Toronto, April 9, 2021 – RF Capital Group Inc. (TSX: RCG) (RF Capital or the Company) today announced, in response to an unsolicited April 6, 2021 follow-up letter from competitor Canaccord Genuity Group Inc. (Canaccord) regarding its previous unsolicited proposal for all of the outstanding shares of the Company, that its Board of Directors (the Board) has once again unanimously determined to not engage with Canaccord. The Board has again replied directly to Canaccord that a transaction with them is not in the best interest of the Company, its shareholders, advisors, clients, and other stakeholders.
The Board believes that the Company can best build value for shareholders by pursuing its independent growth strategy.
The full text of the Board’s letter to Canaccord follows.
Dear Mr. Daviau,
I am writing further to your letter of April 6, 2021.
The Board has reviewed and considered the follow-up to your March 9, 2021 proposal. In doing so, in addition to re-confirming its earlier reasons for determining that your proposal was not in the best interests of RF Capital Group Inc., the Board took into account your indication about potentially increasing your offer price as well as the significant feedback it has received from the company’s stakeholders and advisors since you publicly announced your proposal on March 15, 2021.
After consideration, the Board has again determined that pursuing your proposal is not in the best interests of RF Capital Group Inc.
“Donald A. Wright”
Mr. Donald Wright, Independent Chairman of the Board of Directors
A link to Canaccord’s follow-up letter to the RF Capital Board is available here.
RF CAPITAL GROUP INC.
RF Capital Group Inc. (RF Capital) currently operates through two business segments: Wealth Management and Operations Clearing; and a Corporate segment. Wealth Management consists of RF Capital’s wholly owned subsidiary Richardson Wealth. Richardson Wealth is one of the largest independent wealth management firms in Canada with $32.7 billion in assets under administration (as at March 31, 2021) and 19 offices across the country. The firm’s Advisor teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for high net worth or ultra-high net worth families and entrepreneurs. Richardson Wealth is committed to maintaining exceptional fiduciary standards and has earned certification – determined annually – from the Center for Fiduciary Excellence for its Separately Managed and Portfolio Management Account platforms. Richardson Wealth has also been recognized as a Great Place to Work™ for the past three years and a Great Place to Work for Women in 2021. Operations Clearing, through RF Securities Clearing LP, provides carrying broker services to Richardson Wealth and other third parties, including trade execution, clearing, settlement, custody, and certain other middle- and back-office services, and other expenses associated with providing such services. RF Capital is listed on the Toronto Stock Exchange under the symbol “RCG”. For further information, please visit our corporate website at www.rfcapgroup.com and www.RichardsonWealth.com.
For Further Information Please Contact:
RF Capital Group Inc.
Rocco Colella, Managing Director, Investor Relations
Tel: (416) 941-0894; [email protected]