Red Deer, Alberta / TheNewswire / March 9, 2018 - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") the largest publicly-traded alternative auto finance company in Canada, announced today that the following Named Executives or Directors, have adopted automatic securities disposition plans and/or purchase plans ("Automatic Plans") in accordance with guidance under Ontario Securities Commission Staff Notice 55-701 (the "Guidance"), and the Company's Insider trading policies.
Canadian securities legislation permits Named Executives or Directors to adopt written Automatic Plans to sell, purchase or otherwise transfer shares in the future (including upon exercise of stock options) according to the Automatic Plan on an automatic basis regardless of any subsequent material non-public information they receive. Once an Automatic Plan is established, the Named Executives or Directors are not permitted to exercise any further discretion or influence over how dispositions or purchases will occur under the Automatic Plan.
In addition to meeting the requirements of the Guidance, the Company has in place additional measures that are designed to follow "best practices" related to such Automatic Plans. These measures include: (i) Automatic Plans may only be adopted by Named Executives or Directors during a trading window; (ii) a waiting period of 30 calendar days is required between the adoption of the Automatic Plan and the first disposition or purchase under the Automatic Plan; (iii) the Automatic Plan must contain meaningful restrictions on the ability of the Named Executive or Directors to modify or terminate the Automatic Plan; and (iv) all Named Executives or Directors must use an independent broker to administer their Automatic Plans, meaning that the brokerage accounts established for that Insider's Automatic Plans must be administered by a broker with no prior relationship with that Insider.
Details of the Named Executives' Automatic Plans are set out in the following table.
Name Title Intended Transactions Expiry Date
Lance Kadatz Director sell 200,000 common shares March 6, 2019
All previous automatic securities disposition plans are expired. Trades under these Automatic Plans are subject to the price of Rifco's common shares meeting or exceeding pre-determined prices and other conditions or restrictions being satisfied.
Other Named Executives or Directors of the Company may from time to time adopt Automatic Plans during trading windows. The Company will issue a press release to announce the adoption of any other Automatic Plans by its Named Executives or Directors.
Rifco Inc. is focused on being the best alternative auto finance through its wholly owned subsidiary Rifco National Auto Finance Corporation. Our mission is to help deserving Canadians own automobiles. Rifco is Canada's largest publicly traded alternative auto finance company.
Rifco seeks to create sustainable long-term competitive advantages through personalized partnerships with dealers, innovative products, the use of industry-leading data and analytics, and leading collections practices. Rifco's corporate culture fosters employees that are highly engaged, innovative, and performance driven.
Rifco is committed to creating value for all stakeholders through profitable growth and predictable credit performance, while pursuing its long-term vision of $500M in annual loan Originations.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol "RFC". There are 21.60 million shares outstanding and 23.23 million (fully diluted) shares.
Warren Van Orman
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 Ext 7007
Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation. Forward-looking statements are typically identified by words suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: the plan to complete the intended transaction at a time in the future.
With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things: the scope and magnitude of the intended transaction. In addition, many of the forward-looking statements contained in this document are located proximate to assumptions that are specific to those forward-looking statements, and such assumptions should be taken into account when reading such forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.
The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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