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Boston Pizza Royalties Income Fund
Symbol C : BPF.UN
Shares Issued 21,886,063
Close 2018-06-21 C$ 19.80
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Boston Pizza unitholders approve all matters at AGM

2018-06-22 14:28 ET - News Release

Mr. Wes Bews reports


Boston Pizza Royalties Income Fund has released the voting results from its annual general meeting of unitholders held on Thursday, June 21, 2018, in Vancouver, B.C.

William C. Brown did not stand for re-election and retired as a trustee of the fund, effective June 21, 2018. Mr. Brown was a trustee of the fund since its inception and chairman of the fund since June, 2014. Mr. Brown brought a wealth of knowledge to the fund and its unitholders. Since the initial public offering in July, 2002, Mr. Brown helped guide the fund through several major events including a federal taxation change impacting trusts, the fund's adoption of international financial reporting standards, a global financial crisis and a transaction that saw royalties received by the fund effectively increase from 4 per cent to 5.5 per cent. Over that time, the fund increased its rate of monthly cash distributions a total of 18 times while paying out over $289-million to unitholders of the fund through 191 consecutive monthly cash distributions. The trustees of the fund, and the ownership and management of Boston Pizza International Inc., wish to thank Mr. Brown for the invaluable service he provided, and wish him well in his retirement.

W. Murray Sadler and David L. Merrell were both re-elected to the board of trustees of the fund for the ensuing year. Mr. Sadler will assume the role of chairman of the fund.

The fund further announced that Marc Guay was elected to the board of trustees of the fund, effective June 21, 2018. Mr. Guay held a lengthy career spanning 29 years with PepsiCo Foods Canada Inc., including being president from 2008 until his retirement in 2015.

A total of 6,886,856 units and other securities with voting entitlements for the fund were represented at the meeting, being 27.85 per cent of the fund's issued and outstanding voting units. Detailed results of the ballot votes are provided in the attached table.

Proposal                                  Votes for   Votes for %  Votes withheld  Votes withheld %

Election of W. Murray Sadler as trustee   6,512,044         96.13         262,499              3.87            
Election of David L. Merrell as trustee   6,513,157         96.14         261,386              3.86            
Election of Marc Guay as trustee          6,713,759         99.10          60,784              0.90            

At the meeting, by a vote by show of hands, KPMG LLP was appointed as the auditor of the fund for the ensuing year and the trustees of the fund were authorized to fix the remuneration of the auditor.

About Boston Pizza Royalties Income Fund

The fund is a limited-purpose open-ended trust with an excellent record for investors since its initial public offering in 2002. Including the May, 2018, distribution, which is payable on June 29, 2018, the fund has delivered 18 distribution increases and 191 consecutive monthly distributions to unitholders totalling $289.2-million or $19.84 per unit since 2002.

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