Sir Royalty Income Fund T.SRV.UN

Increased bid

[Robsopinion]

Ok, who gave Janes a number to work with? Lol
on a serious note, why are they not just buying in the open market? Does anyone know what percentage of units are held by insiders?

[BlueJay2020]

Well, Sir Corp own 20% and Janes another 10%.  I doubt there would be anyone else comparable to those two holdings, although the mystery 'third bidder' may also have a significant stake.  I think this is a classic strategy of shaking the tree and seeing how much fruit falls each time.  We saw this recently with BPY - the only difference here is that there are multiple

[flamingogold]

$4.75 is still waaay too low. Looking back, SRV's timing of their lowball, stab in the back offer followed on the heels of the Ontario lockdown in a likely move to scare the krap out of shareholders. Yet, all the while they secretly launch a new take out concept, Renegade Chicken Kitchen, likely thanks to not paying distributions... a concept I might add that Janes will also benefit from. It

[Fabozzi]

[BlueJay2020]

I am quite happy that shareholders with a low cost base are selling, as it means that new holders have a higher cost base and will not settle for a rip-off deal!  I am hoping we will see a lot restaurants opening in little over a week's time.

[babedinkleman]

This post has been removed in accordance with Community Policy

[BlueJay2020]

I think COVID-19 may actually press the reset button for Jack Astor's.  The landscape will be very different - less mom and pop competitors, a strong desire to eat out (for a while at least) and more money in a lot of people's pockets. There was nothing fundamentally wrong with the concepts or brand.  They got a little too pricy too quickly in my opinion. I don't think we

[BlueJay2020]

Also, I don't think that $8 52W low is a fair number. With the illiquidity of the stock, it doesn't take much to trigger a big drop. Of course, the reverse is also true. Obviously there was a double whammy of a Covid hit which decimated the already low price.  $11.25 would be a better comparison - $15 less a 25 per cent haircut.  

[Fabozzi]

I believe the primary reason behind the Jane's proposal is to force an increase in the bid from SIR Corp or someone else.  "Nevertheless, I wish to reiterate that the Offeror is committed to working with the Independent Trustees of the Fund to seek out every alternative that can maximize value for all Unitholders." If they quietly wanted to raise their stake towards 20% in the