TORONTO, ONTARIO -- (Marketwired) -- 12/31/13 -- This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report") concerning the deemed beneficial ownership of common shares of Pizza Pizza Royalty Corp. ("PPRC").
At December 31, 2013, Pizza Pizza Limited ("PPL") beneficially owned (i) Class B Units of Pizza Pizza Royalty Limited Partnership (the "Partnership") that are exchangeable for 6,567,813 common shares of Pizza Pizza Royalty Corp. ("PPRC"), a reporting issuer, and (ii) Class D Units of the Partnership that are exchangeable for 1,548,071 common shares of PPRC. Assuming such exchange rights were exercised in full, PPL would beneficially own 8,115,884 common shares of PPRC, representing approximately 27.1% of the 29,934,276 common shares of PPRC that would be outstanding after giving effect to the exchange.
On December 29, 2013, Maria Overs (the "Offeror") acquired beneficial ownership and control over 100,000 special voting shares of PPL from the Estate of Michael Overs in a private transaction. As a result of this transaction, the Offeror controls PPL and is deemed to beneficially own securities that are beneficially owned by PPL for the purposes of applicable securities legislation.
The Offeror is also (i) the beneficial owner of 40,000 common shares of PPRC, and (ii) a beneficiary of a trust that beneficially owns 484,413 common shares of PPRC, through 1373153 Ontario Limited. Together with the holdings of PPL referred to above, after giving effect to the exchange of Class B Units and Class D Units of the Partnership, they would represent 8,640,297 common shares of PPRC, or approximately 28.9% of the 29,934,276 common shares of PPRC that would be outstanding after giving effect to the exchange.
The address of PPL and the Offeror is 500 Kipling Avenue, Toronto, Ontario, M8Z 5E5.
A copy of the Early Warning Report may be found on www.SEDAR.com.
Contacts:
Pizza Pizza Limited
Curt Feltner
Chief Financial Officer
(416) 967-1010, x. 307
cfeltner@pizzapizza.ca