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CAPVEST Income Corp. (TSX-V: CVS) releases 2007 financial results
2008-02-20

TORONTO: CAPVEST Income Corp. (the “Company”) is pleased to announce its results for the year ended December 31, 2007.

Highlights :

  • During the year, the Company declared dividends of $0.075 per common share, consisting of three quarterly dividends of $0.025 per common share.
  • In March 2007, Company shareholders approved the change of the Company’s investment objectives from focusing on commodities futures contracts reflecting the RICI Portfolio and commodity-related income and royalty funds to focusing on investing, directly or indirectly, in a diversified group of infrastructure and energy companies.
  • On March 26, 2007, the Company’s common shares commenced trading on a consolidated basis on the TSX Venture Exchange. The consolidation occurred at a 15:1 ratio; for every 15 pre-consolidation common shares, shareholders of the Company received one post-consolidation common share.
  • Pursuant to a special resolution by the Company’s Board of Directors, the stated capital of the Company was reduced by $6 million, effective April 10, 2007, in order to eliminate the Company’s deficit and increase the contributed surplus. This allowed the Company greater flexibility to be able to declare and pay dividends.
  • As of December 31, 2007, the Company’s net assets decreased to $10,556,833 (December 31, 2006 - $12,050,422). The largest factors contributing to this decrease were a decrease in net assets from operations of $1,778,672 and dividends paid in the amount of $479,667.
  • For the year ended December 31, 2007, the Company had a decrease in net assets from operations of $0.28 per common share on a basic and fully diluted basis (2006 – a decrease of $0.96 per common share).
  • As of December 31, 2007 the Company’s net asset value per common share, in accordance with Canadian GAAP, was $1.65 (December 31, 2006 - $1.98).

2007 financial results : The complete 2007 Annual Management Report of Fund Performance and Annual Financial Statements will be available on our website at www.sentryselect.com or www.SEDAR.com on or about February 28, 2008

CAPVEST Income Corp.; The investment objective of CAPVEST Income Corp. is to generate income and capital appreciation through investing, directly or indirectly, in a diversified group of infrastructure and energy companies. Its common shares and 7% convertible debentures trade on the TSX Venture Exchange under the symbols CVS and CVS.DB, respectively.

Sentry Select Capital Corp.: Sentry Select Capital Corp. is a Canadian wealth management company that manages approximately $8 billion in gross assets as of December 31, 2007. The company offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates. Sentry Select is the manager and/or advisor to 30 TSX-listed reporting issuers. In addition, Sentry Select manages and/or provides advisory services to four reporting issuers listed on the TSX Venture Exchange.

More information: Investor Services (broker/investor inquiries), Kinga Lam (media inquiries) or Richard D’Archivio (Chief Financial Officer) Tel:  1-888-246-6656   Fax: 416-364-1197   info@sentryselect.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements except as required by law.


Les documents (y compris les communiqués de presse) se rapportant aux divers fonds d'investissement pour lesquels Sentry agit à titre de gestionnaire ou de conseiller ne sont fournis qu'à titre informatif. Ces documents ne peuvent être considérés comme étant exhaustifs ou exempts d'erreur sans un examen approfondi de la totalité des documents se rapportant à un fonds d'investissement en particulier disponibles sur SEDAR (www.sedar.com).