Ritchie Bros. Auctioneers, Vancouver, announced that its shareholders approved a 2-for-1 stock split of its outstanding common shares. The stock split will be affected by an amendment to the company’s articles of amalgamation.
Shareholders of record at the close of business on May 4, 2004, will be entitled to receive one additional common share of the company for each common share they hold at that time. Ritchie Bros. currently has approximately 17 million common shares outstanding, and following the 2-for-1 stock split, the number of common shares will double.
Trading in the company’s common shares on a post-stock split basis is expected to commence on the Toronto Stock Exchange on April 30, 2004, and on the New York Stock Exchange on May 7, 2004. The company expects that additional shares issued in the stock split will be distributed to the shareholders of record by the company’s transfer agent on or about May 6, 2004. Existing share certificates should not be returned to the company’s transfer agent.
The company also announced that its shareholders elected Eric Patel as a new director of the company, increasing the total number of directors from five to six and the number of directors who are not members of management from three to four. Patel has extensive business and financial experience, most recently as the CFO of Crystal Decisions, a privately held software company.