TSX: SPF.UN
CALGARY, Feb. 28 /CNW/ -
March 2008 Cash Distribution - $0.135 per Trust Unit
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Superior Plus Income Fund (the "Fund") today announced a 4% increase of $0.005 per trust unit in its cash distribution for the month of March 2008 of $0.135 per trust unit payable on April 15, 2008. The record date is March 31, 2008 and the ex-distribution date will be March 27, 2008. The Fund's annualized cash distribution rate is expected to be $1.62 per trust unit.
For tax purposes, the distributions are expected to substantially be taxable as "other income" to Unitholders. A summary of cash distributions since inception and tax information is posted under the Investor Information section of the Fund's website at: www.superiorplus.com.
DRIP
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The Fund also announces that it is suspending its Distribution Reinvestment Plan ("DRIP"). Superior achieved strong performance from all of its businesses in 2007 resulting in surplus cashflow, declining debt levels and a lower than targeted payout ratio. The Fund continues to have a positive outlook and considers this program to be dilutive at this time. The DRIP will be available for the Fund's February monthly distribution payable on March 14, 2008, but will not be available for future monthly distributions of the Fund until further notice. Accordingly, the DRIP will not be available commencing with the Fund's March 2008 distribution payable on April 15, 2008. Unitholders of the Fund who are participants under the DRIP should refer to the Fund's website (www.superiorplus.com) for further information regarding the suspension of the DRIP.
About Superior Plus and the Fund
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Superior Plus Income Fund is a diversified business trust. The Fund holds 100% of Superior Plus LP, a limited partnership formed between Superior Plus Inc., as general partner and the Fund as limited partner. Superior Plus is focused on stability of distributions with value growth and has four Canadian based operating divisions: Superior Propane is Canada's largest distributor of propane, related products and services; ERCO Worldwide is a leading supplier of chemicals and technology to the pulp and paper industries and a regional Midwest supplier of chloralkali and potassium products; Winroc is a leading distributor of walls and ceilings construction products in North America; and Superior Energy Management provides fixed-price natural gas supply services in Ontario, Quebec, and British Columbia along with fixed-price electricity supply services in Ontario.
The Fund's trust units and convertible debentures trade on the Toronto Stock Exchange as follows:
Trading Symbol Security Issued and Outstanding ------------------------------------------------------------------------- SPF.un Trust Units 87.9 million SPF.db.b 5.75% Debentures, Series 1 $174.9 million principal amount SPF.db.c 5.85% Debentures, Series 1 $ 75.0 million principal amount -------------------------------------------------------------------------