Diversified Royalty Corp. Announces AIR MILES® Leadership Changes
10 August 2019 - 10:00AM
Diversified Royalty Corp. (TSX: DIV and DIV.DB) (the
“Corporation” or “DIV”) announced today that Bryan A. Pearson has
departed as CEO of LoyaltyOne, Co. (“LoyaltyOne”), the operator of
the AIR MILES® Reward Program in Canada, effective August 9, 2019.
LoyaltyOne’s parent company Alliance Data Systems Inc. (“ADS”)
announced Mr. Pearson’s departure in its news release dated August
9, 2019. In addition, ADS announced that Charles Horn, Executive
Vice President and Vice Chairman of ADS, will oversee LoyaltyOne on
an interim basis, while Blair Cameron will continue to serve as
President of the AIR MILES® Reward Program.
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 Sutton, Mr. Lube, AIR
MILES® and Mr. Mikes trademarks in Canada. Sutton is among the
leading residential real estate brokerage franchisor businesses in
Canada with over 200 offices across Canada. Mr. Lube is the leading
quick lube service business in Canada with 181 locations across
Canada and over $235 million of annual system sales. AIR MILES® is
Canada’s largest coalition loyalty program with over 200 leading
brand-name sponsors; approximately two-thirds of Canadian
households actively participate in the AIR MILES® Program. Mr.
Mikes operates 43 casual steakhouse restaurants primarily in
western Canadian communities with over $85 million of annual system
sales.
DIV expects to increase cash flow per share by
making accretive royalty purchases and through the growth of
purchased royalties. DIV expects to pay a predictable and stable
dividend to shareholders and increase the dividend as cash flow per
share increases allow.
Third Party Information
This news release includes information obtained
from third party company filings and reports and other publicly
available sources. Although DIV believes these sources to be
generally reliable, such information cannot be verified with
complete certainty. Accordingly, the accuracy and completeness of
this information is not guaranteed. DIV has not independently
verified any of the information from third party sources referred
to in this news release nor ascertained the underlying assumptions
relied upon by such sources.
THE TORONTO STOCK EXCHANGE HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE
ACCURACY OF THIS RELEASE.
Additional Information
Additional information relating to the
Corporation and other public filings, is available on SEDAR at
www.sedar.com.
Contact:Sean Morrison, President and Chief
Executive OfficerDiversified Royalty Corp. (604) 235-3146
Greg Gutmanis, Chief Financial Officer and VP
Acquisitions Diversified Royalty Corp. (604) 235-3146
Diversified Royalty (TSX:DIV.DB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Diversified Royalty (TSX:DIV.DB)
Historical Stock Chart
From Jul 2023 to Jul 2024