Restaurant income fund settles proxy contest with largest unitholder [Video]

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SIR Royalty Income Fund has a partnership with the privately held SIR, which operates chain restaurants including Jack Astor’s, Scaddabush Italian Kitchen, Canyon Creek Chophouse and Reds Wine Tavern. Jack Astor’s restaurants make up the majority of the 51 locations in the royalty pool.

Rachel Verbin/The Canadian Press

Less than two weeks after casting aspersions against its largest unitholder, the SIR Royalty Income Fund , which distributes revenue royalties from restaurants such as Jack Astor’s, has advised its investors to vote him onto its board of trustees.

The fund recommends that investors vote Lembit Janes, the former chief executive officer of Janes Family Foods, and two nominees he hand-picked onto the board at the fund’s annual general meeting on June 29. This ends a dispute, mostly waged through press releases, between Mr. Janes and the fund. The feud began in January when the fund was subject to a takeover bid from SIR Corp., the …