Diversified Royalty Corp. Announces Results of Special Meeting
October 14 2020 - 5:00PM
Diversified Royalty Corp. (TSX: DIV and DIV.DB) (the
“Corporation” or “DIV”) is pleased to announce that at its special
meeting of shareholders held on October 14, 2020 (the “Meeting”),
shareholders passed a special resolution to approve the continuance
of DIV from the Canada Business Corporations Act to the Province of
British Columbia under the Business Corporations Act (British
Columbia) (the “Continuance”). The special resolution was approved
by 99.33% of the votes cast at the Meeting. The Continuance is
expected to be completed in the next week to 10 days.
DIV has also filed a report of the voting
results of the Meeting on SEDAR at www.sedar.com.
About Diversified Royalty Corp.
DIV is a multi-royalty corporation, engaged in
the business of acquiring top-line royalties from well-managed
multi-location businesses and franchisors in North America. DIV’s
objective is to acquire predictable, growing royalty streams from a
diverse group of multi-location businesses and franchisors.
DIV currently owns the Mr. Lube, AIR MILES®,
Sutton, Mr. Mikes, Nurse Next Door and Oxford Learning Centres
trademarks. Mr. Lube is the leading quick lube service business in
Canada, with locations across Canada. AIR MILES® is Canada’s
largest coalition loyalty program with approximately two-thirds of
Canadian households actively participating in the AIR MILES®
Program. Sutton is among the leading residential real estate
brokerage franchisor businesses in Canada. Mr. Mikes operates
casual steakhouse restaurants primarily in western Canadian
communities. Nurse Next Door is one of North America’s fastest
growing home care providers with locations across Canada and the
United States as well as in Australia. Oxford Learning Centres is
one of Canada’s leading franchised supplemental education services
in Canada and the United States.
DIV intends to increase cash flow per share by
making accretive royalty purchases and through the growth of
purchased royalties. DIV intends to pay a monthly dividend to
shareholders and increase the dividend as cash flow per share
increases allow.
Forward Looking Statements
Certain statements contained in this news
release may constitute “forward-looking information” within the
meaning of applicable securities laws that involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking information. The use
of any of the words “anticipate”, “continue”, “estimate”, “expect”,
“intend”, “may”, “will”, ”project”, “should”, “believe”,
“confident”, “plan” and “intends” and similar expressions are
intended to identify forward-looking information, although not all
forward-looking information contains these identifying words.
Specifically, forward-looking information in this news release
includes, but is not limited to, statements made in relation to:
the expected timing of the completion of the Continuance; DIV’s
intention to pay monthly dividends to shareholders; and DIV’s
corporate objectives. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events, performance, or achievements of DIV to differ
materially from those anticipated or implied by such
forward-looking information. DIV believes that the expectations
reflected in the forward-looking information included in this news
release are reasonable but no assurance can be given that these
expectations will prove to be correct. In particular there can be
no assurance that: the Continuance will be completed in accordance
with the currently anticipated timing; DIV will be able to make
monthly dividend payments to the holders of its common shares; or
DIV will achieve any of its corporate objectives. Given these
uncertainties, readers are cautioned that forward-looking
information included in this news release are not guarantees of
future performance, and such forward-looking information should not
be unduly relied upon. More information about the risks and
uncertainties affecting DIV’s business and the businesses of its
royalty partners can be found in the “Risk Factors” section of its
Annual Information Form dated March 18, 2020 and in its most recent
Management’s Discussion and Analysis, copies of each of which are
available under DIV’s profile on SEDAR at www.sedar.com.
In formulating the forward-looking information
contained herein, management has assumed that all necessary
regulatory approvals for the Continuance will be received; DIV will
generate sufficient cash flows from its royalties to service its
debt and pay dividends to shareholders; lenders will provide any
necessary waivers required in order to allow DIV to continue to pay
dividends; the impacts of COVID-19 on DIV and its royalty partners
will be consistent with DIV’s expectations and the expectations of
management of each of its Royalty Partners, both in extent and
duration; DIV and its royalty partners will be able to reasonably
manage the impacts of the COVID-19 outbreak on their respective
businesses. These assumptions, although considered reasonable by
management at the time of preparation, may prove to be
incorrect.
All of the forward-looking statements made in
this news release are qualified by these cautionary statements and
other cautionary statements or factors contained herein, and there
can be no assurance that the actual results or developments will be
realized or, even if substantially realized, that they will have
the expected consequences to, or effects on, DIV. The
forward-looking information included in this news release is
presented as of the date of this news release and DIV assumes no
obligation to publicly update or revise such information to reflect
new events or circumstances, except as may be required by
applicable law.
THE TORONTO STOCK EXCHANGE HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE
ACCURACY OF THIS RELEASE.
Additional Information
Additional information relating to the
Corporation and other public filings, is available on SEDAR at
www.sedar.com.
Contact: Sean Morrison, President and Chief
Executive Officer Diversified Royalty Corp. (604) 235-3146
Greg Gutmanis, Chief Financial Officer and VP
Acquisitions Diversified Royalty Corp. (604) 235-3146
Diversified Royalty (TSX:DIV.DB)
Historical Stock Chart
From Sep 2024 to Oct 2024
Diversified Royalty (TSX:DIV.DB)
Historical Stock Chart
From Oct 2023 to Oct 2024