Prime Restaurants Royalty Income Fund
TSX : EAT.UN

Prime Restaurants Royalty Income Fund

March 30, 2010 14:21 ET

Prime Restaurants Royalty Income Fund Unitholders Approve Reorganization Into a Public Corporation

MISSISSAUGA, ONTARIO--(Marketwire - March 30, 2010) - Prime Restaurants Royalty Income Fund (the "Fund") (TSX:EAT.UN) announced today that its previously announced proposed reorganization (the "Reorganization") of the Fund's income trust structure into a public corporation to be named Prime Restaurants Inc. received approval by the requisite majority of unitholders voting at a duly constituted annual and special meeting of unitholders held on March 30, 2010. Full details of the reorganization are described in the Management Information Circular dated March 4, 2010 that was mailed to all unitholders.

The completion of the Reorganization is also subject to approval by the Ontario Superior Court of Justice, approval of the TSX for the substitutional listing of the Class A Limited Voting shares to be issued pursuant to the Reorganization and receipt of any necessary third party consents. There can be no certainty, nor can the Fund provide any assurance, that these conditions will be satisfied or, if satisfied, when they will be satisfied. If these conditions are satisfied as anticipated, the Reorganization is scheduled to be effective on or about April 5, 2010.

About the Royalty Income Fund

Prime Restaurants Royalty Income Fund, through PRC Trademarks Inc. ("TradeMarkCo"), is entitled to receive top-line royalties of 3.25% of the gross food and beverage revenue from pooled restaurants under the terms of a 99-year licence agreement between TradeMarkCo and Prime Restaurants of Canada Inc. ("PRC"). PRC operates and franchises a diversified portfolio of casual dining restaurants and premium pubs in Canada under the East Side Mario's, Casey's, and Fionn MacCool's brands.

Contact Information