VANCOUVER, BC, Jan. 5, 2022 /CNW/ - A&W Food Services of Canada Inc. ("Food Services") announced today that it has filed an early warning report dated January 5, 2022 (the "Early Warning Report") with respect to its ownership of securities exchangeable for units ("Units") of A&W Revenue Royalties Income Fund (the "Fund").
Prior to December 9, 2021, Food Services had ownership and control of securities indirectly exchangeable for 4,430,828 Units, representing approximately 23.3% of the outstanding voting securities of the Fund.
On December 9, 2021, Food Services acquired ownership and control of 241,683 limited partnership units ("LP Units") of A&W Trade Marks Limited Partnership, which are indirectly exchangeable for 241,683 Units. This acquisition did not result in Food Services acquiring beneficial ownership of, or control or direction over, either (i) an additional 2% or more of the outstanding securities of the class of securities that was the subject of the most recent early warning report required to be filed by Food Services, or (ii) securities convertible into an additional 2% or more of the outstanding securities referred to in (i). On January 5, 2022, Food Services acquired ownership and control of a further 444,327 LP Units which are indirectly exchangeable for 444,327 Units. As a result of these transactions, Food Services' percentage interest in the outstanding voting securities of the Fund increased by approximately 2.7% on a diluted basis.
Following the transactions on December 9, 2021 and January 5, 2022, and assuming all the exchangeable securities held by Food Services are exchanged for Units, Food Services would hold 5,116,838 Units, representing approximately 26.0% of the outstanding voting securities of the Fund on a diluted basis.
Food Services acquired the 241,683 LP Units on December 9, 2021 at a price of $28.52 per LP Unit and 444,327 LP Units on January 5, 2022 at a price of $38.66 per LP Unit, in each case, pursuant to the annual adjustment to the royalty pool as previously announced and further described in the Fund's news release dated December 9, 2021, a copy of which is filed under the Funds profile on SEDAR at www.sedar.com.
Food Services acquired the aforementioned securities for investment purposes only. Food Services may acquire additional securities of the Fund in the future and may continue to acquire further LP Units which are indirectly exchangeable for Units.
For further information, and to obtain a copy of the Early Warning Report, please contact:
Chief Financial Officer
300 – 171 West Esplanade
North Vancouver, B.C. V7M 3K9
The head office of the Fund is also located at the address noted above.
SOURCE A&W Food Services of Canada Inc.