Stock Name: SRV.UN
Amount: CAD 0.083
Announcement Date: 07/03/2012
Record Date: 14/03/2012
Dividend Detail:
BURLINGTON, ON, March 7, 2012 /CNW/ - SIR Royalty Income Fund (TSX:
SRV.UN) ("the Fund") today declared a cash distribution of $0.083 per
trust unit for the period February 1, 2012 to February 29, 2012. The
distribution will be payable on March 30, 2012 to unitholders of record
at the close of business on March 16, 2012.
The cash distribution of $0.083 per trust unit reflects the obligation
of the Fund to make tax payments as a result of certain legislative
changes to the tax treatment of income trusts, commonly referred to as
Specified Investment Flow Through Tax ("SIFT Tax"), effective January
1, 2011.�� As announced in August 2010, the Fund continues to operate as
an income trust. The SIFT Tax applies to the Fund at the estimated
prevailing corporate tax rate of approximately 28.25% for 2011 and, as
a result, cash available for the Fund to distribute to Unitholders is
reduced by that amount.
As a result of the SIFT Tax effective January 1, 2011, cash
distributions to Unitholders are classified for tax purposes as
eligible dividends. Unitholders who are Canadian residents and hold
their Units in a non-tax deferred account may claim the dividend tax
credit for eligible dividends, which would if applicable reduce the
after tax impact of the SIFT Tax.��Unitholders are advised to consult
their own tax advisors to determine the impact of this change in tax
laws on the distributions from their investment in the Fund.
About SIR Corp.
SIR is a privately held Canadian corporation that owns and operates a
portfolio of 46 restaurants in Canada. SIR's Concept brands include:
Jack Astor's Bar and Grill��, with 31 locations; Alice Fazooli's!��, with
four locations; and Canyon Creek Chop House��, with eight locations. SIR
also operates one-of-a-kind "Signature" brands in downtown Toronto,
which comprise the upscale reds��, Far Niente��/FOUR��/Petit Four���, and
the Loose Moose Tap & Grill��. All trademarks related to the Concept and
Signature brands noted above are used by SIR under a license agreement
with SIR Royalty Limited Partnership in consideration for a Royalty,
payable by SIR to the Partnership, equal to six percent of the revenue
of the 47 restaurants currently included in the Royalty pool. For more
information on SIR Corp. or the SIR Royalty Income Fund, please visit www.sircorp.com.
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
Caution concerning forward-looking statements
Certain statements in this news release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Fund to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.��When used in this document, such statements
are such words as "may", "will", "expect", "believe", "plan",
"anticipate", "intend", "estimate" and other similar terminology.��These
statements reflect SIR Management's current expectations regarding
future events and operating performance and speak only as of the date
of this document.��The Fund and SIR expressly disclaim any obligation or
undertaking to publicly release any updates or revisions to any
forward-looking statements contained herein to reflect any change in
expectations with regard thereto or any changes in events, conditions
or circumstances on which any statement is based, except as expressly
required by law.��
In formulating the forward-looking statements contained herein,
Management has assumed that business and economic conditions affecting
SIR's restaurants and the Fund will continue substantially in the
ordinary course, including without limitation with respect to general
industry conditions, general levels of economic activity (including in
downtown Toronto), regulations (including those regarding employees,
food safety, tobacco and alcohol), weather, taxes, foreign exchange
rates and interest rates, that there will be no pandemics or other
material outbreaks of disease or safety issues affecting humans or
animals or food products, and that there will be no unplanned material
changes in its facilities, equipment, customer and employee relations,
or credit arrangements. These assumptions, although considered
reasonable by Management at the time of preparation, may prove to be
incorrect.�� For more information concerning the Fund's risks and
uncertainties, please refer to the Fund's periodic interim filings, and/or its March
31, 2011 Annual Information Form.��
For further information:
Peter Fowler
CEO
SIR Corp.
Tel: 905-681-2997
Lawrence Chamberlain
Investor Relations
Tel: (416) 815-0700 ext. 257
Email:��lchamberlain@equicomgroup.com
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