Building Block Associates

  • Home
  • Products & Solutions
    • View Supplies
    • What's In Season
    • Manage Mie Foodservice Manager
    • Foodservice Webinars
    • Become A Member
  • Online Store
  • Social Chat Blog
    • Foodservices News
  • Contact Us
  • Careers
  • Home
  • Products & Solutions
    • View Supplies
    • What's In Season
    • Manage Mie Foodservice Manager
    • Foodservice Webinars
    • Become A Member
  • Online Store
  • Social Chat Blog
    • Foodservices News
  • Contact Us
  • Careers

SIR Corp. Sells 750,000 Units of SIR Royalty Income Fund to Fund Restaurant Expansion and Renovation Program

8/26/2016

0 Comments

 
BURLINGTON - SIR Corp. ("SIR") announced on August 24, 2016 it sold 750,000 units ("Units") of SIR Royalty Income Fund (TSX: SRV.UN) (the "Fund"). SIR sold the Units primarily to invest the net proceeds in new restaurants and/or in the renovation of existing restaurants, most of which are currently contributing to the Fund's royalty income stream.  

Also read, Restaurant Brands International Inc. announces master franchise joint venture to develop and grow the Tim Hortons® brand in the Philippines.

The transaction took place through the facilities of Pure Trading on August 18, 2016 with the disposition closing on August 24, 2016. The Units were disposed at a price of $14.15 per Unit for an aggregate sale price of $10,612,500. The disposition of the Units was a control block sale undertaken pursuant to section 2.8 of National Instrument 45-102 Resale of Securities ("45-102"). The 750,000 Units sold are the full amount of the Units identified for distribution under this 45-102.

The 750,000 Units sold by SIR represent approximately 9.0% of the presently issued and outstanding Units of the Fund. Immediately prior to the disposition, SIR owned 2,811,097 Exchangeable Class A GP Units of the LP, which were economically equivalent to and exchangeable on a one for one basis into Units. 

Immediately before the disposition, the 2,811,097 Class A GP Units represented the equivalent of approximately 26.93% of the issued and outstanding Units on a fully diluted basis.  SIR exchanged a total of 750,000 Class A GP Units for 750,000 Units immediately prior to the disposition, such Units representing approximately 9.0% of the issued and outstanding Units. 

Immediately following completion of the disposition, SIR owns 2,061,097 Class A GP Units, representing the equivalent of approximately 19.75% of the issued and outstanding Units on a fully diluted basis. The disposition decreases SIR's position in the Units of the Fund by approximately 7.18%.

SIR holds Class A GP Units for investment purposes and in connection with its operation of its restaurant business, which produces revenues from which the LP and the Fund derive their income via a trademark License and Royalty Agreement entered into in connection with the Fund's IPO.  SIR may, depending on the market and other conditions, increase or decrease its beneficial ownership, control or direction over Units of the Fund, or securities of the LP, through market transactions, private agreements, treasury issuances, exercises of options, convertible or exchangeable securities or otherwise.

SIR's early warning report related to the disposition above (the "EWR") was filed on SEDAR under the Fund's profile on August 24, 2016. For further information or a copy of the EWR, please contact Jeff Good, Chief Financial Officer at 905-681-2997. SIR's head office is located at 5360 South Service Road, Suite 200, Burlington, Ontario, L7L 5L1. The Fund's head office is located at 5360 South Service Road, Suite 200, Burlington, Ontario, L7L 5L1. The Fund is listed on the Toronto Stock Exchange under the symbol "SRV".

Source SIR Royalty Income Fund
0 Comments



Leave a Reply.

    Go to blog
    Advertisement

    RSS Feed

    News & Updates

    Stay informed with the latest news around foodservice, agriculture and other related food news.

    Do you Enjoy our E-news & Updates?
    Get our foodservice E-news, blogs and LTO's sent to your inbox, SUBSCRIBE HERE.

    Advertisement Opportunities 
    To get your foodservice business in our daily e-news, here.

    Archives

    March 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015

    Categories

    All
    Agriculture And Food Safety
    All Day Breakfast Menu
    Beans Benefits
    Beverage Company
    Building Construction
    Candy Company
    Carbonated Drinks
    Chicken Farm
    Dairy Production
    Fast Food
    Fast Food Chains
    Food Prices
    Generation Z
    Genetically Modified Organisms
    Gluten Free
    Grocery Retailer
    Healthy Meals For Kids
    Imported Foods
    Imported Foods From Other Countries
    Liquor Licence
    Milk Industry
    Milliennials
    National Food Holidays
    Nut Allergies
    Organic & Natural
    Processed Foods
    Produce Industry
    Restaurant
    Restaurant Management
    Restaurant Ordering System
    Restaurateurs
    Seafood
    Sustainable Resources
    Sweet Snacks
    Sweet Tasting Desserts
    Tree Nuts
    Value Menu Offering
    Ways To Reduce Food Waste

    Picture
    Advertisement
    Picture
Powered by Create your own unique website with customizable templates.