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 > SIR Corp. Announces it's No Longer Proceeding with its Offer

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Comment by BlueJay2020on Feb 10, 2021 9:58pm

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Post# 32533910

RE:RE:RE:SIR Corp. Announces it's No Longer Proceeding with its Offer

Even the terminology they use is misleading. Aren't the distributions issued by the Fund, and therefore the level and timing is effectively controlled by the majority independent Trustees? They will no doubr continue to be around 100% of the distributable income of the Fund, whatever that is.

It's the payment of the 6% royalties and interest payments that the Opco controls and these are based on contractual agreements. There is nothing discretionary or subjective about them - bear in mind also that the interest on the loan doesn't change, whether there are a million diners or 10. The only issue at the moment appears to be the bank keeping the money for themselves - and that will have to be resolved one way or another.

Really, this is schoolboy stuff and the longer this goes on, the worse Fowler looks.

lostcauses wrote:

SIR reminds Fund unitholders that the timing of any resumption of monthly distributions is uncertain

Well bully us all you want SIR, but I dont think so. Once the restrictions are lifted there is nowhere to hide any more. Not to mention we have Janes (~100k monthly distributions) and the trustees on our side, which will start legal action due to contract breach in due time.