BURLINGTON, ONTARIO -- (Marketwire) -- 11/18/08 -- Copernican British Banks Fund (TSX: CBB.UN) (the "Fund") today announced that in accordance with its declaration of trust, it will continue to suspend payment of monthly distributions on its Trust Units in order to protect the Fund's Net Asset Value ("NAV") and to preserve its ability to rebuild and meet its investment objectives in the long term.
The Fund's portfolio of securities comprised primarily of British bank-based financial services companies experienced a sharp decline resulting in a reduction in the Fund's NAV. As stated in the declaration of trust of the Fund, Copernican Capital Corp. (the "Manager") may suspend distributions on the Trust Units if the NAV per Trust Unit would be less than $7.50 after giving effect to such distributions, other than any distributions required so that the Fund will not be liable for income tax under the Income Tax Act. Due to the decline in the NAV of the Fund, no distribution will be paid to unitholders of record as of November 28, 2008. A re-evaluation will be conducted once the NAV per Trust Unit is at or greater than $7.50 and a press release will be issued if distributions are to be reinstated.
A unitholder that has continually held units since inception has received a total of $0.23 per unit.
Copernican Capital Corp.
Client Service Department