Boston Pizza Royalties Income Fund T.BPF.UN

Alternate Symbol(s): BPZZF

Consumer Cyclical Restaurants

Boston Pizza Royalties Income Fund (the Fund) is a Canada-based open-ended trust. The Fund operates through its subsidiaries, Boston Pizza Holdings Trust, Boston Pizza Holdings GP Inc. and Boston Pizza Holdings Limited Partnership, its 80% owned subsidiary Boston Pizza GP Inc. (BPGP), and its interest in Boston Pizza Royalties Limited Partnership. BPGP is the managing general partner of Royalties LP. The Fund indirectly, through Royalties LP, acquire the trademarks and trade names owned by Boston Pizza International Inc. (BPI), including 'Boston Pizza' and other similar related items, logos and designs (collectively, the 'BP Rights') used in connection with the operation of Boston Pizza restaurants in Canada. The Company operates approximately 377 Boston Pizza Restaurants in the Royalty Pool, of which approximately 375 were operating and open for business to the public.

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Boston Pizza Royalties Income Fund > NCIB and Est. SP

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Comment by TheeRookon Mar 19, 2020 5:46am

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Post# 30825062

RE:NCIB and Est. SP

Going lower. Cancel Dividends until CV is over.,.
Boston Pizza Royalties Income Fund has pro-actively closed all of its dining rooms and sports bars across Canada

Tony101 wrote:
Let's try to do another round of analysis: what range do you think SP can settle during this round of NCIB?

2018 NCIB it bought 98,300 units at avg. $15.86/sh during that mini-crash. I think SP around that time of announcement was ~$15 with div at around 9.25% (comparing to ~8.4% now), so BP was somewhat willing to pay 5-6% premium on the shares, but their financial position was better in 2018 than in 2019. After Q4, BP announced its facility B got extended by $6.7m. If we factored in the cancellation's savings of $539k and some regular debt repayment, it might have $8-8.5m for buyback.

Given these considerations, I think BP's buyback range maybe between $14.55 and $15.25/15.45.

What do you think?