Ancora Issues Rebuttal Presentation to Address What Appears to be Luxor Capital’s “Short and Distort” Campaign Against IAA and Ritchie Bros.

Rhea-AI Summary

Ancora Holdings Group has issued a rebuttal against Luxor Capital Group, claiming that Luxor is conducting a "short and distort" campaign regarding the proposed combination of IAA, Inc. (NYSE: IAA) and Ritchie Bros. Auctioneers (NYSE: RBA). Ancora, which owns approximately 4% of IAA and 0.5% of RBA, emphasizes its support for the transaction, citing an amended proxy statement that discloses a Trade Incentive Agreement with a known short seller since December 2022. Ancora outlines five key reasons for voting in favor of the transaction, positioning it as transformative and value-adding for shareholders.

Positive

• Ancora supports the transaction between IAA and RBA, citing it as transformative and value-enhancing.
• Ancora owns significant shares in both IAA (4%) and RBA (0.5%), indicating a vested interest in the success of the deal.
• The amended proxy statement revealed a Trade Incentive Agreement, potentially increasing transparency regarding shareholder interests.

Negative

• The presence of a 'short and distort' campaign suggests ongoing investor skepticism about the transaction.

Asserts Luxor is Leading a Wolf Pack of Shareholders That is Disseminating Falsehoods and Half-Truths Regarding the Combination

Highlights Luxor Recently Amended its Proxy Statement to Disclose it has Maintained a “Trade Incentive Agreement” With a Known Short Seller Since December 2022

Shares Five Key Reasons Why Ancora is Voting FOR the Transformative and Value-Enhancing Transaction

CLEVELAND--(BUSINESS WIRE)-- Ancora Holdings Group, LLC (together with its affiliates, “Ancora”), which is the beneficial owner of approximately 4% of the outstanding shares of IAA, Inc. (NYSE: IAA) and 0.5% of the outstanding shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), today released a rebuttal presentation that addresses what appears to be a “short and distort” campaign being run by Luxor Capital Group, LP.¹

DOWNLOAD AND VIEW ANCORA’S REBUTTAL DECK AT THE LINK ABOVE.

About Ancora

Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.

Disclaimer

THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. ANCORA IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

¹ Ancora’s shareholdings are as of the record date for each company’s special meeting, whereat investors will vote on the proposed combination.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005447/en/

Longacre Square Partners

Greg Marose / Charlotte Kiaie, 646-386-0091

ancora@longacresquare.com

Source: Ancora Holdings Group, LLC

FAQ

What is Ancora's stake in IAA and RBA?

Ancora holds approximately 4% of IAA and 0.5% of RBA.

What allegations are being made against Luxor Capital Group?

Ancora alleges that Luxor is running a 'short and distort' campaign against the proposed combination of IAA and RBA.

When did Ancora disclose the Trade Incentive Agreement?

The Trade Incentive Agreement was disclosed in an amended proxy statement dated December 2022.

What reasons does Ancora provide for supporting the transaction?

Ancora outlines five key reasons for voting in favor of the transaction, emphasizing its transformative and value-enhancing potential.

How does Ancora's stance impact IAA and RBA shareholders?

Ancora's support suggests a positive outlook for IAA and RBA shareholders, as it advocates for a deal perceived to enhance value.