UTC makes $$M pay-out

The Board of Directors of the TT Unit Trust Corporation (UTC) has declared a $58,089,512.64 payout for the 41st distribution of the Growth and Income Fund. This distribution was in respect of the period January 1 to June 30, 2003.

Unitholders in the Growth and Income Fund received their portion of the 41st distribution on September 16. All unitholders on the register as at June 30, as well as the initial capital contributors who are also unitholders in the First Unit Scheme would have been the beneficiaries of the distribution of 40 cents per unit. This payout will bring the total distribution since inception of this fund (exclusive of the bonus distribution of $32 million made September 1, 2003) to $627.34 million. For the year 2003 to date, distributions totalling $269.32 million were paid out to investors in both the First Unit Scheme and Second Unit Scheme. The Corporation has now paid out a total of $2.16 billion to its unitholders in both schemes since its inception in 1982. The price of a unit on the First Unit Scheme began the year at $13.30 (offer) and $12.65 (bid). The price of the unit continues to rise steadily with the price as at September 23, 2003 rising to $14.35 (offer) and $13.65 (bid). The resultant yield for the year from January 1 to September 17 is 10.7 percent.