VANCOUVER, Sept. 14 /CNW/ - Ritchie Bros. Auctioneers Incorporated
("Ritchie Bros." or the "Company") (TSX:RBA; NYSE: RBA) today announced that it
was 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 Raymond James Ltd. ("Raymond James"), pursuant to which Raymond
James 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 9:30am (EST) 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 Raymond James. 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.
For further information:
For further information: Jeremy Black, Director of Finance, Phone: (604)
273-7564, Fax: (604) 273-2405, Email: firstname.lastname@example.org