Combination transaction to close on October 10;
Trading to begin under symbol IRG on or around October 15
MONCTON, NB, Oct. 8 /CNW Telbec/ - PDM Royalties Income Fund (TSX: PDM.UN) ("PDM" or the "Fund") announced today the seven directors of its successor company, Imvescor Restaurant Group Inc. ("Imvescor Restaurant Group" or "IRG") who will form the Board of Directors upon the previously announced plan of arrangement taking effect on October 10, 2009. IRG is the new publicly-traded corporation which will result from the closing on October 10th of the combination transaction between PDM, 7209835 Canada Inc., Imvescor Inc. ("Imvescor"), Imvescor Restaurants Inc. and Imvescor's two shareholders, General Financial Corporation Ltd. ("GFC") and Delighted Guests Ltd. ("DGL") (the "Combination Transaction"). The Fund also announced that the shares of the newly created Imvescor Restaurant Group will be posted for trading on the Toronto Stock Exchange under the stock symbol IRG on or around October 15, 2009.
IRG Board Members
Upon closing of the Combination Transaction, the Board of IRG will consist of the following seven members, five of whom will be independent: Rino Volpé, William Dover, David Hawkins, Inouk Imbeault, Jacques F. Lemoine, James S. Peterson, and Gabriel Sacratini.
- Rino Volpé will act as Chairman of the Board of IRG. Mr. Volpé has been
involved in the business world for over 30 years, during which he
occupied senior management positions for companies in the agri-food and
business management sectors. Mr. Volpé also sits on several boards,
including the Board of Directors of Imvescor since 2006.
- Inouk Imbeault, President of GFC, the holding company that owns 28% of
IRG, has been involved with the Imvescor management team since 2006. He
is also a Director and Officer with Excellium Technologies (a
technology and security firm) and Monumental Granite, both subsidiaries
The following Board members will act as independent directors.
- William Dover possesses an impressive expertise of the agri-food
industry, obtained through his consulting practice and former role as
Vice-Chairman of General Mills Restaurants, Canada. Mr. Dover served as
a Director with Imvescor since 1999.
- David Hawkins is a seasoned director and business executive, building
on more than 40 years of experience. He notably co-founded and
spearheaded Hawk Communications. He was a Trustee with PDM from 2004 to
- Jacques F. Lemoine brings with him more than 30 years of commercial,
industrial and investment banking experience. During this time, he was
also actively involved in numerous community organizations.
- Hon. James S. Peterson, P.C has led a long and successful career in the
public sector, acting notably as Member of Parliament for Willowdale,
Chair of the Finance Committee and Minister of International Trade. A
lawyer by training, Mr. Peterson is now counsel to Fasken Martineau. He
was a Trustee with PDM from 2008 to 2009.
- Gabriel Sacratini has held senior positions with several well known
international banking institutions and possesses more than 25 years of
experience in the sector. He has also been a board member of many
private firms prior to his appointment to the Board of PDM in 2004.
About PDM Royalties Income Fund
The Fund is a limited purpose open-ended trust established under the laws of Ontario. The Fund indirectly owns the trademarks and intellectual property for the Pizza Delight(R), Mikes(R), Scores(R), and Baton Rouge(R) brands and has licensed them to Imvescor in consideration for a royalty equal to 4% of system sales for Pizza Delight(R) and Mikes(R) restaurants, and a royalty rate of 6% for Scores(R) and Baton Rouge(R) restaurants.
Imvescor is a privately owned corporation, headquartered in Moncton, New Brunswick. Pizza Delight(R) operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes(R) and Scores(R) restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Baton Rouge(R) operates in the Province of Quebec and Ontario in the casual dining segment.
Certain information regarding the Fund contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Fund cautions that actual performance will be affected by a number of factors, many of which are beyond the Fund's control, and that future events and results may vary substantially from what the Fund currently foresees. Discussion of the various factors that may affect future results is contained in the annual information form of the Fund and the information circular in respect of the annual and special meeting, which are available at www.sedar.com. The Fund assumes no obligation to update such forward-looking statements, except as required by applicable securities laws. The Fund's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
SOURCE PDM ROYALTIES INCOME FUND
For further information: For further information: Mélanie Joly, Cohn & Wolfe Public Relations, (514) 845-2257 ext 247; William R. Lane, CMA, Executive Vice-President and Chief Financial Officer, Imvescor Inc., (506) 853-8412; Visit: www.pdmfund.ca, www.imvescor.ca, www.pizzadelight.ca, www.mikes.ca, www.scores.ca, www.batonrougerestaurants.com