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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 1, 2016) - Diversified Royalty Corp. (TSX:DIV) (the "Corporation" or "DIV") is pleased to announce that it has entered into an agreement (the "Sale Agreement") to sell the trademarks and rights related to the Franworks restaurants businesses ("FW Rights") for $90.0 million, the cancellation of 8,992,187 DIV common shares (the "Initial Shares") held by Original Joe's Franchise Group Inc. ("OJFG"), a wholly owned subsidiary of Franworks Franchise Corp ("Franworks"), the extinguishment of OJFG's right to receive 637,051 DIV common shares related to the April 1, 2015 royalty pool adjustment (the "Roll-In Shares") and the extinguishment of OJFG's right to receive accrued dividends on the Roll-In Shares to the date of closing, which as of the date hereof total approximately $0.2 million. |
