VANCOUVER, British Columbia, March 18, 2020 — Diversified Royalty Corp. (TSX: DIV and DIV.DB) (the “Corporation” or “DIV”) announced today that in response to the evolving circumstances relating to the COVID-19 pandemic, that Mr. Mikes Restaurants Corporation (“Mr. Mikes”) has proactively closed all of its dining rooms and bars across Canada on a temporary basis effective today, but will continue to provide take-out and delivery offerings, where possible. The duration of the temporary dining room and bar closures is not yet known and will continue until further notice. By closing its dining rooms and bars to guests, Mr. Mikes is doing its part to help “flatten the curve” through the reduction of group gatherings and increased social distancing consistent with public health authority protocols while also supporting Canadians by continuing to provide take-out and delivery offerings, where possible, during these challenging times.
About Diversified Royalty Corp.
DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.
DIV currently owns the Mr. Lube, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door and Oxford Learning Centres trademarks. Mr. Lube is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program with approximately two-thirds of Canadian households actively participating in the AIR MILES® Program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes currently operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is one of North America’s fastest growing home care providers with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchised supplemental education services in Canada and the United States.
DIV intends to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to pay a predictable and stable dividend to shareholders and increase the dividend as cash flow per share increases allow.