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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Sir Royalty Income Fund > The Fund responds...

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Comment by BlueJay2020on Apr 18, 2021 11:07pm

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RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:The Fund responds...

I think that's a tenuous argument which would be very expensive to test in court. A non-compete clause would be a better bet, if there was one.

Fabozzi wrote: The assets are the trademarks which have allowed for the number of standalone restaurants in prime locations to exist. Do we think that a non-Jack Astor's or Scaddabush Sir restaurant could have got the Front/University lease for example? While Royalty doesn't have physical assets they have the asset which has allowed for those physical assets to exist in whole or in part. Now Renegade Chicken is using that infrastructure to generate revenue potentially oustide of the Fund. Obviously this will depend on the language in the contracts between Fund and Sir to a large degree. I no longer have a large enough position to try and do a deep dive on that.

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