Sir Royalty Income Fund SIRZF

The Management Information Circular...

[BlueJay2020]

....is by far the most interesting I have ever read!  They have tried their best to dig up some dirt on Lembit.  

I tend to agree with Sir Corp that Janes completely taking over the board of trustees would not be reflective of his actual holding.  

I am not sure why we need an HR trustee when the Trust doesn't employ people, but I guess it is just optics.

It will be fascinating to see how this turns out.  irvine's view could swing it.  If I had to guess, I would say he'd side with Fowler, but really I have no idea.

[Robsopinion]

This thing is like a slow train wreck!  I don't think I've ever seen a more combative relationship between management and stake holders. The company involved rarely  benefits from situations like this. I find myself checking this board, the news and the share price all day long.  when I started buying Sir, it was just a nice, passive, steady income stream. I would never

[flamingogold]

This fight was started by Fowler. Janes came to the rescue for sharefholders. I will cast my vote based on that alone despite everything in the circular designed to tarnish Janes' image. I may or may not vote for his 2 elected nominees and it may not even matter now because the board number has been increased to offset the chance of Mr. Janes taking control. SIR is no saint in this fight

[BlueJay2020]

He certainly started it with his lowball offer, and then consistently making it look like the company's future was hanging by a thread.  Suddenly, the company has the wherewithal to fork out almost $5M in the space of a year to catch up on distributions. On that note, when you add in the possibility of, say, 60 cents per unit over the next 12 months for current royalties, we would be

[Robsopinion]

I agree the fight was started by Fowler. Not only did he start it, he continues to be aggressive and antagonistic in everything he does. I feel his actions not only tarnish his personal reputation, but are also very damaging to the company he started and built into what was one of the most successful restaurant chains in Canada. He certainly does not see his stakeholders as partners, and that is a

[BlueJay2020]

I took it from the MIC that only units purchased by May 17 would be eligible to vote - did I misunderstand that? As for popcorn, this experience is why I love to self-invest in stocks rather than simply buy a vanilla global balanced and diversified ETF (although I also hold ETFs). The fact that a very good chunk of my holding is now house money just adds to the fun :)

[Robsopinion]

It really is a shame that Covid still has everything locked down. I would love to physically be at this meeting and watch the sabres rattle. I would also be great to belly up to the bar after and have a cold one with all of you. 

[BlueJay2020]

I was half thinking of turning up anyway as I am only 20 minutes down the road. Let's all do it next year :)

[wildrunner11]

I'm in favour of Jane, he has pushed, without it Fowler would have swallowed a lot of shares cheap. I have a friend in restaurant business, he also has real estate, so he manages his money well but he has got considerable subsidies to help his restaurant operations. I'd say the staff have probably got hit the worst. 

[flamingogold]

Correct, the lower income, minimum wage worker has been hardest hit by covid in all these service sectors. Despite the friction behind Renegade Chicken, it was a good move by Fowler as it helped keep critical kitchen staff employeed so that when the re-opening occurs they can switch over quickly. Losing your core kitchen staff and having to retrain is time consuming and costly.

[Robsopinion]

Hey BJ, where do you live? I'm in Mississauga.  Top of page 21 of the MIC states that Fowler "owns directly or indirectly approximately 58.15% of the common shares of SIR Corp." (the parent CO) giving him 19.1% of the voting rights yet only 31,500 units of the fund. I'm shocked he doesn't own more or none at all?  SIR has been pulling renegade chicken from

[BlueJay2020]

I'm in Ancaster! I guess Fowler owns a lot more of the Fund units indirectly through his investment in the parent co.?

[Robsopinion]

I think Ancaster was one of the low preforming renegade locations that was pulled. You obviously were not ordering enough sandwiches!

[BlueJay2020]

Guilty as charged!  Not a fan generally of having soggy chicken sandwiches and lukewarm fries delivered, and that goes for Swiss Chalet too.  I noticed the reviews were not great for that location - although they were not the only one.