VANCOUVER, British Columbia — 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, were entitled to receive one additional common share of the company for each common share they held at that time.
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.
The company also recently held its largest-ever Canadian auction in Edmonton, Alberta, generating gross auction sales of more than CD $44 million, more than $32 million U.S. The auction attracted more than 4,700 registered bidders from 11 countries, 39 U.S. states and each Canadian province. It was Ritchie Bros. first auction at its new 125-acre double-ramp site in the nearby suburb of Nisku.
