TORONTO, ON. (May 11, 2022) – RF Capital Group Inc. (the Company) (TSX: RCG) today announced that, in connection with its previously announced normal course issuer bid (NCIB) to purchase up to 548,571 of its common shares, it has entered into an automatic share purchase plan (ASPP) with the designated broker responsible for the NCIB. The ASPP is intended to allow for the purchase of common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods.
Pursuant to the ASPP, purchases will be made by the designated broker based on pre-established purchasing parameters, without further instructions by the Company, in compliance with the rules of the Toronto Stock Exchange (TSX), applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented on or around May 16, 2022.
Outside of the ASPP, common shares may be purchased under the NCIB based on management’s discretion, in compliance with TSX rules and applicable securities laws. The NCIB commenced on March 9, 2022, and will end no later than March 8, 2023. All purchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB. As of the date hereof, the Company has not purchased any common shares under its NCIB.
TORONTO, ON. (May 5, 2022) – RF Capital Group Inc. (the Company) (TSX: RCG) today announced the voting results from its virtual Annual Meeting of Shareholders (the Meeting) held on May 4, 2022. At the Meeting, President & Chief Executive Officer, Kish Kapoor, provided an update on the Company’s strategic progress and priorities, and discussed the Company’s financial results. Interested parties can access that presentation by clicking here.
1. ELECTION OF DIRECTORS
Each of the ten nominees listed in the Company’s management information circular (the 2022 Circular) dated March 21, 2022, were elected to serve as a director of the Company until the next annual meeting or until their successor is elected or appointed, with the outcome of the vote being as follows:
2. APPOINTMENT OF AUDITORS
KPMG LLP was appointed as the Company’s auditor for 2022.
Detailed voting results for the Meeting can be accessed on SEDAR at www.sedar.com.
TORONTO, May 5, 2022 - RF Capital Group Inc. (TSX: RCG) is proud to announce that its wholly-owned subsidiary Richardson Wealth Limited (Richardson Wealth) has made a multi-year financial commitment to the Centre of Addiction and Mental Health (CAMH) Foundation. Now, as part of CAMH’s Business Leaders for Mental Health Action, Richardson Wealth is prioritizing the psychological health and wellbeing of its employees and helping create change across corporate Canada.
“We are committed to doing the right thing at Richardson Wealth. By championing a culture of belonging, we ensure everyone has a voice,” says Kish Kapoor, President and CEO. “This enables us to think and act with great empathy and compassion. It also helps us elevate wellness among our people — our company’s greatest assets.”
“We are proud to join a coalition of leaders who, like us, deeply value the importance of employees’ mental wellbeing,” says Michael Williams, SVP, Chief Risk Officer. “Richardson Wealth’s commitment to championing mental health is linked to our commitment to diversity, equity, and inclusion. We know that mental illness can disproportionately affect certain demographics depending on factors such as gender, race, or sexual orientation. It is critical that we address the stigma surrounding mental illness and take action,” says Williams, who also serves on the Board of Directors for CAMH Foundation.
This three-year commitment to CAMH strongly aligns with Richardson Wealth’s people-first organizational culture. Further, Richardson Wealth was recently named on the 2022 list of Top 50 Best Workplaces™ in Canada for organizations with 100-999 employees by Great Place to Work®.
"We are grateful to Richardson Wealth for joining CAMH's coalition of Business Leaders for Mental Health Action," says Deborah Gillis, President & CEO of CAMH Foundation. "It is inspiring to see another Canadian employer stepping forward to not only address, but to champion mental health in the workplace and commit to unleashing their employees' full potential."
Toronto, May 4, 2022 - RF Capital Group Inc. (RF Capital or the Company) (TSX: RCG) today reported record AUA1 of $37.1 billion and record quarterly revenue of $88.8 million; up from $32.8 billion and $83.7 million, respectively, a year ago. The increase in revenue was driven largely by record fee revenue of $67.9 million, which was up $10.3 million or 18% from Q1 last year. Corporate finance and transaction-based revenue was down from elevated levels last year. Consolidated Adjusted EBITDA4 was $11.1 million this quarter compared with $12.1 million a year ago. Adjusted EBITDA4 in our Wealth Management segment was $13.1 million this quarter. The Company’s reported net loss declined largely due to a $6.1 million decrease in transformation charges.
1. Assets under administration (AUA) is a measure of client assets and is common to the wealth management business. AUA represents the market value of client assets managed and administered by Richardson Wealth from which it earns commissions and fee revenue.
2. Represents conversations with advisors that have advanced beyond a certain probability threshold, and is a measure that management uses to assess outside advisors’ interest in Richardson Wealth. The Company expects to convert only a portion of this pipeline.
3. Calculated as fee revenue divided by commissionable revenue in our Wealth Management segment. For further information, please see the “Non-GAAP and Supplemental Financial Measures” section at the end of this press release.
4. Considered to be non-GAAP or supplemental financial measures, which do not have any standardized meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “Non-GAAP and Supplemental Financial Measures” section at the end of this press release.
Toronto, May 2, 2022 – RF Capital Group Inc. (the Company) (TSX: RCG) today reported preliminary month-end assets under administration (AUA) of $35.9 billion as of April 30, 2022. AUA declined 3.2% in April 2022 compared with declines in the S&P/TSX Composite and S&P 500 indices of 5.2% and 8.8%, respectively, over the same period. AUA is a key performance indicator and one of the financial measures used by management, investment advisors and the Company’s shareholders to assess operating performance.
TORONTO, April 27, 2022 - RF Capital Group Inc. (TSX: RCG) is proud to announce that its wholly-owned subsidiary Richardson Wealth Limited (Richardson Wealth) was named on the 2022 list of Top 50 Best Workplaces™ in Canada for organizations with 100-999 employees by Great Place to Work®, a global authority on workplace culture. Today marks the third time Richardson Wealth has received this accolade.
“This recognition is an undeniable signal that as our company expands, our people firmly believe in our culture and values. Purpose and service drive the culture we have created. And our values of courage, kindness, belonging and trust, as well as our standard of excellence in all we do, are the foundation of our continued success,” says Kish Kapoor, President and Chief Executive Officer. “We are proud that our people shared their voices and are noticing the strides we are making toward our commitment to diversity, equity and inclusion, and growing the number of women at our firm,” says Kapoor.
The Best Workplaces™ in Canada is a substantial study on Canadian business culture and employee experience. Great Place to Work® Canada surveys over 600 organizations with 130,000 employees taking part, across multiple industries and company sizes. Through a confidential survey, employees share their feedback on their organization’s culture.
“Providing an exceptional workplace experience is a must in today’s world of change. Our people-centric culture allows us to develop new ways to meet the needs of an evolving industry and workforce,” says Lynne Brejak, Senior Vice President, Chief People Officer. “The survey was taken during the second year of the pandemic, and we’re pleased the results show how connected our employees stayed to our culture and values during this time. This is also reflected in our recognition as one of the Best Workplaces™ for Hybrid Work earlier this year.”
TORONTO, ON. (April 5, 2022) – RF Capital Group Inc. (the Company) (TSX:RCG) will release its first quarter 2022 financial results and hold its annual general meeting of common shareholders (in virtual format) on Wednesday, May 4, 2022 (the Meeting). First quarter results will be released at approximately 7:00 a.m. (EST). The Meeting will be held that morning at 10:30 a.m. (EST).
A description of the matters to be addressed at the Meeting are included in the meeting materials, as defined below.
All shareholders will have the opportunity to participate in the Meeting online. Only registered shareholders and duly appointed proxyholders will be able to ask questions and vote in real time at the Meeting. Unregistered shareholders, guests and media will be able to listen and view online via the live webcast available at the same link. Shareholders who hold their common shares with a bank, broker or financial intermediary and wish to vote at the Meeting must carefully follow the instructions provided by their intermediary.
Delivery of Proxy Material – Notice and Access
For the first time, this year, as permitted by Canadian securities regulators (CSA), the Company is using “notice-and-access” to deliver its latest management information circular, related proxy materials, and annual report (the meeting materials) to both registered and non-registered Shareholders via the Internet. This means that, instead of sending the meeting materials by mail, the Company has posted the meeting materials online for you to access at either www.meetingdocuments.com/TSXT/RCG, on our corporate website www.rfcapgroup.com and on SEDAR at www.sedar.com. Notice-and-access gives shareholders faster access to the meeting materials, reduces the Company’s printing and mailing costs, and is environmentally friendly as it reduces paper and energy consumption.
Toronto, April 1, 2022 – RF Capital Group Inc. (the Company) (TSX: RCG) today reported record preliminary month-end assets under administration (AUA) of $37.1 billion as of March 31, 2022; an increase of $514 million from February 28, 2022. AUA is a key performance indicator and one of the financial measures used by management, investment advisors and the Company’s shareholders to assess operating performance.
TORONTO, March 30, 2022 – RF Capital Group Inc. (Company) (TSX: RCG) today announced that it has completed the previously announced consolidation of its common shares (the Common Shares) on the basis of ten (10) pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the Consolidation).
Immediately prior to the Consolidation, the Company had 158,714,254 Common Shares issued and outstanding. Following the Consolidation, the Company will have 15,871,426 Common Shares issued and outstanding. The Common Shares will continue to be listed on the Toronto Stock Exchange under the symbol “RCG” and are expected to begin trading on a post-Consolidation basis when the market opens on March 30, 2022. The new CUSIP and ISIN numbers for the Common Shares are 74971G401 and CA74971G4016, respectively.
The Company’s transfer agent, TSX Trust Company, has sent a letter of transmittal to the registered holders of the Common Shares. The letter of transmittal contains instructions on how to surrender Common Share certificates representing pre-Consolidation Common Shares to the transfer agent. Shareholders can obtain a copy of the letter of transmittal under the Company’s SEDAR profile at www.sedar.com. The transfer agent will forward to each registered shareholder who has sent the required documents a new Common Share certificate representing the number of post-Consolidation Common Shares to which the registered shareholder is entitled. If shareholders hold their Common Shares through an intermediary and they have questions in this regard, they are encouraged to contact their intermediaries.
Building blocks to support accelerated long-term value creation in place
Growth momentum heading into 2022
Announced Normal Course Issuer Bid and Share Consolidation
Toronto, March 4, 2022 - RF Capital Group Inc. (RF Capital or the Company) (TSX: RCG) today reported record revenue and tight expense management, which fuelled full year 2021 consolidated Adjusted EBITDA5 of $50.8 million. Total revenue grew to $329 million, driven largely by record recurring fee revenue. Assets under administration (AUA) ended the year at an all-time high of $36.8 billion. Adjusted EBITDA5 in the Wealth Management segment was $59.2 million in 2021 (including $56.8 million at Richardson Wealth). The Company’s performance benefited from the fact that its Richardson Wealth subsidiary registered an operating expense ratio5,7 of 67.7%, a six percentage point improvement from 2020. The Company’s full year reported net loss was $20.2 million, which included $34.4 million of pre-tax transformation charges and other provisions ($27.5 million after-tax).
Fourth quarter revenue of $86.1 million was up 42% from Q4 last year and 8% from Q3 of 2021. Consolidated Adjusted EBITDA5 was $12.3 million and reported net loss was $2.4 million in Q4 2021. Adjusted EBITDA5 in our Wealth Management segment was $14.4 million this quarter (including $13.6 million at Richardson Wealth). Excluding expenses related to compensation program changes in our private client capital markets group, as discussed in the Q4 and 2021 Items of Note section in this press release, consolidated Adjusted EBITDA4 would have been $13.7 million in Q4 and Adjusted EBITDA4 at Richardson Wealth would have been $15.0 million.