2014 - 11:15PM
Marketwired
Citadel Income Fund Announces Further Revision of Distribution
Policy
TORONTO, ONTARIO--(Marketwired - Feb 3, 2014) - Citadel Income
Fund (TSX:CTF.UN) (the "Fund") is pleased to announce that the
Fund's distribution policy is being revised and a cash distribution
is being reinstated for the remainder of the year. In addition, the
Fund is pleased to announce an improvement to its Distribution
Reinvestment Plan ("DRIP").
The distributions for the remainder of 2014 will be $0.01 per
unit per month in cash. The decision to reinstate a cash
distribution follows responses from many unitholders expressing a
desire for a cash distribution. The Manager of the Fund believes
this latest change responds to the concerns being expressed by
unitholders while also balancing the long term sustainability of
the Fund's operation. The amount of the reinstated cash
distribution has been set based on the Fund's outlook for 2014 and
is intended to be a sustainable payout to unitholders over the long
term. Conor Bill, President of the Manager of the Fund, commented,
"We have listened to and are grateful for the feedback we received
from unitholders about the recent distribution changes. We believe
the changes we are announcing today address the concerns that were
expressed to us while still placing the Fund on a more solid,
sustainable footing for the future. In addition to providing
distributions to unitholders we have a duty to try and preserve the
net asset value of the Fund. We believe this new policy strikes a
fair balance between these objectives."
As previously announced, unitholders of record on the last day
of January 2014 will be paid a $0.03 distribution, paid in units of
the Fund, on the 18th of February 2014. For the remainder of the
year, unitholders of record on the last day of each month will be
paid cash distributions of $0.01 on the 15th day (or first business
day thereafter) of the ensuing month.
The Fund also instituted a change to its existing DRIP plan.
Going forward, units issued under the program will be issued at a
5% discount to the applicable 5-day volume-weighted average trading
price of the units. As a result, unitholders participating in the
plan will be acquiring units at a discount to the market price of
the Fund's units.
For further information please contactyour financial advisor,
call ArtemisInvestment Management's investorrelations line at (647)
477-4885 orvisit our website at www.artemisfunds.ca.
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