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

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Comment by jcw604on Jan 07, 2021 7:27am

RE:RE:RE:RE:It gets worse....

What is the difference between a hostile bid versus a friendly take over to a regular shareholder. The friendly take over allows the existing management to continue their jobs, so they think. That was ...more

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Discussion

Comment by sagietjeon Jan 07, 2021 7:22am

RE:It gets worse....

Anyone has a clue on the collateral of the loan?

Discussion

Comment by BlueJay2020on Jan 06, 2021 9:54pm

RE:RE:RE:It gets worse....

Surely the shareholdings of the party making the offer would be excluded from the minimum threshold required to take the Fund private - which is 66%. Given the relatively high retail holdings of ...more

119

Discussion

Comment by flamingogoldon Jan 06, 2021 9:06pm

RE:RE:Activist investor

This is more like a takeunder than a takeover.

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Post by flamingogoldon Jan 06, 2021 5:41pm

Activist investor

We won't get it for a relatively unknown stock like SRV but we could use an activist investor to come in and throw some weight around. I was in Aima when Air Canada tried to bully investors with a ...more

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Discussion

Post by Grifteron Jan 06, 2021 3:58pm

Tell them what you think of their offer...

SIR Royalty Income Fund 5360 South Service Road Suite 200 Burlington, Ontario Canada L7L 5L1 Tel: (905) 681-2997 Fax: (905) 681-0394 ...more

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Comment by flamingogoldon Jan 06, 2021 3:51pm

RE:RE:RE:It gets worse....

Surprised not a lot of volume today. It's a very illiquid stock but I would think buyers below the $3.55 offer would just unload and move on now.

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Discussion

Comment by Lazaroson Jan 06, 2021 3:42pm

RE:RE:It gets worse....

I wouldn't jump to that conclusion. If they had enough shares already spoken for, they wouldn't have issued the NR the way they did. They tried awfully hard to convince us that their deal is ...more

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Discussion

Post by BlueJay2020on Jan 06, 2021 3:17pm

It gets worse....

...am I correct that they are offering us $30M for our future royalty stream AND the loan receivable with a face value of $40M that THEY OWE US. In other words, they are getting $10M net cash ...more

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Discussion

Comment by flamingogoldon Jan 06, 2021 2:50pm

RE:Offer price

I picked some up under $2 but my average still sits above $3.55. This was going to run very soon and they slammed the door on us. I'd be happy with $6 but they are stealing it for $3.55.

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Post by BlueJay2020on Jan 06, 2021 2:32pm

Question for SIR CORP

Why don't you pay me the PAST royalties that you owe me from the last 9 months BEFORE you try and make a (lowball) offer for all my FUTURE royalties? You can stick it up your Canyon Creek!

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Comment by alkhoron Jan 06, 2021 2:19pm

RE:RE:RE:Tell them to shove it

The fund is supposed to get 6% of sales, even in these times of low sales. SIR corp. isn't paying the fund in order to keep solvent yet they can afford $30 million to buy out the fund? This after ...more

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Discussion

Post by BlueJay2020on Jan 06, 2021 1:59pm

So... buy, sell or hold

...are the three options I am grappling with. At a simplistic level, here is my thinking The sell case is that this offer has effectively capped future gains from the current price, if the ...more

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Discussion

Comment by BlueJay2020on Jan 06, 2021 1:49pm

RE:RE:Tell them to shove it

But SIR Corp is not the one paying the dividends - they are contractually obliged, are they not, to pay a royalty of x% of sales to the Fund? An agreement has been reached whereby these payments ...more

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Discussion

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Bullboard - Stock Discussion Forum Sir Royalty Income Fund SIRZF

Primary Symbol: T.SRV.UN

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