Davcorp Investments Sells Common Shares of Ritchie Bros.

September 14, 2007 • Ritchie Bros. Auctioneers Inc., Vancouver, British Columbia, recently announced that it has been advised by Davcorp Investments Ltd., a company controlled by David Ritchie, one of the founders of Ritchie Bros. and its retired chairman and CEO, that Davcorp has entered into an agreement with a Canadian dealer, pursuant to which the dealer will purchase 1 million common shares of Ritchie Bros. from Davcorp at a price of U.S. $63.26 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. EST on Sept. 19, 2007, to purchase an additional 100,000 common shares at the same price as above.

 

Following the closing of this transaction, Ritchie will beneficially own or control approximately 6.7 percent 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 around Sept. 19, 2007.

 

Ritchie Bros. is the world's largest auctioneer of industrial equipment, operating through more than 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 equipment and other assets used in the construction.