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Boston Pizza Royalties Income Fund Announces Results of AGM Voting and Changes to Board of Trustees

Toronto Stock Exchange: BPF.UN

W. Murray Sadler, Q.C. retires and Paulina Hiebert elected to the Board of Trustees

VANCOUVER , June 20, 2019 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (BPF-UN.TO) is pleased to announce the voting results from its annual general meeting of unitholders held on Wednesday, June 19, 2019 in Vancouver, British Columbia .

W. Murray Sadler, Q.C. did not stand for re-election and retired as a Trustee of the Fund effective June 19, 2019 . Mr. Sadler was a Trustee of the Fund since June 10, 2008 and Chairman of the Fund since June 21 , 2018.  Mr. Sadler brought a wealth of knowledge to the Fund and its unitholders.  Mr. Sadler helped guide the Fund through several major events including a global financial crisis and a transaction that saw royalties received by the Fund effectively increase from 4% to 5.5%. The Trustees of the Fund, and the ownership and management of Boston Pizza International Inc. wish to thank Mr. Sadler for the invaluable service he provided, and wish him well in his retirement.

David L. Merrell and Marc Guay were both re-elected to the Board of Trustees of the Fund for the ensuing year. Marc Guay will assume the role of Chairman of the Fund. 

The Fund further announced that Paulina Hiebert was elected to the Board of Trustees of the Fund and appointed as a director of Boston Pizza GP Inc. effective June 19, 2019 .  Ms. Hiebert has a legal career spanning over 24 years, with her serving in the role of General Counsel for 16 of those years.  In that time, she has held senior executive positions on The Brick Group Income Fund and The North West Company Inc., both of which were publicly traded during her tenure.

A total of 6,773,123 units and other securities with voting entitlements for the Fund (together, the "Voting Units") were represented at the meeting, being 27.15% of the Fund's issued and outstanding Voting Units.  Detailed results of the ballot votes are provided below:

Proposal

Votes For

Votes For %

Votes Withheld

Votes Withheld
%

Election of David L. Merrell as Trustee

6,598,345

98.21

120,590

1.78

Election of Marc Guay as Trustee

6,591,832

98.11

127,103

1.89

Election of Paulina Hiebert as Trustee

6,572,562

97.80

146,373

2.18

 

At the meeting, by a vote by show of hands, KPMG LLP was appointed as the auditor of the Fund for the ensuing year and the Trustees of the Fund were authorized to fix the remuneration of the auditor.

ABOUT US

The Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002.  Including the May 2019 distribution which is payable on June 28, 2019 , the Fund has delivered 18 distribution increases and 203 consecutive monthly distributions to unitholders totaling $319.4 million or $21 .22 per unit since 2002.  The Fund earns revenue based on the franchise system sales from the 396 Boston Pizza restaurants included in the Fund's royalty pool.

BPI is Canada's number one casual dining brand with annual gross sales of $1 .1 billion serving more than 50 million guests through over 395 mainly franchisee operated restaurants.  The Boston Pizza brand has successfully existed for over 50 years since opening its first restaurant in Edmonton, Alberta in 1964.  BPI has been recognized as a Platinum Member of Canada's 50 Best Managed Companies and has been a Franchisees' Choice Designation winner for eight consecutive years.

The trustees of the Fund have approved the contents of this news release.

® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trademarks and unregistered Canadian trademarks containing the words "Boston", "BP", and/or "Pizza" are trademarks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc. 

SOURCE Boston Pizza Royalties Income Fund


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