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MONCTON, NB, Dec. 3 /CNW/ - PDM Royalties Income Fund (the "Fund") (TSX:
PDM.UN) announced today that it has filed a notice with the Toronto Stock
Exchange ("TSX") and received its approval to purchase, through the facilities
of the TSX for cancellation, up to 350,000 of its units ("Units"),
representing approximately 5% of the 7,344,592 issued and outstanding Units.
Purchases may commence on December 5, 2007 and will terminate on December 4,
2008. The Trustees and senior management of the Fund are of the opinion that,
from time to time, the purchase of Units at the prevailing market price is a
worthwhile investment and in the best interests of the Fund and its
unitholders. The Fund has not previously purchased its Units under a normal
course issuer bid.
In accordance with the requirements of the TSX, the Fund will not
repurchase more than 2,674 Units per day unless the block purchase exception
is relied upon.
About the Fund
The Fund is a limited purpose open-ended trust established under the laws
of Ontario. The Fund makes monthly distributions of its available cash to
holders of units. The Fund indirectly owns the trade marks and intellectual
property for the Pizza Delight(R) and Mikes(R) brands and has licensed them to
Imvescor Inc. ("Imvescor") and Imvescor Restaurants Inc., respectively, in
consideration for a royalty equal to 4% of system sales generated by Pizza
Delight(R) and Mikes(R) restaurants. The Fund also indirectly owns the trade
marks and intellectual property for the Scores(R) Rôtisserie and Ribs and
Baton Rouge(R) brands and has licensed each to Mikes in consideration for a
royalty equal to 6% of system sales generated by Scores(R) Rôtisserie and Ribs
and Baton Rouge(R) restaurants.
Imvescor is a privately owned corporation, headquartered in Moncton, New
Brunswick. It operates franchised and corporate restaurants under the brand
names Pizza Delight(R), Mikes(R), Scores(R) Rôtisserie and Ribs and Baton
Rouge(R). Pizza Delight(R) restaurants operate primarily in Atlantic Canada,
where they dominates the family/mid-scale segment. Mikes(R) restaurants
operate primarily in Québec in the casual dining segment and the take-out and
delivery segments. Scores(R) Rôtisserie and Ribs restaurants operate primarily
in Québec in the family dining segment and the take-out and delivery segments.
Baton Rouge(R) restaurants operate in the casual dining segment in Ontario and
For further information:
For further information: William Lane, CMA, Chief Financial Officer,PDM
Royalties Income Fund,(506) 853-0990, email@example.com; on the four brands
visit: www.pizzadelight.com, www.mikes.ca, www.scores.ca,