TRADING SYMBOL: The Toronto Stock Exchange - AW.UN
VANCOUVER, May 4 /CNW/ -
The following are the voting results from the annual general meeting of unitholders of A&W Revenue Royalties Fund (the Fund) held on May 3, 2011 at 11:00 a.m.:
Declaration of Trust Special Resolution
The Declaration of Trust Special Resolution was approved at the Annual General Meeting held on May 3, 2011. This resolution was proposed to assure the continued classification of units of the Fund as equity on the balance sheet of the Fund under International Financial Reporting Standards (IFRS), and to allow other amendments to the Declaration of Trust, which in the opinion of the Trustees, are necessary or desirable as a result of changes in Canadian taxation laws or accounting standards. For a complete description of the impact of IFRS on the Fund, please see the Fund's Management's Discussion and Analysis filed on SEDAR for the year ended December 31, 2010.
Election of Trustees
Mr. John McLernon and Mr. Carl Vanderspek were re-elected as Trustees for a term expiring at the close of the next annual meeting of Unitholders. Mr. Conrad Pinette, who had been a Trustee of the Fund since its inception in 2002, stepped down and Mr. Hugh Smythe was elected as a new Trustee of the Fund for a term expiring at the close of the next annual meeting. Mr. Smythe was formerly Senior Vice President of Intrawest Mountain Resorts and brings 40 years of business experience to the Fund.
Appointment of Auditors
PricewaterhouseCoopers LLP was re-appointed as auditor of the Fund and the Trustees are authorized to fix the remuneration to be paid to the auditor.
About the Fund
Launched on February 15, 2002, the Fund, through its investment in A&W Trade Marks Inc., is entitled to receive royalties from A&W Food Services of Canada Inc. in the amount of 3% of the sales of the 715 A&W restaurants in the Royalty Pool. Cash distributions are paid monthly. A&W is the second largest quick-service hamburger restaurant chain in Canada. Operating coast-to-coast, A&W restaurants feature famous trade-marked menu items such as The Burger Family, Chubby Chicken and A&W Root Beer.
A&W Food Services of Canada Inc. Dividend
A&W Food Services today declared a dividend in the aggregate amount of $2,000,000 to its shareholder of record on May 6, 2011.
Certain statements in this report may be forward-looking in nature. Actual results may differ materially from those expressed or implied in these forward-looking statements. The forward-looking statements are based on assumptions that management considered reasonable at the time they were prepared. These forward-looking statements are subject to a number of risk factors, including general economic and business conditions, unemployment, harmonization of sales taxes, financial and political instability, changes in income tax laws or their application to the Fund and other factors disclosed previously and from time to time in the Fund's public filings Forward-looking information is provided as of the date hereof and, except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances.