Ritchie Bros. Auctioneers Incorporated Buyback
OLI recorded this information on 3/1/2016
Ritchie Bros. Auctioneers Incorporated
Share Amount Authorized:
Ritchie Bros. Auctioneers Incorporated (NYSE and TSX: RBA, the "Company") announces today that it has obtained the approval of the Toronto Stock Exchange (the "TSX") to commence a new normal course issuer bid ("NCIB"). The Company currently has in place a NCIB which will terminate on March 2, 2016. The new NCIB will allow the Company to continue using its share repurchase program to primarily neutralize share dilution from options. The new NCIB will commence on March 3, 2016 and will terminate on March 2, 2017 or on such earlier date as the Company may complete its purchases thereunder or as it may otherwise determine. Under the new NCIB, the Company may purchase up to the lesser of 5,360,763 common shares (such amount representing 5% of the common shares of the Company issued and outstanding as of February 24, 2016) and that number of common shares worth an aggregate of US$52.5 million. Furthermore, subject to certain exemptions for block purchases, the maximum number of its common shares that the Company may purchase on any one trading day on the TSX is 57,159 common shares, such amount representing 25% of the average daily trading volume of the common shares of the Company on the TSX alone for the six calendar months ended January 31, 2016.
Ritchie Bros Auctioneers is a holding company. Through its subsidiaries, Co. is engaged in providing asset management and disposition services, offering customers end-to-end solutions for buying and selling used industrial equipment and other durable assets through its unreserved live on site auctions, online marketplaces, listing services, and private brokerage services. Co.'s operating segments includes: Auctions and Marketplaces (A&M) which consists of Co.'s live on site auctions, its online auctions and marketplaces, and its brokerage service; and Other includes Ritchie Bros. Financial Services, Mascus online services including Co.'s equipment refurbishment services.
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Hold (1.87 out of 4)