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Company Name : Boston Pizza Royalties Income Fund
Company Profile
Filing Date : 6/10/2002
Offering : TBD
Price : $10.00 per Unit
Closing Date : TBD
Exchange : TSX
Eligibility : British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince
Underwriters :
Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc., Canaccord Capital Corp.Raymond James Ltd.
Associations :
Issuer's Law Firm : Borden Ladner Gervais LLP
Underwriter's
Law Firm : Lawson Lundell
Auditor : KPMG LLP
Transfer Agent : Computershare Trust Company of Canada
Business Description :
Boston Pizza Royalties Income Fund is a limited purpose open-ended trust established under the laws of the Province of British Columbia, created to acquire, indirectly through Boston Pizza Royalties Limited Partnership and Boston Pizza Holding Trust, the Canadian trade marks owned by Boston Pizza International Inc. ("BPI") and used in connection with the operation of the Boston Pizza restaurants in Canada (collectively, the "BP Rights"') and to directly acquire a loan)outstanding under which BPI is the borrower. The Partnership will grant to BPI an exclusive 99 year license to use the BP Rights in Canada in consideration for a royalty, payable by BPI to the Partnership, equal to four percent of the Franchise Revenue from Boston Pizza restaurants in Canada.
From its first restaurant in Edmonton in 1964, Boston Pizza has grown to become Canada's number one casual dining brand. With 156 restaurants stretching from Victoria to Halifax, Boston Pizza has more locations and serves more customers annually than any other casual dining concept in Canada. For the 12-month period ended April 30, 2002, total system sales were in excess of $300 million.BPI has, through affiliated entities, franchised the Boston Pizza concept outside of Canada in the U.S. and Mexico; however, operations outside of Canada will not be subject to the Royalty.
BPI franchises both the "Boston Pizza'' and "Boston Pizza Quick Express'' oncepts. Boston Pizza is a full service restaurant and sports bar concept competing in the casual dining segment of the restaurant industry.Boston Pizza Quick Express serves a limited menu and is targeted to "captured traffic'' locations such as arenas, food courts and airports. BPI's strategic focus is on the opening of full service Boston Pizza franchises and Management does not anticipate that Boston Pizza Quick Expresses will be a significant aspect of Boston Pizza's growth strategy.
BPI is a franchise-driven restaurant company, and operates only two of the 156 restaurants as corporate restaurants. These corporate restaurants also serve as franchisee training centres, and allow BPI to test market new menu items and programs before launch throughout the Boston Pizza franchise system. BPI's strategic focus on the development of successful franchise operations has underpinned the success of the Boston Pizza franchise system over the past 38 years.
Industry Category : Trust Units
Company Financials :
Fiscal Year-End : December 31
Financials : Revenue for the 6 months ended February 28, 2002 - $10,440,308
Net loss for the 6 months ended February 28, 2002 - $(253,447)
Revenue for the year ended August 31, 2001- $16,644,510
Net loss for the year ended August 31, 2001 - $(51,889)
Clearwater Seafoods Income Fund
Company Profile
Filing Date : 6/11/2002
Offering : TBD
Price : $10.00 per Unit
Closing Date : TBD
Exchange : TSX
Eligibility : British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon, Nunavut
Underwriters :
Scotia Capital Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Yorkton Securities Inc., Beacon Securities Ltd.
Associations :
Issuer's Law Firm : Goodmans
Underwriter's
Law Firm : Fasken Martineau DuMoulin LLP
Auditor : KPMG LLP
Transfer Agent : Computershare Trust Company of Canada
Business Description :
Clearwater Seafoods Income Fund is an unincorporated open-ended trust established under the laws of the Province of Ontario. It has been created to hold, indirectly, 1% of the partnership units of Clearwater Seafoods Limited Partnership, which, in turn, will be formed to acquire the seafood business of Clearwater Fine Foods Incorporated.
Clearwater is a leader in the global seafood industry and the largest integrated shellfish company in North America, recognized for its consistent quality, wide diversity and reliable delivery of premium shellfish, including sea scallops, lobster, Arctic surf clams, cold water shrimp, Argentine scallops and Jonah crab. Clearwater is the largest holder of rights to harvest each of these products in Canada, which provides it with a secure and stable source of a diverse range of premium shellfish and makes it one of the largest harvesters and processors of these products in the world.
Clearwater harvests, processes and sells more than 66 million pounds of seafood annually. Its operations consist primarily of:
- harvesting premium shellfish in the offshore fisheries off the coasts of Atlantic Canada and Argentina;
- processing shellfish on board state-of-the-art factory vessels or at modern shore-based processing plants in Atlantic Canada; and
- marketing and distributing premium shellfish to over 1,100 customers in North America, Europe and Asia.
Clearwater was established in 1976. Since then, it has developed new fisheries, acquired other seafood enterprises and formed strategic alliances to build a profitable international seafood enterprise. Today, Clearwater's unparalleled access to a diverse variety of premium shellfish provides it with a secure and stable source of revenues. In addition, Clearwater's investments in its operations and focus on innovation have allowed it to develop an efficient infrastructure and, as a low cost producer of seafood in Canada, Clearwater is well positioned to capitalize on future growth opportunities in the seafood industry.
Clearwater currently has operations in Canada, the United States, Europe, Asia and Argentina, employing over 2,200 people worldwide. It operates a fleet of 23 state-of-the-art vessels, ranging in size from 65 feet to 235 feet. Clearwater's vessels are able to harvest, process and, in some cases, freeze product while at sea, which results in higher quality and, as a result, higher prices for its seafood compared to seafood which is processed and frozen on land. Clearwater also operates seven modern shore-based processing facilities and five distribution facilities, including one adjacent to the distribution hub of United Parcel Services (UPS) in Louisville, Kentucky, one in London, England, another in Brussels, Belgium and two in Canada, allowing Clearwater to effectively service its international customer base in North America (51% of sales), Europe (23% of sales) and Asia (26% of sales).
Industry Category : Trust Units
Company Financials :
Fiscal Year-End : December 31
Financials : Combined Financial Information:
Revenue for the 13 weeks ended March 30, 2002 - $65,055,000
Net income for the 13 weeks ended March 30, 2002 - $2,877,000
Revenue for the year ended December 31, 2001- $290,117,000
Net income for the year ended December 31, 2001- $8,571,000
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Disclaimer: A preliminary prospectus, and any amendments thereto, relating to these securities has been filed with securities commissions in certain provinces, but has not yet become final for the purpose of distribution to the public. This web page shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission.
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