The A& W revenues royalty income fund units closed at $10.98 each on the Toronto Stock Exchange, up eight cents from their opening price of $10.65. Over 300,000 of the 8.3 million units issued changed hands.
The Vancouver-based company raised $83.4 million on Monday, which will go towards paying down debt. Unit holders will receive a royalty of three per cent of A& W's total sales. In 2001 the company had revenues of $433 million.
A& W officials said the company plans to expand beyond its current stable of 600 outlets by opening 45 new Canadian locations each year for the next five years.
The first Canadian A& W opened in Winnipeg in 1956 as an offshoot of the U.S. parent company based in California.
