Recent Insider Transactions • Nov 02
Independent Director recently sold CA$200k worth of stock On the 31st of October, Jane Mowat sold around 10k shares on-market at roughly CA$20.00 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$127k more than they bought in the last 12 months. Announcement • Oct 31
iA Financial Corporation Inc. (TSX:IAG) completed the acquisition of RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others. iA Financial Corporation Inc. (TSX:IAG) entered into a definitive agreement to acquire RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others for approximately CAD 450 million on July 27, 2025. Consideration consists of CAD 20 per issued and outstanding common share and CAD 25 per issued and outstanding preferred share of RF Capital, payable entirely in cash. Purchase price will be funded by iA existing cash on hand and is expected to reduce. A termination fee of CAD 14.8 million would be payable by RF Capital to iA in certain circumstances, including in the context of a superior proposal supported by RF Capital. The board of directors of RF Capital, after receiving the unanimous recommendation from its special committee of independent directors unanimously recommends that RF Capital’s common shareholders and Series B preferred shareholders vote in favour of the Transaction. Upon the completion of the Transaction, the Series B Preferred Shares, to be delisted from the Toronto Stock Exchange. The Transaction is not subject to any financing condition.
Closing of the Transaction is subject to the receipt of the required approvals from RF Capital’s common shareholders and certain regulatory approvals and court approval, as well as the satisfaction of other customary closing conditions. Closing of the Transaction is expected to occur during Q4 2025. On September 22, 2025, RF Capital Group Inc. obtains shareholder approval for the sale to iA Financial Corporation Inc. Completion of the Arrangement remains subject to receipt of the final order, obtaining applicable regulatory approvals, and other customary closing conditions. The final order of the Ontario Superior Court of Justice (Commercial List) approving the Arrangement will be sought on September 26, 2025. As of October 27, 2025, the Canadian Investment Regulatory Organization has approved the transaction, as a result, all conditions to closing of the Arrangement have been satisfied, which RF Capital Group expects the transaction to close on or about October 31, 2025.
CIBC Capital Markets is acting as exclusive financial advisor and fairness opinion provider and Goodmans LLP is acting as legal counsel to RF Capital Group Inc. Cormark Securities Inc. is providing a fairness opinion to the Special Committee and the Board of Directors of RF Capital Group Inc. Stikeman Elliott LLP is acting as legal counsel Richardson Financial Group Limited. National Bank Financial Inc. is acting as financial advisor and McCarthy Tétrault LLP is acting as legal counsel to iA Financial Corporation Inc.
iA Financial Corporation Inc. (TSX:IAG) completed the acquisition of RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others on October 31, 2025. Reported Earnings • Aug 03
Second quarter 2025 earnings released: CA$0.20 loss per share (vs CA$0.11 profit in 2Q 2024) Second quarter 2025 results: CA$0.20 loss per share (down from CA$0.11 profit in 2Q 2024). Revenue: CA$82.2m (down 1.5% from 2Q 2024). Net loss: CA$3.18m (down 294% from profit in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 30% decline forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. 
