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Imvescor Restaurant Group Inc. (IRG)
Market: CDN Consolidated
$ 1.69
Oct 25, 2014, 7:59 PM EDT
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PDM Royalties Income Fund Announces November Cash Distribution December 7, 2006

MONCTON, NB, Dec. 7 /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, 2006. This reflects an annual distribution of $1.44 per unit. The distribution will be paid to unitholders of record of the Fund at the close of business on December 21, 2006 and will be payable on or before December 29, 2006.

If enacted, the recent announcement by the Federal Government will not have an impact on the Fund's distributions until 2011. For those unitholders holding units outside a tax deferred plan, the Fund estimates that the 2006 distributions will be treated approximately as 80% taxable income and the balance as a return of capital. The proportion of these figures may change when the actual results for the fiscal year are calculated.

The Fund continues to pay a yield to its unitholders above most other restaurant royalty income funds while being able to retain a cash surplus. The operating business continues to operate well above the levels when the Fund completed its initial public offering in 2004.

The Fund is a limited purpose open-ended trust established under the laws of Ontario. The Fund will make monthly distributions of its available cash to holders of units. The Fund indirectly owns the trade marks and intellectual property for the Pizza Delight, Mikes, and Scores brands and has licensed them to Pizza Delight Corporation Ltd. ("PDC") in consideration for a royalty equal to 4% of system sales, and in the case of Scores a royalty rate of 6%.

PDC is a privately owned corporation, headquartered in Moncton, New Brunswick. It operates franchised and corporate restaurants under the brand names Pizza Delight(R), Mikes(R), and Scores(R) restaurants. Pizza Delight(R) operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes(R) and Scores(R) restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments.

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