Sir Royalty Income Fund T.SRV.UN

Alternate Symbol(s): SIRZF

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 > Statement from the Independent Trustees

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Comment by flamingogoldon Jan 08, 2021 10:02am

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Post# 32253027

RE:Statement from the Independent Trustees

Does this independent group have any power to change things further? A lot of bitter investors and rightly so. Long time dedicated shareholders in Fowler's vision get screwed while monopolistic day traders buying under $3 in the last year reap the rewards.

If this goes through who will ever invest in Fowler again?

BlueJay2020 wrote:
The plot thickens! Hats off to the independents here - they seem to be going into bat for us and doing exacrtly what they should do. I might see if I can track them down and send them a wee note!

TORONTO , Jan. 7, 2021 /CNW/ - The Independent Trustees of SIR Royalty Income Fund (TSX: SRV.UN) (the " Fund ") wish to update unitholders in respect of a press release issued yesterday by SIR Corp. (" SIR ").

Over a number of months, SIR, a related party of the Fund, has expressed interest in an unsolicited transaction with the Fund, through an acquisition of Fund units for shares of SIR or cash, including recently an acquisition of units for $3.55 per unit. While the Independent Trustees had discussions with SIR concerning these expressions of interest, discussions did not proceed further on a share exchange as the parties could not agree on respective valuations. More recently, while the Independent Trustees were asking their advisors to consider SIR's most recent expression of interest for cash, SIR provided to the Independent Trustees a requisition in draft for a meeting of unitholders to consider a sale of the assets of the Fund and a termination of the Fund, as described in the SIR press release. The Independent Trustees have not received a proposal in respect of that transaction, but understand through SIR's press release that SIR wishes them to consider same.

The Independent Trustees have asked SIR for clarification of certain terms of the transaction described by it and their independent financial and legal advisors to consider various alternatives that may be available to the Fund and will further update unitholders as circumstances warrant.