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 > We have a competing offer!

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Comment by BlueJay2020on Jan 27, 2021 12:26pm

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Post# 32399652

RE:RE:RE:RE:We have a competing offer!

There's a lot to like here for investors who want to hold. We get a bump in stock price, we retain the right to receive the royalties in arrears, as well as a future royalty stream, plus we keep a stake in the $40M receivable.

It's interesting that this is not a new player, but a long-term investor who held when the stock was a buck fifty. They know there is absolutely no point in making an offer for the entire trust as SIR would want at least double the $4.25 (at least), so it makes perfect sense for them to try and nibble away and force the value up. However, investors who didn't sell at $3.55 are not going to settle for $4.25, and the holders of the almost 50,000 shares bought today at between $3.70 and $4.00 a piece certainly won't!

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