CALGARY, Dec. 5 /PRNewswire-FirstCall/ -- Trimac Income Fund (the "Fund") (TSX Symbol TMA.UN) today declared a cash distribution of $0.0771 per unit, to unitholders of record at the close of business on December 31, 2008. The distribution is for the month of December 2008 and is payable on January 15, 2009.
As a result of the uncertain economic and financial outlook, management and the board of directors believe it is prudent to reduce the monthly distribution from $0.0771 per unit to $0.04 per unit. The reduction in the distribution will be effective commencing for the month of January 2009. The board of directors of Trimac Transportation Services Inc. approves the level of monthly distributions based upon estimated distributable cash flow on an annual basis. Distributions by the Fund are subject to change and are entirely dependent on the performance of Trimac Transportation Services Limited Partnership and its ability to make distributions to the Fund.
In commenting on the decision to reduce the distribution, Jeff McCaig, Chairman, President and Chief Executive Officer, said, "In light of the economic uncertainties on the horizon, it is prudent for our business to maintain financial flexibility and cash reserves to cover potential risks and opportunities that may arise in this environment."
The Fund is an unincorporated, open-ended limited purpose trust created for the purpose of acquiring and holding an indirect interest in Trimac Transportation Services Limited Partnership.
Trimac Transportation Services Limited Partnership is Canada's largest provider of bulk trucking services with operations from coast to coast. In addition, through its wholly owned subsidiary, Bulk Plus Logistics Limited Partnership, Trimac Transportation Services provides third party transportation logistics services in Canada and the United States. Trust units of Trimac Income Fund are traded on The Toronto Stock Exchange under the symbol TMA.UN.
