<SEC-DOCUMENT>0001104659-23-006251.txt : 20230124
<SEC-HEADER>0001104659-23-006251.hdr.sgml : 20230124
<ACCEPTANCE-DATETIME>20230124171827
ACCESSION NUMBER:		0001104659-23-006251
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230124
DATE AS OF CHANGE:		20230124

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RITCHIE BROS AUCTIONEERS INC
		CENTRAL INDEX KEY:			0001046102
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13425
		FILM NUMBER:		23549025

	BUSINESS ADDRESS:	
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 0C6
		BUSINESS PHONE:		7783315500

	MAIL ADDRESS:	
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 0C6

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Luxor Capital Group, LP
		CENTRAL INDEX KEY:			0001316580
		IRS NUMBER:				201394199
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		28TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-763-8000

	MAIL ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		28TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>tm2343377d1_dfan14a.htm
<DESCRIPTION>DFAN14A
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; font: 14pt Times New Roman, Times, Serif; margin-bottom: 0pt"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule&nbsp;14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
by a Party other than the Registrant&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 3%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 95%; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, For Use of the Commission Only (as permitted by 14a-6(e)(2))</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional materials</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to &sect; 240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Ritchie Bros. Auctioneers Incorporated</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>(Name of Registrant as Specified in
Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Capital Group, LP</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>LCG Holdings, LLC</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Lugard Road Capital GP, LLC</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Capital Partners Offshore Master
Fund, LP</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Capital Partners Long Offshore
Master Fund, LP</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Lugard Road Capital Master Fund, LP</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Capital Partners, LP</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Luxor Management, LLC</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Christian Leone</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>Jonathan Green</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement,
if Other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0">Payment of filing fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.8pt 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; width: 3%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 24, 2023, Luxor Capital Group, LP and certain affiliates
issued the following press release:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Luxor Capital Comments on &ldquo;Restructured&rdquo;
Ritchie Bros. Proposed Merger with IAA </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Perpetual Preferred Security Being Issued Transfers
US$145 Million of Value to a Non-Shareholder at the Expense of Existing Common Shareholders </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Agreement Seeks to Entrench Management and
Board</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NEW YORK, January 24, 2023 -- Luxor Capital Group, LP (&ldquo;Luxor&rdquo;),
as the manager of funds owning&nbsp;approximately 3.6% of the outstanding shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA)
(TSX: RBA) (&ldquo;RBA&rdquo; or the &ldquo;Company&rdquo;), today commented on RBA&rsquo;s purported restructuring of RBA&rsquo;s proposed
merger with IAA, Inc. (NYSE: IAA) (the &ldquo;IAA Merger&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Luxor is deeply concerned that management and the board of directors
(the &ldquo;Board&rdquo;) of RBA chose to further entrench themselves by entering into a completely unnecessary&nbsp;financing with&nbsp;Starboard
Value LP (&ldquo;Starboard&rdquo;). After announcing a transaction for IAA that was deeply unpopular among shareholders, instead of listening
to those concerns and engaging on the merits with its constituents, management and the Board further harmed their common shareholders
by transferring, in Luxor&rsquo;s estimation, in excess of $145 million to a third party who does not appear to have ever been invested
in the Company. In a collective drive to save face and consummate the ill-conceived IAA Merger, management and the Board issued a valuable
security worth 130% of par, per Luxor&rsquo;s estimation, to a non-shareholder.<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given RBA&rsquo;s strong financial position and the operating performance
of standalone RBA, the only conclusion Luxor can draw is that RBA&rsquo;s management and Board hoped that by issuing the preferred security
to Starboard (the &ldquo;Starboard Perpetual Preferred&rdquo;)&nbsp;at massively below-market terms, the hollow endorsement that came
along with the US$145 million transfer would somehow turn away the tide of shareholder discontent. Luxor is certainly not swayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Luxor believes that the &ldquo;revised&rdquo; IAA Merger has done little
to change the financial terms for RBA shareholders. Indeed, the minor change in equity issuance by RBA in the revised deal is overwhelmed
by the extravagant terms offered to Starboard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The most glaring and obvious issue with the Starboard Perpetual Preferred
is, as its name suggests, its <I>preference</I> in the capital structure to all existing common shareholders of RBA. Convertible structures
are not inherently disadvantageous, but in normally functioning companies with good governance, boards don&rsquo;t give out seniority
without extracting advantageous terms elsewhere in the security. Typically, this trade-off implies that convertible holders, because of
the downside protection provided by their seniority, receive less relative to common holders when the stock price rises significantly
and receive more relatively when the stock price rises slowly or falls. In this instance, RBA shareholders receive none of these types
of benefits whatsoever. <B><I><U>No matter what happens to RBA, Starboard will significantly outperform common shareholders.</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The nominal coupon on this security is 5.5%, but importantly, the Starboard
Perpetual Preferred participates in all common shareholder dividends, thereby creating an effective annual coupon of 6.979% (see Appendix
for detailed calculations), which will escalate in-line with any increases in dividends paid to common shareholders. Moreover, as additional
proof of misalignment with RBA common shareholders and value transfer by RBA&rsquo;s management and Board to Starboard, the dividend participation
by the Starboard Perpetual Preferred is &ldquo;subject to a floor of US$0.27 per common share&rdquo;. In other words, the&nbsp;Starboard
Perpetual Preferred will benefit fully from any growth in the quarterly dividends paid to RBA shareholders from the current level, but
will enjoy none of the downside that RBA shareholders will experience if the dividend is ever reduced, for any reason. <B><I><U>No matter
what happens to the common share dividend, Starboard&rsquo;s dividend materially exceeds common shareholders&rsquo; dividends.</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> Security valued
using sell-side models and incorporates a 400bps credit spread, 35 implied vol, and no change to RBA&rsquo;s common dividend over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The security is also effectively not callable by RBA for nine years.
For <I>nine years</I> Starboard will enjoy a dividend rate at least 5.5% higher than that of common shareholders. Compounded at 5.5% for
nine years, Starboard will receive 62% of its capital investment back in <I>excess dividends. </I>This compares to the ~20% conversion
premium in the security. <B><I><U>No matter what happens to the value of RBA common shares, Starboard materially outperforms common shareholders.</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a common shareholder, Luxor takes no comfort whatsoever with the
endorsement that comes along with such an off-market security. Luxor takes no comfort whatsoever in Starboard representing common shareholders&rsquo;
interests as their own, as Starboard is overwhelmingly in a different class of stock that has dramatically conflicting priorities to those
of the common shareholders. Luxor believes that shareholder representation on the Board is warranted, but qualified director candidates
committed to acting in the best interests of ALL shareholders are available without transferring US$145 million of RBA common shareholder
money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Luxor continues to believe&nbsp;that the&nbsp;IAA Merger risks the
permanent destruction of over US$1.8 billion&nbsp;of shareholder value<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> and that RBA&rsquo;s
standalone businesses offer the clearest and most logical path for the Company to deliver the optimal outcome for all of its common shareholders.
Luxor looks forward to continuing its opposition to this ill-conceived merger, which has illuminated for all common shareholders RBA&rsquo;s
missteps and egregious corporate governance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Appendix:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Annualized Yield Calculation</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Coupon paid quarterly:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.375%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Participation in common stock dividend (1):</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.370%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; Total quarterly coupon + dividend:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.745%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp; Annualized yield:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.979%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>(1) Common Stock Dividend Calculation</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Par value of Preferred</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$1,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion price</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$73</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">RBA Shares at Conversion</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;13.70</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarterly common div/share</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0.27</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarterly dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$3.70</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additional quarterly yield</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.370%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> Given the Company&rsquo;s
strong earnings results announced concurrently with the announcement of the deal, Luxor believes that the deal announcement had a 25%+
negative impact on the value of the Company, which represents &gt;US$1.8 billion of value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Luxor Capital Group, LP:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Luxor Capital Group, LP is a multi-billion-dollar investment manager,
which was founded in 2002 and is based in New York. It makes investments through its fundamental, long-term oriented investment process.
The firm has an extensive history of investing in global marketplaces businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Luxor Capital Group, LP, together with the
other Participants (as defined below), has filed a preliminary proxy statement and intends to file a definitive proxy statement and accompanying
GREEN proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit proxies in connection with a special
meeting of the shareholders of Ritchie Bros. Auctioneers Incorporated, a company organized under the federal laws of Canada (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS
OF THE COMPANY TO READ THE PROXY STATEMENT AND ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS RELATED
TO THE SOLICITATION WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE
AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT
AND OTHER RELEVANT DOCUMENTS WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS&rsquo;
PROXY SOLICITORS, OKAPI PARTNERS LLC BY PHONE AT (877) 629-6356 (TOLL-FREE) OR BY EMAIL TO INFO@OKAPIPARTNERS.COM, OR TO SHORECREST GROUP
BY PHONE AT (888) 637-5789 (TOLL-FREE) OR BY <FONT STYLE="text-transform: uppercase">EMAIL AT contact@shorecrestgroup.com</FONT>. The
participants in the proxy solicitation in connection with the Company&rsquo;s special meeting of shareholders are expected to be Luxor
Capital Group, LP (&ldquo;Luxor&rdquo;), LCG Holdings, LLC (&ldquo;LCG Holdings&rdquo;), Lugard Road Capital GP, LLC (&ldquo;Lugard GP&rdquo;),
Luxor Capital Partners Offshore Master Fund, LP (&ldquo;Luxor Offshore Master Fund&rdquo;), Luxor Capital Partners Long Offshore Master
Fund, LP (&ldquo;Luxor Long Offshore Master Fund&rdquo;), Luxor Capital Partners, LP (&ldquo;Luxor Partners&rdquo;), Lugard Road Capital
Master Fund, LP (&ldquo;Lugard Road Master Fund&rdquo;, and together with Luxor Offshore Master Fund, Luxor Long Offshore Master Fund,
and Luxor Partners, the &ldquo;Funds&rdquo;), Luxor Management, LLC (&ldquo;Luxor Management&rdquo;), and Christian Leone, and Jonathan
Green (together, the &ldquo;Participants&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the close of business on January&nbsp;23, 2023, Luxor Long Offshore
Master Fund held 6,187 RBA common shares (&ldquo;RBA Common Shares&rdquo;), Luxor Partners held&nbsp;423,974&nbsp;RBA Common Shares, Lugard
Road Master Fund held&nbsp;3,315,244&nbsp;RBA Common Shares, and Luxor Offshore Master Fund held&nbsp;273,178&nbsp;RBA Common Shares.
LCG Holdings is the general partner of Luxor Offshore Master Fund, Luxor Long Offshore Master Fund, and Luxor Partners, and may be deemed
to beneficially own&nbsp;703,339&nbsp;RBA Common Shares. Lugard GP is the general partner of Lugard Road Master Fund and may be deemed
to beneficially own&nbsp;3,315,244&nbsp;RBA Common Shares. Luxor is the investment manager of each of the Funds, and Luxor Management
is the general partner of Luxor, and each may be deemed to beneficially own the aggregate of&nbsp;4,018,583&nbsp;RBA Common Shares held
by the Funds as of the close of business on January&nbsp;23, 2023. Mr. Leone is the managing member of each of Luxor Management and LCG
Holdings and a managing member of Lugard GP and may be deemed to beneficially own&nbsp;4,018,583&nbsp;RBA Common Shares. Mr. Green is
a managing member of Lugard GP and may be deemed to beneficially own&nbsp;3,315,244&nbsp;RBA Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release is for informational purposes only and is not a
solicitation of proxies. Any proxies solicited in respect of the Special Meeting will be solicited by Luxor pursuant to the definitive
proxy statement or as otherwise permitted by applicable corporate and securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contacts:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Contacts</B><BR>
Douglas Friedman<BR>
Luxor Capital Group, LP<BR>
<U>RBA@luxorcap.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark Harnett &amp; Bruce Goldfarb&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Okapi Partners LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(212) 297-0720&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Info@okapipartners.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media Contacts</B><BR>
Douglas Snyder<BR>
Luxor Capital Group, LP<BR>
<U>RBA@luxorcap.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dan Gagnier &amp; Riyaz Lalani&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gagnier Communications&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(646) 342-8087&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>luxor@gagnierfc.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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