Ag Growth Income Fund Increases Cash Distribution Over 10% and Announces Monthly and Quarterly Distributions.ROSENORT, Manitoba Rosenort is a village located about 25 kilometres from Morris, Manitoba and about 47 kilometres south of Winnipeg. -- Ag Growth Income Fund (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AFN AFN Assembly of First Nations AFN American Forces Network AFN Ancestral File Number (FamilySearch genealogy records) AFN Alesco Financial Inc (stock symbol) AFN Alaska Federation of Natives .UN) (Ag Growth), announced today that the Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. has approved an increase in distributions in excess of 10%. Monthly distributions are to increase from $0.1083 per unit to $0.12 per unit, representing an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. distribution of $1.44 per unit. The increase in distributions is based on the continued strong financial performance of the Fund as well as the recent acquisition of the Edwards Group of Companies. "The core business of Ag Growth has experienced sizeable growth since the initial distribution level was established in conjunction with our IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ", said Rob Stenson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ag Growth. "This along with the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. distributable cash we forecast from our recent acquisition of Edwards provides confidence that the Fund will continue to perform at a higher sustainable level." Ag Growth also announced a cash distribution of $0.12 per trust unit of Ag Growth and per Class B exchangeable limited partnership unit of AGX Holdings Limited Partnership for the period commencing June 1, 2005 and ending June 30, 2005. Furthermore, Ag Growth announced a distribution of $0.3366 per Class C subordinated limited partnership unit of AGX Holdings Limited Partnership for the period April 1, 2005 to June 30, 2005. The Class C distribution, which per the terms outlined in the Fund's prospectus are paid quarterly, is comprised of a per unit amount of $0.1083 for the months of April and May, and $0.12 per unit for the month of June. The distributions are payable on July 29, 2005 to holders of trust units of Ag Growth and holders of Class B exchangeable and Class C subordinated limited partnership units of AGX Holdings Limited Partnership of record on June 30, 2005. Ag Growth's policy is to pay cash distributions on or about the 30th of each month to unitholders of record on the last business day of the preceding month. Unitholders who are non-residents of Canada will be required to pay all withholding taxes The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. payable on any distributions by Ag Growth. The Fund's policy is to make monthly distributions to holders of both Fund units and Class B Exchangeable limited partnership units. Furthermore, in accordance with the terms of the Fund's prospectus, holders of Class C Subordinated Exchangeable limited partnership units receive distributions quarterly provided the relevant terms of subordination have been met, which they have since the inception of the Fund. The Fund's Declaration of Trust requires that it distribute all taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. earned in its fiscal period ending December 31. It may be necessary for the Fund to estimate a special year-end distribution to achieve this requirement. The initial distribution, if any, will be made in December and paid to unitholders of record on December 31. Upon completion of the annual financial statements, a final determination of any additional distribution will be made, and the additional amount, if any, will be paid to unitholders of record at that time. If the Fund is required to make an additional distribution, the unitholders of record on December 31 will be required to include the amount of the additional distribution in their taxable income. If they are not unitholders at the record date of the additional payment they will be required to include the amount in their taxable income even though they do not receive the distribution. Those unitholders, however, can reduce their capital gain on the sale by the amount of the additional distribution. The Fund's Board of Trustees reviews financial performance and other factors when assessing the Fund's distribution levels. An adjustment to distribution levels will be made at such time as the Board determines the adjustment is sustainable and in the long-term best interest of the Fund and its unitholders. About Ag Growth Income Fund Ag Growth is a leading manufacturer of portable grain handling equipment including augers, belt conveyors and numerous other grain handling accessories. Ag Growth has a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales, marketing and distribution system within the short-line farm equipment industry, including approximately 1,400 dealers and distributors, in 48 states and nine provinces. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The statements contained in this news release that are forward-looking are based on current expectations, and are subject to a number of uncertainties and risks, and actual results may differ materially. These uncertainties and risks include, but are not limited to, the dependence of Ag Growth Income Fund on the operations and assets currently owned by Ag Growth Industries Limited Partnership, the degree to which Ag Growth Industries Limited Partnership and its affiliates are leveraged, the fact that cash distributions are not guaranteed and will fluctuate with Ag Growth Industries Limited Partnership's financial performance, dilution, restrictions on potential future growth, the risk of unitholder liability, competitive pressures (including price competition), changes in market activity, the cyclicality of the farm equipment industry, seasonality of the business, poor weather conditions, international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and foreign currency fluctuations, legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , commodity price and raw material exposure, dependence on key personnel, and environmental, health and safety and other regulatory requirements. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by Ag Growth Income Fund with the securities regulatory authorities, available at www.sedar.com. Ag Growth Income Fund (TSX:AFN.UN) |
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