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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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(46)
•••
logicandinertia
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Comment by
logicandinertia
on Jan 08, 2021 10:05am
RE:RE:Statement from the Independent Trustees
An open market process to sell SIR ROYALTY would be challenging, given the structure of the CORP (PRIVATE), PARTNERSHIP (PRIVATE), and ROYALTY (PUBLIC) and their interdependence. I
...more
(757)
•••
flamingogold
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Comment by
flamingogold
on Jan 08, 2021 10:02am
RE:Statement from the Independent Trustees
Does this independent group have any power to change things further? A lot of bitter investors and rightly so. Long time dedicated shareholders in Fowler's vision get screwed while
...more
(46)
•••
logicandinertia
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Post by
logicandinertia
on Jan 08, 2021 8:57am
What a mess
This is disappointing. SIR CORP maintains a "going concern" provision in its financials and fails to pay the partnership/fund the accrued owing (therefore setting up a tax
...more
(309)
•••
BlueJay2020
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Post by
BlueJay2020
on Jan 07, 2021 6:15pm
Statement from the Independent Trustees
The plot thickens! Hats off to the independents here - they seem to be going into bat for us and doing exacrtly what they should do. I might see if I can track them down and send them a
...more
(757)
•••
flamingogold
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Comment by
flamingogold
on Jan 07, 2021 4:04pm
RE:RE:RE:RE:RE:RE:RE:RE:Bidding war
Possible someone is looking to accumulate. A bid for that many shares at $3.50 doesn't make sense for any street investor. The illiqidity of this stock makes it hard to flip for pennies with only
...more
(26)
•••
jcw604
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Comment by
jcw604
on Jan 07, 2021 3:47pm
RE:RE:RE:RE:RE:RE:RE:Bidding war
There is huge bidding at 199*100 at 3.50. It can be that the insiders were trying to get more to ensure the deal or it could be another bidder. It will more likely to be another bidder, because the
...more
(11)
•••
wildrunner11
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Comment by
wildrunner11
on Jan 07, 2021 1:40pm
RE:RE:RE:RE:RE:RE:Bidding war
The sad state is it will be worth it for them to acquire shares over 3.55 because of the money as they will make money by taking it private. So, they have limited this stock from rising in value
...more
(26)
•••
jcw604
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Comment by
jcw604
on Jan 07, 2021 1:35pm
RE:RE:RE:Bidding war
You have to account for the subsidizing from the government. They are not really in such a bad shape. The only thing is that they are breaking the covenant with their lenders not because they need to
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(309)
•••
BlueJay2020
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Comment by
BlueJay2020
on Jan 07, 2021 12:28pm
RE:RE:RE:RE:RE:Bidding war
So that seems to imply a dividend of let's say 50 cents a share - a 14% rate based on an offer of $3.55 a share. $3,55 would barely buy me a Diet Coke at Jack Astors. I hope SIR CORP
...more
(4)
•••
Lazaros
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Comment by
Lazaros
on Jan 07, 2021 12:18pm
RE:RE:RE:RE:Bidding war
Consolidated revenue and Same Store Sales(1) (“SSS”): Period-over-period declines in revenue and SSS(1) noted below are directly attributable to the COVID-19 outbreak. Food and beverage
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(12)
•••
bcsc
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Comment by
bcsc
on Jan 07, 2021 11:49am
RE:RE:RE:Bidding war
Missing from the news release is any mention of Sales for the quarter. The Sir Corp website does not yet have the last quarter's financials posted yet.
(309)
•••
BlueJay2020
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Comment by
BlueJay2020
on Jan 07, 2021 10:52am
RE:RE:Bidding war
I think that is pretty unlikely to be honest. I just don't see a little royalty stream with a market cap of $30M worth any trouble for the type of investor that we would need to intervene
...more
(26)
•••
jcw604
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Comment by
jcw604
on Jan 07, 2021 10:43am
RE:Bidding war
Already risen higher than the offered price. Looking like someone intervening. If that is the case, they will want to accumulate enough so that they will have more voting power.
(26)
•••
jcw604
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Post by
jcw604
on Jan 07, 2021 8:01am
requisitioning meeting
It depends on how fast things gets moving. It would be unlikely that the deal will go through if the meeting is held anytime later than April, by then the effect of the vaccine should become very
...more
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