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VANCOUVER, British Columbia, Oct. 13, 2021 (GLOBE NEWSWIRE) — The Keg Royalties Revenue Fund (TSX: KEG.UN or the “Fund”) as we speak introduced that it might be growing the month-to-month distributions on items of the Fund (“Models”) commencing with the October 2021 distribution. Month-to-month distributions will likely be elevated from their present degree of $0.07 per Unit to $0.0946 per Unit, the extent that existed earlier than the Covid-19 pandemic compelled us to decrease distributions in April 2020. The revised month-to-month distribution of $0.0946 per Unit has due to this fact been declared and will likely be paid on October 29, 2021 to unitholders of report on October 21, 2021. Yearly, the revised distributions end in a rise from the present degree of $0.84 per Unit to roughly $1.14 per Unit. The Fund at the moment plans to make these distributions every month for the foreseeable future.
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“The Trustees of the Fund are exceptionally happy to have the ability to approve this improve in distributions to the Fund’s public Unitholders,” stated Kip Woodward, Chairman of the Fund. “We now have rigorously reviewed KRL’s gross sales will increase over latest months, the gross sales forecasts ready by administration of KRL, and the Fund’s present money place. These elements have all contributed to justify the rise in month-to-month distributions. The Trustees will after all proceed to watch Keg’s gross sales, in addition to the Fund’s money reserves, and distributable money, with the intention to assess the potential for additional distribution will increase sooner or later.”
“The relief of many COVID-related working restrictions has led to vital will increase in The Keg’s gross sales ranges when in comparison with the previous eighteen months; in some instances, our gross sales have really surpassed the pre-COVID 2019 gross sales we loved. This has been achieved regardless of the continued bodily distancing, vaccine passports and different limitations in most jurisdictions. We count on these remaining restrictions to be largely resolved within the close to future enabling The Keg to return to the degrees of gross sales and success we have now loved for over fifty years,” stated David Aisenstat, CEO of The Keg. “Two issues have change into very clear to us: Firstly, our loyal Keg company are delighted to as soon as once more take pleasure in our hospitality and we thank them for that. Secondly, our devoted and gifted Keggers are extra excited than ever to supply the legendary Keg expertise, and we gratefully thank them too,” added Mr. Aisenstat.
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The Fund is a restricted objective, open-ended belief established beneath the legal guidelines of the Province of Ontario that, by way of The Keg Rights Restricted Partnership (the “Partnership”), a subsidiary of the Fund, owns sure logos and different associated mental property utilized by Keg Eating places Ltd. (“KRL”). In change to be used of these logos, KRL pays the Fund a royalty of 4% of product sales of Keg eating places included within the royalty pool.
Vancouver-based KRL is the main operator and franchisor of steakhouse eating places in Canada and has a considerable presence in choose regional markets in america. KRL continues to function The Keg restaurant system and develop that system by way of the addition of each company and franchised Keg steakhouses. KRL has been named one of many “50 Greatest Employers in Canada” for the previous eighteen years.
For additional info contact: Neil Maclean Phone: 604-276-0242 E-mail: neilm@kegrestaurants.com www.kegincomefund.com
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