̶ Fund also announces
appointment of Norm Mayr as Chair of
the Board of Trustees and
a brand conversion of one Royalty Pooled Restaurant
̶
BURLINGTON, ON , Feb. 9, 2022
/CNW/ - SIR Royalty Income Fund (TSX: SRV.UN) ("the Fund") today
declared a cash distribution of $0.09
per unit for the period January 1,
2022 to January 31, 2022. The
distribution will be payable on February 28,
2022 to unitholders of record as at the close of business on
February 18, 2022.
The Fund also announced that William
Rodgers has resigned as Chair of the Board of Trustees. Mr.
Rodgers will remain as an independent Trustee of the Fund and a
member of the Fund's Governance Committee. Norm Mayr has been appointed as the new Chair of
the Board of Trustees and remains on the Fund's Audit Committee.
The Fund also announced that SIR Corp. ("SIR") is converting its
Canyon Creek Chophouse® ("Canyon Creek") location
at the Fallsview Casino Resort in Niagara
Falls, Ontario, into a new Reds®. The new Reds
Fallsview is expected to open on April 1,
2022. This former Canyon Creek location is a Royalty Pooled
Restaurant, but it has not been in operation since the onset of the
pandemic in mid-March 2020. In
accordance with the License and Royalty Agreement between SIR and
the SIR Royalty Limited Partnership, this former Canyon Creek
location will be treated as a permanently closed restaurant and the
new Reds Fallsview will become a new Royalty Pooled Restaurant
effective January 1, 2023.
About SIR Royalty Income Fund
The Fund is a trust governed by the laws of the province of
Ontario that receives distribution
income from its investment in the SIR Royalty Limited Partnership
and interest income from the SIR Loan. The Fund intends to pay
distributions to unitholders on a monthly basis.
About SIR Corp.
SIR Corp. ("SIR") is a privately held Canadian corporation that
owns a portfolio of 52 restaurants in Canada. SIR's Concept brands include:
Jack Astor's Bar and
Grill®, with 37 locations; Scaddabush Italian Kitchen
& Bar® with nine locations; and Canyon
Creek®, with one location. SIR also operates
one-of-a-kind "Signature" brands including Reds® Wine
Tavern, Reds® Square One and The Loose Moose®. All
trademarks related to the Concept and Signature brands noted above
are used by SIR under a License and Royalty Agreement with SIR
Royalty Limited Partnership. SIR also owns one Duke's
Refresher® & Bar location in downtown Toronto, and one seasonal Signature
restaurant, Abbey's Bakehouse®, which are currently not
in consideration to be part of the Royalty Pool. For more
information on SIR Corp. or the SIR Royalty Income Fund, please
visit www.sircorp.com.
Caution concerning forward-looking statements
Certain statements contained in this report, or incorporated
herein by reference, including the information set forth as to the
future financial or operating performance of the Fund or SIR, that
are not current or historical factual statements may constitute
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements"). Statements
concerning the objectives, goals, strategies, intentions, plans,
beliefs, expectations and estimates, and the business, operations,
financial performance and condition of the Fund, the SIR Holdings
Trust (the "Trust"), the Partnership, SIR, the SIR Restaurants or
industry results, are forward-looking statements. The words "may",
"will", "should", "would", 'could", "expect", "believe", "plan",
"anticipate", "intend", "estimate" and other similar terminology
and the negative of such expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of the Fund, the Trust, the Partnership, SIR, the SIR
Restaurants or industry results, to differ materially from the
anticipated results, performance, achievements or developments
expressed or implied by such forward-looking statements. These
statements reflect Management's current expectations, estimates and
projections regarding future events and operating performance and
speak only as of the date of this document. Readers should not
place undue importance on forward-looking statements and should not
rely upon this information as of any other date. Risks related to
forward-looking statements include, among other things, challenges
presented by a number of factors, including: the impact of the
COVID-19 pandemic; market conditions at the time of this filing;
competition; changes in demographic trends; weather; changing
consumer preferences and discretionary spending patterns; changes
in consumer confidence; changes in national and local business and
economic conditions; pandemics or other material outbreaks of
disease or safety issues affecting humans or animals or food
products; changes in tariffs and international trade; changes in
foreign exchange and interest rates; changes in availability of
credit; legal proceedings and challenges to intellectual property
rights; dependence of the Fund on the financial condition of SIR;
legislation and governmental regulation, including the cost and/or
availability of labour as it relates to changes in minimum wage
rates or other changes to labour legislation and forced closures of
or other limits placed on restaurants and bars; laws
affecting the sale and use of alcohol (including availability and
enforcement); changes in cannabis laws; accounting policies and
practices; changes in tax laws; and the results of operations and
financial condition of SIR. The foregoing list of factors is not
exhaustive. Many of these issues can affect the Fund's or SIR's
actual results and could cause their actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, the Fund or SIR. There
can be no assurance that SIR will remain compliant in the future
with all of its financial covenants under the Credit Agreement and
imposed by the lender. Given these uncertainties, readers are
cautioned that forward-looking statements are not guarantees of
future performance and should not place undue reliance on them. The
Fund and SIR expressly disclaim any obligation or undertaking to
publicly disclose or release any updates or revisions to any
forward-looking statements. Forward-looking statements are based on
Management's current plans, estimates, projections, beliefs and
opinions, and the Fund and SIR do not undertake any obligation to
update forward-looking statements should assumptions related to
these plans, estimates, projections, beliefs and opinions change,
except as expressly required by applicable securities laws.
In formulating the forward-looking statements contained
herein, SIR Management has assumed that it will be successful in
dealing with the effects of the COVID-19 pandemic and that business
and economic conditions affecting SIR's restaurants and the Fund
will return to normalcy within the short to medium term.
For more information concerning the Fund's risks and
uncertainties, please refer to the March 31,
2021 Annual Information Form, for the period ended
December 31, 2020, and the Fund's
Management Discussion & Analysis for Q3 2021, which are
available under the Fund's profile at www.sedar.com. All of the
forward-looking statements made herein are qualified by these
cautionary statements and other cautionary statements or factors
contained herein, and there can be no assurance that the actual
results or developments will be realized or, even if substantially
realized, that they will have the expected consequences to, or
effects on, the Fund or SIR.
SOURCE SIR Royalty Income Fund