Ritchie Bros. Auctioneers Inc. has announced a three-for-one stock split of its outstanding common shares.
Shareholders of record at the close of business April 24 will be entitled to receive two additional common shares for each common share they hold at that time.
Ritchie Bros. has 34.9 million common shares outstanding, which will increase to 104.6 million following the split.
Trading in the company’s common shares on a post-stock split basis is expected to commence on the Toronto Stock Exchange April 22 and on the New York Stock Exchange April 28.
The company had net earnings of $76 million for the year ended Dec. 31, 2007, representing growth of 33 percent over 2006 net earnings of $57.2 million.
