<SEC-DOCUMENT>0001104659-23-027668.txt : 20230302
<SEC-HEADER>0001104659-23-027668.hdr.sgml : 20230302
<ACCEPTANCE-DATETIME>20230302074958
ACCESSION NUMBER:		0001104659-23-027668
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230302
DATE AS OF CHANGE:		20230302

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:		23696451

	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>tm238297d1_dfan14a.htm
<DESCRIPTION>DFAN14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<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"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></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"><B>&nbsp;</B></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"><B>&nbsp;</B></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; text-align: center"><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"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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"><FONT STYLE="font-family: Wingdings">&#120;</FONT></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"></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: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 79%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><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>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional materials</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to &sect; 240.14a-12</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Ritchie Bros. Auctioneers Incorporated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6">
    <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></TD></TR>
  <TR>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of filing fee (Check the appropriate box):</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><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; text-align: center"><B>&nbsp;</B></P>

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

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

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<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">On March 1, 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">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm238297d1_dfan14aimg001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="border-top: Black 1pt solid; 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: Ritchie Bros.&rsquo;s Debt Raise
Confirms Recent Convertible Financing was Off-Market and Entirely Unnecessary</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; text-align: center"><I>Shareholders should vote NO on the Value Destructive
IAA Merger</I></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">NEW YORK, March 1, 2023 -- Luxor Capital Group, LP (&ldquo;Luxor&rdquo;),
as the manager of funds owning 4.7 million shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (&ldquo;RBA&rdquo;
or, &ldquo;Ritchie Bros.&rdquo;, or the &ldquo;Company&rdquo;), representing approximately 4.2% of the Company&rsquo;s outstanding shares,
commented today on the Company&rsquo;s recent debt financing.</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 RBA shareholders are aware, on January 23, 2023, RBA announced that
Starboard Value LP and certain of its affiliates (together, &quot;Starboard&quot;) agreed to purchase $485 million of newly issuable senior
convertible preferred shares of RBA under the guise that it was necessary in connection with the proposed merger with IAA, Inc. (NYSE:
IAA) (the &ldquo;IAA Merger&rdquo;). Luxor and other RBA shareholders protested the cost of the financing and the egregious value transfer
of approximately $100mm+ to Starboard from RBA shareholders, as well as questioned the lack of any substantive outreach by the RBA Board
to financing sources other than Starboard. The RBA board of directors (the &ldquo;Board&rdquo;) and management dismissed shareholder concerns
calling the financing a &ldquo;fantastic outcome for shareholders,&rdquo; and has continued to dispute Luxor&rsquo;s characterizations
and value transfer calculations in connection with the financing.</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">However, today&rsquo;s pricing of Ritchie Bros. debt exposed the actual
cost of RBA&rsquo;s debt when it is marketed in a competitive process &ndash; and not in a sweetheart deal.&nbsp;Over the past ~24 hours,
RBA received &gt;$9bn of demand for its debt fundraise. An $800mm unsecured bond maturing in 2031 was priced at a credit spread of 375
basis points.&nbsp;&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">For comparison, and as we highlighted on page 57 of our February 28,
2023 <U>presentation</U>, for the convertible preferred shares to be worth par, (not accounting for the benefits of the make-whole and
options to increase the interest rate), the Starboard financing would need to be priced at a credit spread of over 1,500 basis points!</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; color: #212121"><B>Despite the RBA Board&rsquo;s claims to have engaged
in &ldquo;robust negotiations with Starboard to deliver a compelling capital raise&rdquo;, today&rsquo;s capital raise confirms that with
a mere fraction as much time and effort, the Company was able to procure substantially cheaper, less onerous, non-dilutive financing</B>.&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">The stark difference in funding costs is glaring, and Luxor believes,
clearly highlights the difference between a market driven process, and one that lacked a process and was given to a friend of RBA management
to acquire their support for the IAA Merger, without proper oversight from the RBA Board.</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">&ldquo;Ritchie Bros. has&nbsp;disingenuously&nbsp;claimed that&nbsp;the
Starboard financing&nbsp;is&nbsp;a good outcome for shareholders and adds &ldquo;financial flexibility&rdquo;. We think&nbsp;the recent
debt raise clearly shows&nbsp;Ritchie&nbsp;Bros.&rsquo;s&nbsp;true&nbsp;cost of capital. The transfer of wealth that occurred with the
convertible preferred financing was shocking and unneeded.&nbsp;Luxor believes the only possible reason to&nbsp;enter into&nbsp;the&nbsp;unnecessary
and off-market preferred financing was&nbsp;the pressing need to change shareholder perceptions of the value destructive IAA Merger.&nbsp;Ultimately,
the only way to rid&nbsp;Ritchie Bros.&nbsp;of this materially over-priced, 9-year burden, is&nbsp;for shareholders&nbsp;to&nbsp;Vote
No to the IAA Merger,&rdquo; said Doug Snyder, President of Luxor.</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"><IMG SRC="tm238297d1_dfan14aimg002.jpg" ALT="">&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>For further information regarding additional key reasons to Vote
No on this transaction, please also see our original Feb 17, 2023, presentation, <U>https://www.luxorcap.com/LuxRBA021623.pdf</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Luxor invites its fellow RBA shareholders to
review its presentations and join Luxor and many other RBA shareholders in voting the <U>GREEN</U> proxy <U>AGAINST</U> the IAA Merger.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">If you require assistance in voting your&nbsp;<B><U>GREEN</U></B>&nbsp;proxy or would like to receive updates, please call Okapi Partners toll-free at + 1 (877) 629-6356 or Shorecrest Group at + 1 (888) 637-5789.<BR>
<BR>
After reading the information provided, if you agree that the IAA Merger is not in the best interest of RBA or its shareholders, we urge you to take the time to vote AGAINST using your GREEN proxy card. If you have already voted using the Company&rsquo;s white proxy card, you have every right to change your vote by using the GREEN proxy card that is being mailed to shareholders of record. Only the latest-dated validly executed proxy that you submit will be counted. Please follow the instructions on the GREEN proxy card to vote using one of the available methods provided. To ensure your vote is counted, we recommend that you vote on the internet where possible, so your vote is received before March 9, 2023 at 5:00 p.m. (Pacific Time).<BR>
<BR>
YOUR VOTE IS IMPORTANT IN DETERMINING THE FUTURE OF RITCHIE BROS.</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"><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">Luxor Capital Group, LP, LCG Holdings, LLC, Lugard Road Capital GP,
LLC, Luxor Capital Partners Offshore Master Fund, LP, Luxor Capital Partners Long Offshore Master Fund, LP, Luxor Capital Partners, LP,
Lugard Road Capital Master Fund, LP, Luxor Management, LLC, Christian Leone, and Jonathan Green (collectively, the &ldquo;Participants&rdquo;)
have filed 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 (the &ldquo;Special Meeting&rdquo;) of the shareholders of Ritchie
Bros. Auctioneers Incorporated, a company organized under the federal laws of Canada (the &ldquo;Company&rdquo;). All shareholders of
the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants,
as they contain important information, including additional information related to the Participants. The definitive proxy statement and
an accompanying GREEN proxy card will be furnished to some or all of the Company&rsquo;s shareholders and will be, along with other relevant
documents, available at no charge from the Participants&rsquo; proxy solicitors, Okapi Partners LLC by phone at (877) 629-6356 (Toll
Free) or by email to <U>info@okapipartners.com</U>, or to Shorecrest Group by phone at (888) 637-5789 (Toll Free) or by email at contact@shorecrestgroup.com.
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive
proxy statement filed by the Participants with the SEC on February 13, 2023. This document is available free of charge on the SEC website.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm238297d1_dfan14aimg002.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">Investor Contacts</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">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<BR>
Okapi Partners LLC<BR>
(212) 297-0720<BR>
<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">Media</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<BR>
Gagnier Communications<BR>
(646) 342-8087<BR>
<U>luxor@gagnierfc.com</U></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"></P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
