Diversified Royalty Corp. Announces Temporary Closure of Mr. Mikes Dining Rooms and Bars
March 18 2020 - 7:10PM
Diversified Royalty Corp. (TSX: DIV and DIV.DB) (the
“Corporation” or “DIV”) announced today that in response to the
evolving circumstances relating to the COVID-19 pandemic, that Mr.
Mikes Restaurants Corporation (“Mr. Mikes”) has proactively closed
all of its dining rooms and bars across Canada on a temporary basis
effective today, but will continue to provide take-out and delivery
offerings, where possible. The duration of the temporary dining
room and bar closures is not yet known and will continue until
further notice. By closing its dining rooms and bars to guests, Mr.
Mikes is doing its part to help “flatten the curve” through the
reduction of group gatherings and increased social distancing
consistent with public health authority protocols while also
supporting Canadians by continuing to provide take-out and delivery
offerings, where possible, during these challenging times.
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 currently
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 predictable and stable
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 temporary closure of Mr. Mikes’ dining rooms and bars, the
duration of such closures and the current continuation of take-out
and delivery offerings during such closures, where possible; and
DIV’s intention to pay a predictable and stable dividend to
shareholders, and DIV’s other 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 in such forward-looking information. DIV believes that the
expectations reflected in the forward-looking information are
reasonable, but no assurance can be given that these expectations
will prove to be correct. In particular there can be no assurance
that: Mr. Mikes’ restaurants will be able to continue to provide
delivery and take-out options during the temporary closure of its
dining rooms and bars; that all Mr. Mikes’ restaurants will reopen
following the temporary closures, or the timing thereof; that sales
will recover within a reasonable period of time following the end
of the temporary closures, or at all; DIV and its royalty partners
will not be further adversely impacted directly, or indirectly, by
economic or socioeconomic conditions related to the spread or
perceived risk of the spread of COVID-19. 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 a copy of which is
available under DIV’s profile on SEDAR at www.sedar.com.
In formulating the forward-looking information
contained herein, management has assumed that Mr. Mikes will be
able to continue to provide take-out and delivery services; 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 information in this
news release is 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 it will have the
expected consequences to, or effects on, DIV. The forward-looking
information in this news release is made 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 OfficerDiversified 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 Jun 2024 to Jul 2024
Diversified Royalty (TSX:DIV.DB)
Historical Stock Chart
From Jul 2023 to Jul 2024