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Bullboard - Stock Discussion Forum Sir Royalty Income Fund SIRZF


Primary Symbol: T.SRV.UN

Consumer Cyclical Restaurants
SIR Royalty Income Fund (the Fund) holds investment in SIR Corp (SIR). The Funds' investment, SIR is engaged in the business of owning and operating full-service restaurants in Canada. SIR has concept restaurant brands, including Jack Astor’s Bar and Grill, Scaddabush Italian Kitchen & Bar, and Canyon Creek Chop House, signature restaurant brands, such as Reds Wine Tavern, Reds Midtown Tavern... see more

Bullboard (TSX:SRV.UN)

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Post by BlueJay2020on Feb 11, 2021 4:42pm

Confession Time...

I tendered a good chunk of my shares today, and what I have left at the moment is basically playing with house money. Having said that, it's purely a defensive play at this point, and here's ...more  
137
Discussion
Comment by alkhoron Feb 11, 2021 10:57am

RE:FORKS IN THE ROAD

"Flaherty changed the tax code in 2006 due to the Feds losing more than $1 billion in tax revenues. " Flaherty claimed they were losing $1 billion a year in tax revenue because he ...more  
100
Discussion
Comment by jcw604on Feb 11, 2021 10:51am

RE:RE:RE:RE:RE:RE:RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

If they tender that and have more cash, they may be out of the covenant violation, they will have to start paying dividends to us.
66
Discussion
Comment by jcw604on Feb 11, 2021 10:48am

RE:RE:RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

You have to option to keep your distribution but let the bank unforgive their violation of the covenant. The trustee have on behalf of us probably allow them to deferred the distribution. Once they ...more  
92
Discussion
Post by logicandinertiaon Feb 11, 2021 9:12am

FORKS IN THE ROAD

It will be interesting to see how Fowler manages this. SIR went public in the fall of 2004, during the height of Income Trust mania.  By august 2004, there were 144 income trusts and by 2006 ...more  
204
Discussion
Comment by lostcauseson Feb 11, 2021 12:48am

RE:RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

Have to disagree, its under contractual agreement. If you are renting an apartment you pay the utilities bill only, not your landlord because they are lower priority to you? SIR reminds Fund ...more  
82
Discussion
Comment by BlueJay2020on Feb 10, 2021 11:35pm

RE:RE:RE:RE:RE:RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

Of course, SIr Corp will presumably not be tendering the 20% they own, so that would make it, at most, 1/7. 
68
Discussion
Comment by jcw604on Feb 10, 2021 11:19pm

RE:RE:RE:RE:RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

Assuming everyone tender their shares, since Janes already have 1/10, the prorated ratio would be 1/9. However, if less than 10% of people tender their shares, the prorated ratio would be 1. From the ...more  
95
Discussion
Comment by jcw604on Feb 10, 2021 11:10pm

RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

The other creditors that have higher priority, then the unit holders. However, unless they go bankrupt, they would still need to eventually paid us back with what they owe us, before they can bank the ...more  
91
Discussion
Comment by BlueJay2020on Feb 10, 2021 9:58pm

RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

Even the terminology they use is misleading.  Aren't the distributions issued by the Fund, and therefore the level and timing is effectively controlled by the majority independent Trustees ...more  
89
Discussion
Comment by lostcauseson Feb 10, 2021 9:42pm

RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

SIR reminds Fund unitholders that the timing of any resumption of monthly distributions is uncertain Well bully us all you want SIR, but I dont think so. Once the restrictions are lifted there is ...more  
100
Discussion
Comment by BlueJay2020on Feb 10, 2021 8:50pm

RE:RE:RE:RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

If that's what you intend to do, I'd tender the whole lot, and then buy back a chunk of the shares when they have drifted lower?  The other reason to do that is that if you only tender ...more  
70
Discussion
Comment by logicandinertiaon Feb 10, 2021 8:26pm

RE:RE:RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

Agreed that jane's offer likely to be over-tendered and this thing may drift lower post mini-tender. Given the company's apparent combative nature, the shrinking of the pool and the stated ...more  
99
Discussion
Comment by jcw604on Feb 10, 2021 8:21pm

RE:RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

Every time when SIR corp make an announcement regarding buying or cancelation of their buying of the royalty fund, the stock went down. It went down because of the low ball offered price and the ...more  
83
Discussion
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