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.

TSX:SRV.UN - Post by User

Sir Royalty Income Fund

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Post by BlueJay2020on Dec 09, 2020 2:50pm

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Post# 32069484

Let's assume a worst case scenario...

if the operating company went belly up (and I think that's very unlikely at this stage), what would be left for s/h of SRV? Presumably we would have the intellectual property rights - and how much might those be worth, given the only reason the company went bust was COVID? Are there any comparables? Secondly, we would be a creditor in relation to the $20M loan - not sure where we would rank or the likelihood of any recovery. Taken together, perhaps they reflect the floor of this stock this year at a buck fifty?

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