December 16, 2010 / 1:20 PM / 7 years ago

UPDATE 1-Boyd Group raises monthly distribution by about 17 pct

* Says will also implement internal capital restructuring

* Restructuring to result in tax savings of C$500,000/yr

* Raises monthly distribution to C$0.035 from C$0.03

Dec 16 (Reuters) - Canadian automotive collision repair services provider Boyd Group Income Fund (BYD_u.TO) said it raised its monthly distribution by about 17 percent.

The Winnipeg, Canada-based fund, which also operates in the United States, said a capital restructuring program was expected to result in tax savings of about C$500,000 per year.

    The restructuring, which is expected to be completed in January 2011, is subject to certain third-party approvals, it said.

    Boyd Group raised its distribution to 42 Canadian cents per unit annually, or 3.5 Canadian cents a unit a month, from 36 Canadian cents a unit annually or 3 Canadian cents a unit per month.

    Boyd Group Income Fund units, which have gained 43 percent in value in the past 1 year, closed at C$7.32 Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Prem Udayabhanu)

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