Keg Royalties Income Fund Shares Election Results for Trustees
Keg Royalties Income Fund Announces Comprehensive Election Results
Vancouver, British Columbia — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) has successfully concluded its unitholder meeting where all nominees listed in the recent information circular were elected as trustees. This positive outcome reflects the trust’s solid governance and the continued confidence of its unitholders in the Fund's leadership.
Results of the Trustee Elections
During the meeting, results were reported, showcasing an overwhelming majority in favor of the elected candidates. For instance, Christopher Charles Woodward secured 8,173,330 votes, translating to an impressive 93.26% approval rate, while Tim Kerr received 8,299,010 votes, equating to 94.69% of the total votes. These high percentages underscore a robust support for the candidates and a strong alignment with the Fund’s strategic direction.
Voting Highlights
The voting process showed remarkable engagement from unitholders, allowing them to exercise their rights and opinions regarding leadership. The vote results were as follows:
Christopher Charles Woodward was firmly backed, receiving 590,798 votes against him, which accounted for 6.74% of the votes. Similarly, Kerr faced 465,118 withheld votes, representing 5.31%. These insights demonstrate unitholders' active participation in shaping the leadership of the Fund.
Appointment of Auditors
Another significant decision made during the meeting was the appointment of KPMG LLP as the Fund’s auditors for the upcoming fiscal year. This decision passed with a majority vote, ensuring that the Fund's financial oversight will remain in capable hands.
The Fund’s Overview
The Keg Royalties Income Fund serves as a limited purpose, open-ended trust operating under Ontario's provincial laws. Through its subsidiary, The Keg Rights Limited Partnership, the Fund holds several trademarks and intellectual property linked to Keg Restaurants Ltd. (“KRL”). KRL compensates the Fund with a royalty rate set at 4% of gross sales from participating Keg restaurants, fostering a steady revenue stream.
About Keg Restaurants Ltd.
KRL is recognized as the leading operator and franchisor of steakhouse restaurants across Canada, boasting a workforce of approximately 10,000 employees and over 100 locations. The company's annual system sales exceed $700 million, solidifying its status as a major player within the culinary landscape.
Moreover, KRL has received accolades for workplace culture, having been ranked as the number one restaurant company to work for in Canada in the latest Forbes survey titled "Canada's Best Employers 2025." This recognition highlights KRL's commitment to fostering a positive and engaging work environment, contributing to its success and employee satisfaction.
The Trustees of the Fund are pleased with the outcomes of the meeting and express gratitude toward unitholders for their ongoing support and participation.
Frequently Asked Questions
What was the outcome of the trustee elections in the meeting?
All nominees were elected as trustees with significant majority votes demonstrating unitholder confidence.
Who were the main candidates elected?
Christopher Charles Woodward and Tim Kerr were among the primary candidates elected, receiving more than 93% of the votes.
What decision was made regarding auditors?
The appointment of KPMG LLP as auditors for the Fund was approved by a majority at the meeting.
What is the structure of the Keg Royalties Income Fund?
The Fund is an open-ended trust that earns royalties from Keg Restaurants based on their gross sales.
How does KRL stand out in the restaurant industry?
KRL is noted for its large workforce, extensive restaurant network, and recognition as a top employer, enhancing its reputation in the industry.
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