Hey guys this week I got a surprise announcement from one of my stocks and thought I would share it with you. On Tuesday December 20th The Keg Royalties Income Fund announced a special cash distribution of $0.03 to all unitholders.
So what is The Keg Royalties Income Fund? The fund is a limited purpose open-ended trust established under the laws of the Province of Ontario, through The Keg Rights Limited (KRL) Partnership, a subsidiary of the fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. In exchange for use of those trademarks, KRL pays the fund a royalty of 4% of gross sales of Keg Restaurants included in the royalty pool.
The Keg has approximately 9,500 employees, over 100 restaurants and annual system sales of approximately $585 million. Vancouver-based KRL is the leading operator and franchiser of steakhouse restaurants in Canada, and also has a substantial presence in the United States.
The $0.03 special cash distribution is payable to unitholders of record on Dec 31st, 2016 and will be paid on Jan 31st, 2017.
I currently own 166 shares of The Keg Royalties Income Fund so with this news I will receive $4.98.
Congrats to everyone who owns the stock 🙂
Happy Holiday’s everybody
Thanks for reading.