Davcorp Investments Ltd. Sells Common Shares of Ritchie Bros. Auctioneers.VANCOUVER, British Columbia -- Ritchie Bros. Auctioneers Ritchie Bros. Auctioneers (NYSE: RBA & TSX: RBA), sells, through unreserved public auctions, a broad range of used and unused industrial equipment including equipment utilized in the construction, transportation, material handling, mining, forestry, petroleum, marine, Incorporated ("Ritchie Bros." or the "Company") (NYSE NYSE See: New York Stock Exchange :RBA RBA Rare Bird Alert RBA Reserve Bank of Australia RBA Run Book Automation RBA Rochester Business Alliance RBA Rights-Based Approach RBA Royal Brunei Airlines (ICAO code) RBA Relative Byte Address RBA relative binding affinity ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :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 Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . In addition, Davcorp has granted the dealer an option, exercisable no later than 48 hours prior to 9:30 a.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York 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. |
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