Chesswood Group Limited Closes Strategic Acquisition of Rifco Inc. and Announces the Renewal and Repricing of Its Corporate Revolving Facility
Toronto, Ontario and Red Deer, Alberta--(Newsfile Corp. - January 14, 2022) - Chesswood Group Limited ("Chesswood"), North America's only publicly traded commercial equipment finance company focused on small and medium-sized businesses, and Rifco Inc. (TSXV: RFC) ("Rifco"), a leading Canadian alternative auto finance company, are pleased to announce the successful completion of Chesswood's strategic acquisition of Rifco pursuant to the previously announced statutory plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement").The Arrangement was approved by 98.90% of...
2022-01-14 6:51 PM EST
Rifco Corrects Typographic Mistake in January 11, 2022 Press Release
Red Deer, Alberta--(Newsfile Corp. - January 11, 2022) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") issued a press release on January 11, 2022 announcing that it has received a final order from the Court of Queen's Bench of Alberta approving the proposed plan of arrangement (the "Arrangement") pursuant to which Chesswood Group Limited ("Chesswood") will acquire all of the issued and outstanding common shares of Rifco (the "Rifco Shares") by way of a statutory plan of arrangement...
2022-01-11 1:28 PM EST
Rifco Announces Final Court Approval of Plan of Arrangement
Red Deer, Alberta--(Newsfile Corp. - January 11, 2022) - Further to its press release dated December 17, 2021, Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") announces that it has received a final order from the Court of Queen's Bench of Alberta approving the proposed plan of arrangement (the "Arrangement") pursuant to which Chesswood Group Limited ("Chesswood") will acquire all of the issued and outstanding common shares of Rifco (the "Rifco Shares") by way of a statutory plan of arrangement...
2022-01-11 10:45 AM EST
Rifco Announces Shareholder Approval of Plan of Arrangement
Red Deer, Alberta--(Newsfile Corp. - December 17, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") announces that at the special meeting of shareholders of Rifco (the "Shareholders") held today (the "Meeting"), the Shareholders voted in favour of a special resolution (the "Resolution") to approve a proposed plan of arrangement (the "Arrangement") pursuant to which Chesswood Group Limited ("Chesswood") will acquire all of the issued and outstanding common shares of Rifco (the "Rifco Shares") by way of a...
2021-12-17 3:55 PM EST
Rifco Inc. Files and Mails Special Meeting Proxy Material in Regards to the Proposed Arrangement with Chesswood Group
For any questions please contact Rifco's' proxy solicitation agent, Laurel Hill Advisory Group at 1-877-452-7184 (+1-416-304-0211 outside North America) or email assistance@laurelhill.com. Proxy Voting Deadline is December 15, 2021 at 5:00 p.m. (MST)Red Deer, Alberta--(Newsfile Corp. - December 2, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco"), a leading Canadian alternative auto finance company, is pleased to announce that, further to its news release of October 27, 2021, last week it filed on SEDAR and mailed to shareholders the management...
2021-12-02 10:46 AM EST
Rifco Reports Second Quarter Results
Red Deer, Alberta--(Newsfile Corp. - November 24, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company"), is pleased to announce its consolidated second quarter results for the period ended September 30, 2021.Second Quarter Highlights On October 27, 2021, Rifco announced that it had entered into an arrangement agreement with Chesswood Group Limited (Chesswood) pursuant to which Chesswood will acquire all of the issued and outstanding common shares of Rifco by way of a statutory plan of arrangement under the...
2021-11-24 8:19 PM EST
Chesswood Group Limited to Acquire Rifco Inc.
Transaction HighlightsChesswood will enter the Canadian auto finance sector with the acquisition of Rifco$1.28 per Rifco share represents a premium of approximately 42% to Rifco's closing price on August 9, 2021 and a premium of approximately 13% to Rifco's closing price on October 26, 2021Special Committee and voting Directors unanimously recommend the Transaction to Rifco shareholdersRifco shareholders may elect to receive the consideration in either cash or Chesswood sharesLeaders of MBO group enter into voting support agreementsToronto, Ontario and Red...
2021-10-27 7:00 AM EDT
Rifco Annual Charity Golf Classic Raises Nearly $65,000 for the Ronald McDonald House Central Alberta
Red Deer, Alberta--(Newsfile Corp. - September 2, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") announced today that the Company and its staff raised nearly $65,000 for Ronald McDonald House Charities® Alberta ("RMHC") through its 9th Annual Charity Golf Classic. Rifco would like to extend our gratitude for the strong sponsorship support received for the event held at the Innisfail Golf and Country Club on August 25, 2021. Rifco welcomed participants from across the country. The winning team...
2021-09-02 4:59 PM EDT
Rifco Reports First Quarter Results
Red Deer, Alberta--(Newsfile Corp. - August 25, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") is pleased to announce its consolidated first quarter results for the period ended June 30, 2021.First Quarter Highlights Rifco reported quarterly Adjusted Net Income before Taxes of $1.8M and $0.08 per share. This is 120% higher than the same quarter in the prior year. Adjusted Net Income before Taxes removes the effects of the non-cash change in provision for impairment and...
2021-08-25 7:58 PM EDT
Rifco Inc. Receives Buyout Offer from Management
Transaction HighlightsAnticipated consideration of $1.15 per Rifco Share represents a significant premium of approximately 28% to the closing price of Rifco Shares on August 9, 2021 100% cash consideration would provide immediate liquidity and certainty of value for Rifco shareholdersAnticipated support from 64% of holders of Rifco Shares in favour of the TransactionJeffrey Newhouse steps down as CEO of RifcoRed Deer, Alberta--(Newsfile Corp. - August 10, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company"), announced today that is...
2021-08-10 6:00 AM EDT
Rifco Reports Fourth Quarter Results
Red Deer, Alberta--(Newsfile Corp. - June 17, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company"), is pleased to announce its consolidated results for the fourth quarter and the year ended March 31, 2021.Annual Highlights Rifco reported year-to-date Adjusted Net Income before Taxes of $4.9M and $0.23 per share. This is 283% higher than the prior year. Adjusted Net Income before Taxes removes the effects of the non-cash change in provision for impairment and one-time strategic review...
2021-06-17 7:19 PM EDT
Rifco Grants Options
Red Deer, Alberta--(Newsfile Corp. - April 23, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") announced today that as part of its regular review of compensation, the Board of Directors has approved a grant of 300,000 stock options to the non-management directors of the Company. The options were granted at an exercise price of $0.75 per common share and will expire on April 22, 2026. The options will vest over four years. Further, the board has revised its...
2021-04-23 8:00 AM EDT
Rifco National Auto Finance Appoints New President and Announces a Strategic Initiative
Red Deer, Alberta--(Newsfile Corp. - April 15, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") is pleased to provide its investors with an update on the Company. Rifco National Auto Finance Inc. ("RNAF"), a wholly owned subsidiary of Rifco, has appointed Roger Saran as its President & Chief Operating Officer reporting to Jeffrey Newhouse, Chief Executive Officer of Rifco Inc. Prior to his promotion, Roger was Vice President and Chief Credit Officer of RNAF, a role in...
2021-04-15 8:00 PM EDT
Corrected - Rifco Reports Third Quarter Results
Rifco advises that its news release of February 24, 2021 incorrectly stated the Net income per common share basic and diluted as $0.057. The correct value is $0.008. The corrected press release follows in full below:Red Deer, Alberta--(Newsfile Corp. - February 25, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company"), is pleased to announce its consolidated third quarter results for the period ended December 31, 2020. Third Quarter Highlights ...
2021-02-25 5:04 PM EST
Rifco Reports Third Quarter Results
Red Deer, Alberta--(Newsfile Corp. - February 24, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") is pleased to announce its consolidated third quarter results for the period ended December 31, 2020.Third Quarter Highlights On November 27, 2020, Rifco declared a $0.35 per common share special dividend. The dividend was paid in cash on December 7, 2020 in the amount of $7.6M.Rifco reported year-to-date Adjusted Net Income before Taxes of $3.8M and $0.18 per share. This...
2021-02-24 5:30 PM EST
Rifco Provides Update
Red Deer, Alberta--(Newsfile Corp. - January 21, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") is pleased to provide its investors with an update on the Company. Rifco, now led by a new Chief Executive Officer, Jeffrey Newhouse, and a new Board of Directors, has completed its initial review of the current operations of Rifco National Auto Finance Corporation ("RNAF"), Rifco's single, wholly owned, subsidiary operating entity. The Board together with Newhouse have established the...
2021-01-21 8:45 AM EST
Rifco Announces Results of the Annual General and Special Meeting of Shareholders - Nominees of the Concerned Shareholders Elected to the Rifco Board of Directors
Red Deer, Alberta--(Newsfile Corp. - December 14, 2020) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company"), is pleased to announce the results of its annual general and special meeting of the shareholders held earlier today (the "Meeting") at which 73.07% of the issued and outstanding shares were represented. The board of directors was fixed at four and each of the nominees of the Rifco concerned shareholders were duly elected at the Meeting.As a result, Tim Peterson, Jeffrey Newhouse,...
2020-12-14 8:00 AM EST
Rifco Inc. Announces Meeting Update and Settlement Agreement with Concerned Shareholder Group
Red Deer, Alberta--(Newsfile Corp. - December 8, 2020) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company"), a leading Canadian alternative auto finance company is pleased to provide the following updates.Meeting Location UpdateRifco Inc. announces that its annual general and special meeting of shareholders (the "Meeting") scheduled for Friday, December 11, 2020 at 3:00 p.m. (MST) at the Holiday Inn Hotel & Suites Red Deer South has been changed from an in-person Meeting to a virtual Meeting to be held...
2020-12-08 8:00 AM EST
Rifco Inc. Provides Update on Court Proceedings and Confirms That the Proposed Management Buyout Will Not Be Proceeding
Red Deer, Alberta--(Newsfile Corp. - November 27, 2020) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company"), a leading Canadian alternative auto finance company, is providing an update on court proceedings and the proposed management buyout.Further to the originating notice ("Originating Notice") brought by 933672 Alberta Ltd., Tim Peterson, Ruth Peterson, Sorbrick Capital Corp., 812787 Alberta Ltd., Big Country Holdings Ltd., Norman Storch and Jeffrey Newhouse (collectively the "Concerned Shareholder Group") the Company was successful in obtaining an adjournment...
2020-11-27 8:09 PM EST
Rifco Inc. Announces Correction to Due Bill Date on Previously Announced Special Cash Dividend
Red Deer, Alberta--(Newsfile Corp. - November 27, 2020) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") advises that its news release of November 27, 2020 (the "Prior Release") incorrectly identified December 4, 2020 as being two trading days prior to the Record Date. The due bill trading will commence on December 4, 2020, being one trading day prior to the Record Date. All defined terms have the meaning ascribed thereto in the Prior Release. Caution Regarding Forward-Looking InformationThis press...
2020-11-27 12:57 PM EST