MISSISSAUGA, Ont. — Second Cup’s Income Fund has announced that its Board of Trustees has approved cash distributions of $0.07667 per unit for the month of November 2010 and $0.07667 per unit for the month of December 2010. The distribution for November is to be paid on Dec. 31, 2010 to unitholders of record at the close of business on Dec. 29. The distribution for December will be paid on Jan. 31 to unitholders of record at the close of business Dec. 31.
It’s also been announced that The Fund’s conversion from an income trust structure to a public corporation is expected to be completed on Jan. 1, at which time all outstanding units of the Fund will be exchanged on a one-for-one basis for common shares of a new corporation, The Second Cup Ltd., on a tax-deferred basis. It is expected the common shares of The Second Cup Ltd. will commence trading on the Toronto Stock Exchange under the symbol SCU, Jan. 4.
