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GENIVAR Income Fund Increases its Monthly Cash Distributions and Announces the End of its Subordination Period
MONTREAL, July 15 /CNW Telbec/ - GENIVAR Income Fund (TSX:GNV.UN) (the "Fund") announced today th...
About this update from Wsp Global Inc
[{"type":"text","content":"\n\n\n\nMONTREAL, July 15 /CNW Telbec/ - GENIVAR Income Fund (TSX:GNV.UN) (the\n"Fund") announced today that it has approved a 50% increase in the monthly\ndistributions of the Fund to $0.125 per unit from $0.0833 per unit. On an\nannualized basis this equates to distributions of $ 1.50 per unit. This\ndistribution increase will be effective for the Fund's July 2008 distribution\nthat will be payable on August 15, 2008 to unitholders of record on July 31,\n2008.\n\n\nThe increase in the monthly distributions is a direct result of the\nFund's solid financial performance, its current financial condition and the\nlevel of activity anticipated for the balance of 2008.\n\n\nOf its 39.6% ownership interest in the Fund, GENIVAR Inc. holds 4,731,845\nunits of GENIVAR LP (accounting approximately for 22% of the distributions\nmade by the Fund) which were subordinated in accordance with the terms of the\nlimited partnership agreement of GENIVAR LP. On July 15, 2008, the Audit\nCommittee of the Fund determined that the subordination period for such units\nhad terminated in accordance with its terms.\n\n\nAbout GENIVAR\n\n\nGENIVAR is a leading Canadian engineering services firm providing private\nand public sector clients with a full range of professional consulting\nservices through all execution phases of a project including planning, design,\nconstruction and maintenance. Its clients, which are of varying sizes, fall\ninto various market segments such as building, industrial and power, urban\ninfrastructure, transportation and environment. GENIVAR is one of the largest\nengineering services firm in Canada in terms of number of employees with more\nthan 3,000 managers, professionals, technicians and technologists and support\nstaff in over 60 offices in Canada and abroad. www.genivar.com\n\n\n","length":1863,"tagName":"div"}]