TORONTO (Reuters) - Loyalty program operator Aeroplan
Income Fund
Best known as Air Canada's
"The reorganization will be a major milestone in our evolution as the global leader in loyalty management," Rupert Duchesne, Aeroplan president and chief executive officer, said in a statement. He will continue as head of the restructured company.
As a corporation, Aeroplan said it expected to set its initial quarterly dividend at 12.5 Canadian cents per share. Monthly distributions for May and June, in the meantime under the current fund structure, would not be affected.
The fund expects the reorganization will be effective on or about June 25, 2008.
Separately, Aeroplan said it earned C$61.8 million ($61.18 million), or 31 Canadian cents a unit, in the quarter ended March 31, compared with C$50.1 million, or 25 Canadian cents a unit, a year ago.
($1=$1.01 Canadian)
(Reporting by Ka Yan Ng; editing by Renato Andrade)
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