Transaction HighlightsAnticipated consideration of $1.15 per Rifco Share represents a significant premium of approximately 28% to the closing price of Rifco Shares on August 9, 2021 100% cash consideration
Rifco Inc.: Rifco National Auto Finance Appoints New President and Announces a Strategic Initiative
Rifco Inc. (TSXV: RFC) (
Rifco or the
Company ) is pleased to provide its investors with an update on the Company.
Rifco National Auto Finance Inc. ( RNAF ), a wholly owned subsidiary of Rifco, has appointed Roger Saran as its President & Chief Operating Officer reporting to Jeffrey Newhouse, Chief Executive Officer of Rifco Inc. Prior to his promotion, Roger was Vice President and Chief Credit Officer of RNAF, a role in which he led the development of the Company s revamped credit underwriting process, including new custom credit and pricing models. Roger brings more than 20 years of experience in financial services across diverse roles in marketing, operations, finance and analytics. In his new role, Roger will be responsible for the operations of RNAF and overall growth of the Company in accordance with the strategic mandate established by the Board of Directors.
Rifco Inc.: Rifco Provides Update
Rifco Inc. (TSXV: RFC) (
Rifco or the
Company ) is pleased to provide its investors with an update on the Company.
Rifco, now led by a new Chief Executive Officer, Jeffrey Newhouse, and a new Board of Directors, has completed its initial review of the current operations of Rifco National Auto Finance Corporation (
RNAF ), Rifco s single, wholly owned, subsidiary operating entity.
The Board together with Newhouse have established the following near-term objectives for RNAF:
Right-size the organization relative to its current client base, and work towards achieving a consistent 4% return on assets (ROA) managed, as measured by net income before tax, adjusted for non-cash changes in provision for impairment;