MINT Income Fund - First Quarter 2011 Distributions
December 08 2010 - 4:15PM
PR Newswire (Canada)
TORONTO, Dec. 8 /CNW/ -- TORONTO, Dec. 8 /CNW/ - Income trusts
become taxable entities beginning January 2011 and most have
converted or are in the process of converting to
corporations. To fund the payment of corporate income tax,
many of these former trusts have reduced distributions or announced
their intention to do so in the near term. As a result, we
have reduced distributions payable by MINT Income Fund ("MINT" or
the "Fund") for the first quarter of 2011 as set out in the
following table.
_______________________________________________________________ |
Record Date | Payable Date |Distribution Per Trust Unit|
|_________________|_________________|___________________________|
|January 31, 2011 |February 15, 2011| $0.06 |
|_________________|_________________|___________________________|
|February 28, 2011| March 15, 2011 | $0.06 |
|_________________|_________________|___________________________|
|March 31, 2011 | April 15, 2011 | $0.06 |
|_________________|_________________|___________________________|
The objectives of MINT have not changed and the Fund remains
committed to paying out high levels of income to investors.
It is also important to note that, beginning in 2011, distributions
from former income trusts will be treated as dividends for tax
purposes and, as a result, Canadian investors will benefit from the
dividend tax credit. We believe there are some very positive
developments underway which we shall consider in determining future
quarterly distribution levels. Specifically, Middlefield's
oil and gas consultant, Groppe, Long & Littell, is currently
forecasting a significant recovery in natural gas prices in
2011. In addition, we expect a gradual recovery in the global
economy over the next several months, which should in turn
translate into increasing cash flows for portfolio companies as
well as relatively low levels of inflation and interest rates for
the foreseeable future. The trust units trade on the Toronto Stock
Exchange under the symbol MID.UN. This press release contains
forward-looking information. The forward-looking information
contained in this press release is based on historical information
concerning the distributions and dividends paid on the securities
of issuers historically included in the portfolio of MINT Income
Fund. Actual future results, including the amount of distributions
paid by the Fund, may differ from the monthly distribution amount.
Specifically, the income from which distributions are paid may vary
significantly due to: changes in portfolio composition; changes in
distributions and dividends paid by issuers of securities included
in the Fund's portfolio from time to time; there being no assurance
that those issuers will pay distributions or dividends on their
securities; the declaration of distributions and dividends by
issuers of securities included in the portfolio will generally
depend upon various factors, including the financial condition of
each issuer and general economic and stock market conditions; the
level of borrowing by the Fund; and the uncertainty of realizing
capital gains. The risks, uncertainties and other factors
that could influence actual results are described in the Fund's
prospectus dated February 16, 2010 and other documents filed by the
Fund with the Canadian securities regulatory authorities. The
forward-looking information contained in this press release
constitutes the Fund's current estimate, as of the date of this
press release, with respect to the matters covered hereby.
Investors and others should not assume that any forward-looking
statement contained in this press release represents the Fund's
estimate as of any date other than the date of this press release.
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p/p p align="justify"please visit our website at a
href="http://www.middlefield.com/"www.middlefield.com/a or contact
the undersigned:/p pNancy Thambr/ Managing Director, Sales and
Marketingbr/ (416) 847-5349 /p
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