For Immediate Release Toronto Stock Exchange: BPF.UN
BOSTON PIZZA
INTERNATIONAL INC. ANNOUNCES CLOSING OF BOUGHT DEAL
VANCOUVER, BC,
(March 10, 2014) - Boston Pizza
International Inc. (“BPI”) announced
today the completion of the previously announced secondary offering of
1,677,506 units (the “Units”) of
Boston Pizza Royalties Income Fund (the “Fund”). The Units were sold by BPI and persons controlled
by BPI’s chairmen and owners, Walter James (Jim) Treliving and George C.
Melville (the “Chairmen”).
A syndicate of investment dealers led by TD
Securities Inc. (collectively, the “Underwriters”)
purchased the Units at a purchase price of $21.10 per Unit for gross proceeds
of $35.4 million (the “Transaction”). The Fund did not receive any proceeds from the
Transaction.
As part of the Transaction, BPI exchanged 2,036,135
Class B general partner units of Boston
Pizza Royalties Limited Partnership (“Class B
Units”) for 790,006 Units.
The Units issued to BPI, upon the exchange of the Class B Units, were
sold under the Transaction, along with 887,500
Units that were held by persons controlled by the Chairmen. The Underwriters sold the 1,677,506 Units
through the facilities of the Toronto Stock Exchange.
Following the completion of the Transaction, the
Class B Units held by BPI, together with all Units controlled by the
Chairmen, represent the equivalent of 1,857,525 Units or a 10.5% interest in
the Fund on a fully-diluted basis.
The Transaction results from internal financial
planning by BPI and the Chairmen and should not be viewed in any way as a
reflection of their view of, or outlook for, the Fund. Under the structure of the Fund, BPI’s
entitlement to receive Units is increased periodically to reflect the addition
of new restaurants to the royalty pool.
Depending on market conditions and internal considerations, BPI and the Chairmen
may acquire or dispose of additional securities of the Fund in the future.
FOR FURTHER INFORMATION PLEASE CONTACT:
Boston Pizza Royalties Income Fund
Jordan Holm - Vice President of Investor Relations
Tel: 604-303-6083
investorrelations(at)bostonpizza.com
www.bpincomefund.com
® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.
© Boston Pizza International Inc. 2014