PDM Royalties Income Fund Completes IPO

On June 8, 2004, PDM Royalties Income Fund completed its initial public offering of 5,067,692 units at $10 per unit for gross proceeds of $50,676,920. The proceeds of the offering were used by the Fund to indirectly acquire the trade marks, trade names, and other intellectual property owned by Pizza Delight Corporation Ltd. and Mikes Restaurants Inc. The offering was underwritten by a syndicate co-led by National Bank Financial Inc. and CIBC World Markets Inc., and which included Scotia Capital Inc., TD Securities Inc. and Sprott Securities Inc.

Pizza Delight and the Fund were represented by Cassels Brock & Blackwell, with a team led by John Vettese, and included Alexandra Iliopoulos and Eva Bielny (securities), Lawrence Weinberg, Catherine Dennis and Craig Podrebarac (intellectual property and franchise), Ann Watterworth, Laurie LaPalme and Cheryl Silver (business law), Lorne Saltman (tax) and Charles Newman (financial services). McInnes Cooper also acted as counsel to Pizza Delight with a team led by Guy Spavold, assisted by Fae Shaw, Bernie Miller and Monique Imbeault.

The underwriters were represented by Torys, with a team that included Glen Johnson, David Nowak and Joanna Jazairi (securities), and Corrado Cardarelli and Ann Marie McGovern (tax). CIBC was represented by Blake, Cassels & Graydon, with a team that included Nathan Cheifetz, Mike Harquail and Chris Hale.