TORONTO — Pizza Pizza Royalty Corp. and Pizza Pizza Limited have announced that, effective Jan. 1, 2017, the total number of restaurants in the royalty pool was adjusted to include 27 new locations opened in 2016 and 12 closed locations, which were removed from the pool. Of the 27 new restaurants, 23 were Pizza Pizza restaurants and four were Pizza 73 restaurants. The 12 closings included eight Pizza Pizza locations and four Pizza 73 locations.
In 2017, the royalty pool will include a total of 751 restaurants — 651 Pizza Pizza restaurants and 100 Pizza 73 restaurants. After the Jan. 1, 2017 adjustment date, Pizza Pizza Limited owns equivalent shares representing 21.1 per cent of the company’s fully diluted shares. Prior to the adjustment, its ownership was 20.4 per cent. Furthermore, in exchange for adding a net $6.8 million forecasted system sales to the royalty pool on Jan. 1, 2017, Pizza Pizza Limited has received 277,519 additional equivalent shares.
