Chesswood Group Limited, the successor to Chesswood Income Fund (Fund), said the Fund’s income before taxes and unrealized foreign exchange or swap amounts totaled $13.4 million in 2010, compared to $5.2 million in 2009, an increase of more than 150%. For the fourth quarter, pre-tax income on the same basis was $3.9 million, compared to $1.8 million for the fourth quarter of the prior year.

“The Fund had an outstanding, record year of earnings and an excellent fourth quarter” said Barry Shafran, the company’s president and CEO. “The year marked many significant milestones for our business. At the start of the year, our convertible debenture holders converted the debentures to equity, eliminating the only corporate debt we had. In July, the Fund raised $5.2 million in an over-subscribed rights offering. In September, Pawnee Leasing, our largest operating business, renewed an enhanced credit facility that added a strong new banking partner and increased capacity for the business. We saw four successive quarters of downward movement in Pawnee’s main portfolio marker of accounts over 31 days past due, and we increased our monthly distribution three times during 2010.”

Effective January 1, 2011, pursuant to a plan of arrangement under the Business Corporations Act (Ontario), the Fund was converted from a trust structure into the company, a dividend paying corporation. The common shares of the company began trading on the Toronto Stock Exchange on January 4, 2011, under the symbol “CHW.”