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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...
, Reds Square One, and The Loose Moose, which are used by SIR under a license agreement with SIR Royalty Limited Partnership (the Partnership. The Fund receives distribution income from its investment in the Partnership and interest income from the SIR Loan. The Fund indirectly participates in the revenues generated under the License and Royalty Agreement through its Investment in the Partnership.
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Bullboard (TSX:SRV.UN)
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(309)
•••
BlueJay2020
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Comment by
BlueJay2020
on Jan 08, 2021 2:15pm
RE:RE:RE:RE:What a mess
You're absolutely correct, not that I (or probably you) would criticise Fowler for not foreseeing that eventuality. He had his own reasons for not franchising, and they may or many not
...more
(46)
•••
logicandinertia
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Comment by
logicandinertia
on Jan 08, 2021 2:06pm
RE:RE:RE:What a mess
I agree with your points about selling equity at this point in the cycle . However, if it were a small offering and you were rolling up the trust as part of it, kill 2 birds with one stone and
...more
(46)
•••
logicandinertia
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Comment by
logicandinertia
on Jan 08, 2021 1:39pm
RE:RE:RE:What a mess
I think your last sentence is where I was going with that. On that franchise point, it can't escape sir that had they been franchised, most of the rent (for the franchisees) would have been
...more
(309)
•••
BlueJay2020
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Comment by
BlueJay2020
on Jan 08, 2021 1:19pm
RE:RE:What a mess
Now why didn't I think of that?! It's still problematic, though. Why would you give away equity so cheaply? Would I be interested in taking a slice of the whole business, rather
...more
(309)
•••
BlueJay2020
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Comment by
BlueJay2020
on Jan 08, 2021 1:15pm
RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Statement from the Independent Trustees
Indeed they would, and I've been involved on quite a few of these exercises during purchase price equations for accounting purposes (I'm a retired CA). It's a complex, time-consuming
...more
(46)
•••
logicandinertia
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Comment by
logicandinertia
on Jan 08, 2021 12:49pm
RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Statement from the Independent Trustees
Banker would use multiple valuation methods, including historical results, comparable company (even today, comps are valued much higher), and discounted cash flow (likely using next 5 or 10 years as
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(11)
•••
Ahlavanthan
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Comment by
Ahlavanthan
on Jan 08, 2021 12:32pm
RE:RE:RE:RE:RE:RE:RE:RE:RE:Statement from the Independent Trustees
Hopefully they aren't looking for backroom handouts before throwing us under the bus.
(11)
•••
wildrunner11
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Comment by
wildrunner11
on Jan 08, 2021 12:30pm
RE:RE:RE:RE:RE:RE:RE:Statement from the Independent Trustees
Well I'm in agreement with Bluejay2020, I bump should occur. We need a proper Business Equity Valuation, from what I know, this would be assessed on revenue stream and then impairment for current
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(46)
•••
logicandinertia
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Comment by
logicandinertia
on Jan 08, 2021 12:28pm
RE:RE:RE:RE:RE:RE:RE:RE:Statement from the Independent Trustees
as per takeover rules, the independent committee must solicit an independent valuation (usually from a banker) which is used to gauge whether the offer is FAIR (a fairness opinion) for minority
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(757)
•••
flamingogold
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Comment by
flamingogold
on Jan 08, 2021 12:27pm
RE:RE:What a mess
So was the news released meant to be final or a bargaining chip/bully takeover threat by the Corpotation to get the trustees to come down on their demands?
(46)
•••
logicandinertia
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Comment by
logicandinertia
on Jan 08, 2021 12:10pm
RE:What a mess
Reading the statement from the Independent trustees, what SIR CORP may be proposing would be a collapse of the structure, and taking SIR CORP public in the process, as the idea of minority
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(757)
•••
flamingogold
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Comment by
flamingogold
on Jan 08, 2021 11:52am
RE:RE:RE:RE:RE:RE:Statement from the Independent Trustees
What are the chances the price get renegotiated higher or is this it and we are forked?
(4)
•••
Lazaros
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Comment by
Lazaros
on Jan 08, 2021 11:28am
RE:RE:RE:Statement from the Independent Trustees
I completely agree. The structure makes the royalty less attractive without the corporate piece. However, if you read Receipe Unlimited's MD&A's, they are always complaining about how
...more
(757)
•••
flamingogold
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Comment by
flamingogold
on Jan 08, 2021 11:19am
RE:RE:RE:RE:Statement from the Independent Trustees
"If they are that keen to acquire the royalty stream, that tells me they are prepared to pay more than $3.55" At $3.55 they are robbing us, plain and simple. Even if they pay a buck or two
...more
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