Business
Pizza Pizza Royalty Income Fund Increases Distribution in November
Pizza Pizza Royalty Income Fund Increases Distribution in November.
About this update from Pizza Pizza Royalty Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 17 /CNW/ - Pizza Pizza Royalty Income Fund (the \"Fund\")\n(TSX: PZA.UN) is pleased to announce that it is increasing monthly cash\ndistributions.\nThe monthly distributions will increase 2% to $0.0681 per unit from\n$0.0667 per unit. The monthly distribution of $0.0681 per unit for the period\nfrom November 1, 2005 to November 30, 2005 will be payable to unitholders of\nrecord at the close of business on November 30, 2005 and will be paid on\nDecember 15, 2005.\nSame Store Sales Growth for the period July 4, 2005 through October 2,\n2005 was 6%, compared to the same period last year.\nAccording to Daniel Vukovich, Chief Operating Officer, the Pizza Pizza\nbusiness continues to demonstrate growth. \"Same store sales growth continues\nto increase thanks in large part to our relentless commitment to quality, our\ndiverse menu selection and our ability to meet the evolving demands of our\ncustomers. We are very pleased to be able to pass this success on to our\nunitholders with this increase in our distribution.\"\nRoyalties paid to the Fund will be adjusted annually to include the\nfranchise revenues of the new Pizza Pizza restaurants opened prior to\nSeptember 1, of each year.\nThe Fund is a limited purpose, open-ended trust established under the\nlaws of Ontario to acquire indirectly certain trademarks and trade names used\nby Pizza Pizza Limited (\"PPL\") in its Pizza Pizza restaurants in Canada. The\ntrademarks are licensed to PPL for 99 years for which PPL pays the Fund 6% of\nsystem sales of its 500 Pizza Pizza restaurants in Canada as at March 13,\n2005.\n\nPizza Pizza is one of Canada's most popular and successful pizza\nrestaurant operations, which together with its franchisees and licensees\nemploy 4,200 full and part-time people at locations in Ontario, Quebec and\nWestern Canada. The company is guided by a mission to provide the \"best food,\nmade especially for you\" and a focus on quality ingredients, customer service,\ncommunity contribution and continual innovation.\nThe Trustees of the Fund have approved the contents of this news release.\n\nPizza Pizza's trust units are listed on the Toronto Stock Exchange\n(PZA.UN).\n\nFor further information, please visit www.pizzapizzaroyaltyincomefund.com\nor www.pizzapizza.ca.\n\n\n%SEDAR: 00022262EF\n\n\n","length":2343,"tagName":"div"}]