BURLINGTON, ON, Jan. 11, 2012/CNW/ - SIR Royalty Income Fund (TSX: SRV.UN) ("the Fund") today declared a cash distribution of $0.083per trust unit for the period December 1, 2011to December 31, 2011. The distribution will be payable on January 31, 2012to unitholders of record at the close of business on January 20, 2012.
The cash distribution of $0.083per 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 48 restaurants in
Canada. SIR's concept brands include: Jack
Astor's Bar and Grill®, with 32 locations; Alice
Fazooli's!®, with five 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 45
restaurants currently included in the Royalty pool. For
more information on SIR Corp. or the SIR Royalty Income
Fund, please visit .
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, 2011Annual 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@e quicomgroup.com |
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