Subject: SHM
BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES RESULTS OF AGM VOTING
Toronto Stock Exchange: BPF.UN
VANCOUVER, BC, June 15, 2023 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) is pleased to announce the voting results from its annual general meeting of unitholders held on Thursday, June 15, 2023 in Richmond, British Columbia.
David L. Merrell did not stand for re-election and retired as a Trustee of the Fund effective June 15, 2023. Mr. Merrell was a Trustee of the Fund and Chair of the Audit Committee since June 11, 2014. Mr. Merrell brought a wealth of knowledge to the Fund and its unitholders. Mr. Merrell helped guide the Fund through several major events, including the significant challenges faced by the Fund as a result of COVID-19, the recovery that followed and a transaction in 2015 that saw royalties received by the Fund effectively increase from 4% to 5.5%. The Trustees of the Fund, and the ownership and management of Boston Pizza International Inc. wish to thank Mr. Merrell for the invaluable service he provided, and wish him well in his retirement.
Marc Guay, Paulina Hiebert and Shelley Williams were re-elected to the Board of Trustees of the Fund for the ensuing year. Marc Guay will continue in the role of Chair of the Fund.
A total of 7,495,895 units and other securities with voting entitlements for the Fund (together, the "Voting Units") were represented at the meeting, being 30.25% of the Fund's issued and outstanding Voting Units. Detailed results of the ballot votes are provided below:
Proposal | Votes For | Votes For % | Votes Withheld | Votes Withheld % |
Election of Marc Guay as Trustee | 7,396,678 | 99.10 % | 67,343 | 0.90 % |
Election of Paulina Hiebert as Trustee | 7,397,593 | 99.11 % | 66,428 | 0.89 % |
Election of Shelley Williams as Trustee | 7,402,942 | 99.18 % | 61,079 | 0.82 % |
At the meeting, by a vote by show of hands, KPMG LLP was appointed as the auditor of the Fund for the ensuing year and the Trustees of the Fund were authorized to fix the remuneration of the auditor.
The Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002. Including the May 2023 distribution which is payable on June 30, 2023, the Fund will have paid out 245 monthly distributions and two special distributions totaling $406.8 million or $25.27 per unit. The Fund earns revenue based on the franchise system sales of the 377 Boston Pizza restaurants in the Fund's royalty pool.
Boston Pizza International Inc. ("BPI") is Canada's number one casual dining brand. The Boston Pizza brand has served communities from coast-to-coast for 59 years since opening its first restaurant in Edmonton, Alberta in 1964. Today Boston Pizza proudly remains a Canadian company with its hundreds of local franchise owners operating more dining rooms, sports bars and patios than any other single brand in the country, along with take-out and delivery. BPI has been recognized both as a Franchisees' Choice Designation winner and a Platinum Member of Canada's 50 Best Managed Companies for many years.
The trustees of the Fund have approved the contents of this news release.
SOURCE Boston Pizza Royalties Income Fund
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