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RF Capital Comments on Rejection of Unsolicited Proposal by Competitor

Toronto, March 15, 2021 - RF Capital Group Inc. (TSX: RCG) (the "Company") today commented on an announcement by Canaccord Genuity Group Inc. ("Canaccord") that it had privately made an unsolicited proposal for the purchase of some or all of the outstanding shares of the Company.

RF Capital advises shareholders that its Board declined to engage with Canaccord, having unanimously concluded that the proposal was not in the best interest of the Company’s shareholders, advisors, clients and other stakeholders in light of the considerable opportunities for Richardson Wealth in the fast-growing wealth management industry.

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Richardson Wealth Announces Sponsorship to Honour Spirit of International Women's Day 2021

TORONTO, ON (March 8, 2021) – RF Capital Group Inc. (TSX: RGC) (the Company) today announced that it’s wholly owned subsidiary Richardson Wealth Limited (Richardson Wealth) has made a financial donation to Plan International Canada’s (Plan Canada) Youth Advisory Council in honour of International Women’s Day.

 

“International Women’s Day is an opportunity to express our collective solidarity to forge a gender-equal world,” said Kish Kapoor, President and CEO of RF Capital Group Inc. “Our teams are proudly aligned with our firm’s commitment to the advancement of women. We are mindful of our role in the betterment of society by sponsoring and endorsing women at work, at home and in our communities. This is one of the many reasons we are a proud and unified organization.”

 

This is the second annual donation made by Richardson Wealth to support youth initiatives organized by Plan Canada. In 2020, Richardson Wealth also made a donation to the organization. “We continue to support Plan International because we share a fundamental belief that advancing children’s rights will remove barriers that keep children, especially girls, from reaching their full potential,” said Sarah Widmeyer, Director, Wealth Strategies, of Richardson Wealth. “The Youth Advisory Council’s mandate is to enable young people to learn about and support Plan Canada’s noble mission. This donation serves as another proof point of how we, as a firm, are highly committed to a future of belonging and inclusion and empowering the next generation.”

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RF Capital Reports Fourth Quarter and Year-End 2020 Results

Toronto, March 5, 2021 - RF Capital Group Inc. (RF Capital or the Company) (TSX: RCG) today reported net income from continuing operations of $40.0 million in fourth quarter 2020 compared with a net loss of $5.3 million in fourth quarter 2019, and net income from continuing operations of $29.4 million for the full year 2020 compared to a loss of $13.7 million in the prior year.  Diluted earnings per share were $0.52 in Q4 and $0.26 for the year.  Further details on the Company’s performance are contained in the Management’s Discussion and Analysis for the three and twelve months ended December 31, 2020.

This reported financial performance is not indicative of the earnings potential of the business going forward as the fourth quarter and full year 2020 results include material gains and losses associated with the acquisition of Richardson Wealth: namely a $45.7 million gain on the Company’s investment and $6.7 million in transaction costs. Further, the 2020 results only include 100% of the operating results of Richardson Wealth after the acquisition on October 20, 2020.

“Over the past several years, all of our actions have been driven with strategic intent.  With our ownership changes complete, we are now one company and exclusively focused on the considerable opportunities in the dynamic and fast-growing wealth management industry.  The new name on the door, our association with the powerful Richardson brand, the 160 exceptional advisory teams operating under that brand, and a framework that ensures our advisors continue to have a strong voice in the decision-making process will serve as catalysts for our future success.  Everyone in the Company is squarely focused on accelerating our organic growth, and management is pursuing inorganic growth through the recruitment of new advisors and the acquisition of like-minded firms,” said Kish Kapoor, President and Chief Executive Officer.

Management and the Board, with considerable input from investment advisory teams and supported by a global consulting firm with deep expertise in wealth management, have begun to carefully map out a strategy to gain a greater share of the multi-trillion dollar wealth management industry.  The strategy will leverage the Company’s single-minded focus on wealth management, best-in-class advisor teams, and national platform and scale.  This exercise will encompass validating the Company’s view of the external market, assessing current capabilities, laying out the desired end-state vision and value proposition, and developing an execution roadmap.  The Company intends to complete the review by the second quarter of 2021 and will communicate the key elements of its plan by mid-year.

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Correction: RF Capital Clarifies Dividend Rate on Reset Preferred Shares Series B

TORONTO, ON (March 2, 2021) – RF Capital Group Inc. (TSX: RGC) yesterday incorrectly published the new dividend rate for its Cumulative 5-Year Rate Reset Preferred Shares, Series B (Series B Shares). The dividend rate for the five-year period commencing on April 1, 2021 and ending on and including March 31, 2026 will be 3.73% per annum or $0.233313 per share per quarter, being equal to the sum of the five year Government of Canada bond yield determined as of March 1, 2021, plus 2.89%, in accordance with the terms of the Series B Shares.

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RF Capital Announces Record AUA for February 2021

Toronto, March 2, 2021 – RF Capital Group Inc. (RF Capital or the Company) (TSX: RCG) today reported assets under administration ("AUA") at Richardson Wealth Limited (Richardson Wealth) of $31.4 billion as at February 28, 2021. AUA is a key performance indicator and one of the financial measures used by management, investment advisors and RF Capital shareholders to assess Richardson Wealth’s operating performance.

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RF Capital Announces New Dividend Rates on Preferred Shares

TORONTO, ON (March 1, 2021) – RF Capital Group Inc. (the Company) (TSX: RCG) announced today the applicable dividend rates for its Cumulative 5-Year Rate Reset Preferred Shares, Series B (the Series B Shares) and its Cumulative Floating Rate Preferred Shares, Series C (the Series C Shares), further to its press release dated February 25, 2021, announcing that it did not exercise its right to redeem all or any part of the currently outstanding Series B Shares or Series C Shares and, as a result of which, subject to certain conditions, the holders of the Series B Shares have the right to convert all or any part of their Series B Shares into Series C Shares on a one-for-one basis and vice versa.

With respect to any Series B Shares that remain outstanding after March 31, 2021, holders thereof will be entitled to receive quarterly fixed, cumulative, preferential cash dividends, if, as and when declared by the Board of Directors of the Company, subject to the provisions of the Business Corporations Act (Ontario). The dividend rate for the five-year period commencing on April 1, 2021 and ending on and including March 31, 2026 will be 3.70% per annum or $0.231313 per share per quarter, being equal to the sum of the five year Government of Canada bond yield determined as of today, plus 2.89%, in accordance with the terms of the Series B Shares.

With respect to any Series C Shares that remain outstanding after March 31, 2021, holders thereof will be entitled to receive quarterly floating rate, cumulative, preferential cash dividends, if, as and when declared by the Board of Directors of the Company, subject to the provisions of the Business Corporations Act (Ontario). The dividend rate for the three-month period commencing on April 1, 2021 and ending on and including June 30, 2021 will be 3.00% per annum or $0.186799 per share for the quarter, being equal to the sum of the three-month Government of Canada Treasury Bill yield determined as of today, plus 2.89% (calculated on the basis of the actual number of days elapsed during such quarterly period divided by 365), in accordance with the terms of the Series C Shares. The quarterly floating dividend rate will be reset every quarter.

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RF Capital Announces Conversion Privilege of Preferred Shares

TORONTO, ON (February 25, 2021) – RF Capital Group Inc. (the Company) announced today that it does not intend to exercise its right to redeem all or any part of its currently outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series B (the Series B Shares) or Cumulative Floating Rate Preferred Shares, Series C (the Series C Shares) on March 31, 2021 (the Conversion Date). There are currently 3,565,253 Series B Shares and 1,034,747 Series C Shares outstanding.

As a result and subject to certain conditions set out in the short form prospectus dated February 14, 2011 relating to the issuance of the shares, the holders of the Series B Shares and Series C Shares have the right, at their option, to convert all or any of their Series B Shares or Series C Shares, on a one-for-one basis, into shares of the other series on the Conversion Date (the Conversion Privilege). A formal notice of the Conversion Privilege will be sent to the registered holder of the Series B Shares and Series C Shares.

Subject to the automatic conversion feature noted below, holders who do not exercise their right to convert their Series B Shares or Series C Shares will continue to hold their Series B Shares or Series C Shares, as applicable, and will have the opportunity to convert their shares again on March 31, 2026, and every five years thereafter as long as the shares remain outstanding. The foregoing Conversion Privilege is subject to the following conditions: (i) if the Company determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series C Shares, after taking into account all Series B Shares tendered for conversion into Series C Shares and all Series C Shares tendered for conversion into Series B Shares, then the holders of the Series B Shares will not be entitled to convert their shares into Series C Shares and all of the remaining outstanding Series C Shares will automatically be converted into Series B Shares on a one-for-one basis on the Conversion Date; and (ii) alternatively, if the Company determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series B Shares, after taking into account all Series B Shares tendered for conversion into Series C Shares and all Series C Shares tendered for conversion into Series B Shares, then the holders of the Series C Shares will not be entitled to convert their shares into Series B Shares and all of the remaining outstanding Series B Shares will automatically be converted into Series C Shares on a one-for-one basis on the Conversion Date. In either case, if applicable, the Company will give written notice to that effect to the registered holder affected by the preceding conditions no later than March 24, 2021.

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RF Capital Announces Andrew Marsh to Step Down as CEO of Richardson Wealth

Toronto, February 16, 2021 – RF Capital Group Inc. (“RF Capital” or the “Company”) (TSX: RCG) today announced that Andrew Marsh has decided to step down effective March 31, 2021 as President and Chief Executive Officer of Richardson Wealth Limited (“Richardson Wealth”), a wholly-owned subsidiary of RF Capital.

“I have truly enjoyed the rare opportunity to build the leading entrepreneurial, independent competitor in Canada’s wealth management industry,” said Mr. Marsh. “As Richardson Wealth embarks on the next chapter, the best thing for me and the firm is to pass the baton to the very capable leadership team currently being assembled by Kish Kapoor. My ongoing role will be as a significant and supportive shareholder, and as an ambassador for Richardson Wealth. I believe the firm we have built together has a very exciting and prosperous future thanks to the spirit and talent of our team, and I will be cheering them on.”

During Mr. Marsh’s 17 years of leadership at the firm, including 11 as CEO, Richardson Wealth grew to more than $30 billion of assets under management, with a national platform and 19 offices across Canada. Mr. Marsh oversaw the merger of GMP Private Client with Richardson Partners Financial, the acquisition of Macquarie Private Wealth Inc. and the addition of many talented advisors to the firm.

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RF Capital to Announce Fourth Quarter and Fiscal 2020 Results

TORONTO, ON. (February 12, 2021) – RF Capital Group Inc. (RF Capital) (TSX:RCG) will release its fourth quarter and fiscal 2020 financial results and host an earnings conference call on Friday, March 5, 2021.  Financial results are expected to be released at approximately 7:00 a.m. (EST).

FOURTH QUARTER 2020 CONFERENCE CALL AND WEBCAST

A conference call and live audio webcast to discuss RF Capital’s fourth quarter and fiscal 2020 results will be held that morning at 10:00 a.m. (EST).  The call will be open to the public. Interested parties are invited to access the quarterly conference call on a listen-only basis by dialing 416-406-0743 or 1-800-898-3989 (toll free) and entering a participant passcode: 8641223#. The conference call will also be accessible as a live audio webcast through the Investor Relations section of our website at www.rfcapgroup.com/Investor-Relations/Quarterly-Information.

A recording of the conference call will be available until Sunday, April 4, 2021, by dialing 905-694-9451 or 1-800-408-3053 (toll free) and entering access code 3500355#. The webcast will be archived at www.rfcapgroup.com/Investor-Relations/Quarterly-Information.


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Richardson Wealth and Bloom Burton & Co. Announce Strategic Alliance to Expand Wealth Solutions in Healthcare

Toronto, February 9, 2021 – RF Capital Group Inc. (“RF Capital”) (TSX: RCG) today announced that its wholly owned subsidiary Richardson Wealth Limited (“Richardson Wealth”) and Bloom Burton & Co. Inc. (“Bloom Burton”), two of Canada's premier independent financial services firms, have entered into a strategic alliance dedicated exclusively on the healthcare sector.

This strategic alliance helps unlock growth potential for both firms.  Richardson Wealth expands an already broad shelf of wealth solutions by providing advisors and their high net worth clients preferred access to Bloom Burton’s leading healthcare-specialized research, investment ideas, new issues, investment funds and investor events.  Meanwhile, Bloom Burton’s issuer clients and institutional investors will benefit from the investment capacity and expertise of Richardson Wealth’s established and growing network of professional, experienced, and knowledgeable investment advisors. The firms also contemplate extensive cross-referral opportunities to better serve their clients.

"Our talented investment advisors and their clients are front and center to everything we do.  Our top priority is to continue supporting them by providing access to a broad and growing suite of innovative wealth management solutions to deliver a differentiated client experience.  This powerful alliance with Bloom Burton, and its leadership and expertise in the essential and growing healthcare sector, perfectly complements that commitment to advisors.  Bloom Burton covers dozens of healthcare companies in the biotechnology, pharmaceutical, medical technology and healthcare services sectors, and they are at the top of every Canadian healthcare league table for financings and corporate advisory”, said Kish Kapoor, President and CEO of RF Capital Group Inc. 

Brian Bloom, Chairman and CEO of Bloom Burton commented, "With over 19 Canadian locations, high calibre investment advisory teams, 32,000 clients and over $30 billion in client assets, Richardson Wealth is the ideal partner for Bloom Burton as we support the Canadian healthcare sector together. We look forward to having greater access to capital and networks, as we partner with one of Canada’s leading independent investment firms.”

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