MONCTON, NB, Dec. 12 /CNW/ - PDM Royalties Income Fund (the "Fund") (TSX: PDM.UN) announced today a cash distribution of $0.12 per unit for the month of November, 2008, this reflects an annual distribution of $1.44 per unit. The distribution will be paid to unitholders of record at the close of business on December 19, 2008 and will be payable on or before December 31, 2008.
The Fund continues to generate a positive cash flow and make monthly distributions to its unitholders enabling them to benefit from a superior return on their investment in the Fund. The price of the Fund units has been affected by the world market situation but the underlying business has been relatively unchanged and continues to be a solid structure.
PDM Royalties Income Fund (the "Fund") is a limited purpose open-ended trust established under the laws of Ontario. The Fund makes monthly distributions of its available cash to holders of units. The Fund indirectly owns the trade marks and intellectual property for the Pizza Delight(R), Mikes(R), Scores(R) and Baton Rouge(R) brands and has licensed them to Imvescor Inc. in consideration for a royalty equal to 4% of system sales for Pizza Delight and Mikes, and in the case of Scores and Baton Rouge, the royalty rate is 6%.
Imvescor Inc. is a privately owned corporation, headquartered in Moncton, New Brunswick. It operates franchised and corporate restaurants under the brand names Pizza Delight, Mikes, Scores, and Baton Rouge restaurants. Pizza Delight operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes and Scores restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Baton Rouge has operations in Quebec and Ontario in the high end casual segment.