(via Thenewswire.ca)
Red Deer, Alberta. May 3, 2013: Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") is pleased to announce the commencement of the Employee Share Ownership Plan ("ESOP") that was approved by shareholders at Rifco's September 6, 2012 Annual General and Special Meeting (the "Meeting"). At the Meeting, shareholders approved the reservation of a maximum of 200,000 common shares of Rifco ("Common Shares") for issuance under the ESOP within the year.
The Company's ESOP is a valuable tool and aligns the interests of employees with other shareholders and will assist the Company with employee recruitment and retention.
Under the ESOP employees may contribute a maximum of 10% of their gross salaries, which amount will be matched 50% by the Company, with such funds being used to acquire Common Shares issued from Treasury with the issue price based on the weighted average trading price of the last 5 days of each month.
On May 1, 2013, 6,623 Common Shares were issued to employees from Treasury under the Company's ESOP. Included in the issuance were 2,904 Common Shares to officers. The issue price of the Common Shares was $4.05, being the weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSXV") for the five (5) days preceding the issuance. The Common Shares issued on May 1, 2013 to officers will be subject to a four month hold period which expires on September 1, 2013.
On April 1, 2013, 3,711 Common Shares were issued to employees from Treasury under the Company's ESOP. Included in the issuance were 1,455 Common Shares to officers. The issue price of the Common Shares was $3.93, being the weighted average trading price of the Common Shares on the TSXV for the five (5) days preceding the issuance. The Common Shares issued on April 1, 2013 to officers will be subject to a four month hold period which expires on August 1, 2013.
On March 1, 2013, 3,075 Common Shares were issued to employees from Treasury under the Company's ESOP. Included in the issuance were 1,590 Common Shares to officers. The issue price of the Common Shares was $4.69, being the weighted average trading price of the Common Shares on the TSXV for the five (5) days preceding the issuance. The Common Shares issued on March 1, 2013 to officers will be subject to a four month hold period which expires on July 1, 2013.
Pursuant to the policies of the TSXV, the Company will to issue monthly press releases when Common Shares are issued from Treasury to officers who are insiders of the Company under the ESOP.
About Rifco Inc.
Rifco Inc. operates through its wholly owned subsidiary Rifco National Auto Finance Corporation to provide automobile loans through its dealership network across Canada.
Rifco National Auto Finance provides consumers with financing options on new and used vehicles. Rifco specializes in building long-term partnerships with dealers by investing time in personalized services through dedicated account representatives. Rifco's quick credit decisions, common sense lending, and expedited funding processes give its dealers better financing options and more closed deals. Rifco's most successful partnerships result in graduated recognition programs for its loyal dealerships.
Rifco is committed to continuing growth. Key strategies for achieving this growth include the expansion of its automobile dealer base, excellence in credit and collections processes, and exceptional service to its Dealer partners and its customers.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol "RFC". There are 20.79 million shares outstanding and 21.80 million (fully diluted) shares.
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|CONTACT: Rifco Inc. Lance A. Kadatz Vice| |
|President and Chief Financial Officer | |
|Telephone: 1-403-314-1288 EXT 7007 Fax: | |
|1-403-314-1132 Email: kadatz@rifco.net | |
|Website: www.rifco.net | |
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information herein.
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