About 60% of New A&W stores are opened by existing owners.(See list of owners below). Perhaps the sale for cash is to provide these owners with the funds to open new stores which would have a higher investment return than just owning the royalty fund? We need to ask why the unit were sold for cash rather than converted to royalty units. Anyone know any owners? Also additional info in the services unit holders. Management and Directors of Food Services The names and province or state, and country of residence of the persons who are the directors and executive officers of Food Services as at the date of this Annual Information Form are as follows: Name, Province or State, and Country of Residence Position with Food Services JEFFERSON MOONEY.................................................... British Columbia, Canada Chairman Emeritus and Director PAUL F. B. HOLLANDS ................................................. British Columbia, Canada Chairman and Director SUSAN D. SENECAL ..................................................... British Columbia, Canada President and Chief Executive Officer DONALD T. LESLIE....................................................... British Columbia, Canada Chief Financial Officer PATRICIA M. SAHLSTROM............................................ British Columbia, Canada Senior Vice President and Chief Commercial Officer NANCY E. WUTTUNEE ................................................. British Columbia, Canada Vice President PATRICIA A. PARENTE ................................................. British Columbia, Canada Vice President R. NEIL FARMER .......................................................... British Columbia, Canada Vice President BRENT M. TODD .......................................................... British Columbia, Canada Vice President ROBERT D. FUSSEY...................................................... British Columbia, Canada Vice President ANGELA GRIFFITHS...................................................... British Columbia, Canada Vice President DAVID A. MINDELL ..................................................... British Columbia, Canada Director MICHAEL HOLLEND ..................................................... Ontario, Canada Director ERIC BERKE ................................................................. Ontario, Canada Director Each of the foregoing individuals has been engaged for more than five years as a member of the senior management group of Food Services, except for Messrs. Mooney, Mindell, Hollend and Berke. Mr. Mooney joined Food Services in 1973, became President and Chief Executive Officer in 1991, Chairman and Chief Executive Officer in 1995, Chairman in 2005 and Chairman Emeritus in 2015. Mr. Mindell has, for more than five years, been the President of Western Corporate Enterprises Inc., a private investment company. Mr. Hollend and Mr. Berke were appointed as directors of Food Services on February 23, 2018 following the reorganization of Food Services, as a part of which several shareholders of A&W of Canada Inc. collectively sold a significant minority, indirect ownership interest in Food Services to funds managed by TorQuest Partners (the Reorganization).