Brief: Diversified Royalty Corp. announces agreement for the indirect sale of the Franworks trademarks and rights to Cara Operations Limited

Diversified Royalty

01/09/2016 06:15

Sept 1 (Reuters) - Diversified Royalty Corp  DIV.TO  
    * Diversified Royalty Corp. announces agreement for the 
indirect sale of the Franworks trademarks and rights to Cara 
Operations Limited 
    * Diversified Royalty Corp. - Says deal for $90.0 million 
    * Diversified Royalty Corp. - Agreement part of larger deal 
whereby Cara Operations Limited agreed with OJFG to buy majority 
control of OJFG for $93.0 million 
    * Diversified Royalty Corp. - Says $90.0 million of cara's 
$93.0 million investment in OJFG will be used to fund 
acquisition of FW rights by OJFG 
    * Diversified Royalty Corp. - Says upon deal closing Cara 
will control OJFG and will therefore indirectly own and control 
FW rights 
    * Diversified Royalty Corp. - Says dividend will use $15 
million of cash proceeds from sale of FW rights to extinguish 
term debt 
    * Diversified Royalty Corp.- Terms of sale agreement were 
reviewed and recommended for approval by a special committee of 
board of directors of dividend 
    * Diversified Royalty Corp.- Dividend board of directors 
will re-evaluate its dividend policy upon completion of 
transactions contemplated under sale agreement 
    * Diversified Royalty Corp.- Says at present, dividend board 
has no intention to amend amount of dividend's current monthly 
dividend 
 
Source text for Eikon:  ID:nCCN1tCLw7  
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