Ritchie Bros. completes US$99.5 million cross-border offering

Date Closed: 11/23/2005

Value: US$99.5 million

On November 23, 2005, Ritchie Bros. Auctioneers Inc., the world’s largest auctioneer of industrial equipment, of Richmond, BC, completed a cross-border secondary offering in Canada and the US under the Canada/US Multijurisdictional Disclosure System of 2,500,000 common shares (including the exercise of an underwriters’ option) at a price of US$39.80 per common share (for total proceeds of US$99.5 million). The shares were sold by Globo Investments Ltd., a company controlled by David Ritchie, chairman of Ritchie Bros.’ board of directors. Raymond James Ltd. acted as the lead underwriter for the offering, and BMO Nesbitt Burns Inc., Scotia Capital Inc., CIBC World Markets Inc., Sprott Securities Inc., and Blackmont Capital Inc. comprised the remaining members of the underwriting syndicate.

Raymond James and the underwriters were represented by BLG with a team that comprised of Barbara Smith, Warren Learmonth and Jennifer Wilson.