Davcorp Investments Ltd. Sells Common Shares of Ritchie Bros. Auctioneers
Posted on: Friday, 14 September 2007, 09:00 CDT
Ritchie Bros. Auctioneers Incorporated ("Ritchie Bros." or the "Company") (NYSE:RBA) (TSX:RBA) today announced that it has been advised by Davcorp Investments Ltd. ("Davcorp"), a company controlled by David E. Ritchie, one of the founders of Ritchie Bros. and its retired Chairman and Chief Executive Officer, that Davcorp has entered into an agreement with a Canadian dealer, pursuant to which the dealer will purchase 1,000,000 common shares of Ritchie Bros. from Davcorp at a price of Cdn$65.10 per common share and re-sell them by way of a wide distribution in accordance with TSX Rule 4-103 of the Toronto Stock Exchange.
In addition, Davcorp has granted the dealer an option, exercisable no later than 48 hours prior to 9:30 a.m. (EDT) on September 19, 2007, to purchase an additional 100,000 common shares at the same price as described above.
Following the closing of this transaction, Mr. Ritchie will beneficially own or control approximately 6.7% of Ritchie Bros.' outstanding common shares, assuming the dealer's option is exercised in full by the dealer. Ritchie Bros. will not receive any proceeds from this transaction. Closing is expected on or about September 19, 2007.
About Ritchie Bros.
Ritchie Bros. is the world's largest auctioneer of industrial equipment, operating through over 110 locations in more than 25 countries around the world. The Company sells, through unreserved public auctions, a broad range of used and unused industrial assets, including trucks, equipment and other assets used in the construction, transportation, mining, forestry, petroleum, materials handling, marine, agricultural and real estate industries. Ritchie Bros. maintains a website at www.rbauction.com.
Source: Business Wire
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