RFA Financial holder Halcyon acquires shares

Executive Summary

• Halcyon International Ltd., together with its joint actors, acquired approximately 11.39 million common shares and 100,000 Series I preferred shares of RFA Financial Inc., representing about 24.44% of RFA’s outstanding common equity post‑consolidation.
• The acquisition follows the completion of the arrangement transaction between Artis Real Estate Investment Trust and RFA, which combined their businesses and resulted in Halcyon exiting its prior holdings in Artis.
• Halcyon holds the newly acquired securities for investment purposes and may adjust its ownership position in the future through market transactions or private agreements.

Key Details

• Acquired Securities: ~11,392,549 common shares of RFA Financial Inc.; 100,000 Series I preferred shares.
• Ownership Percentage Post‑Transaction: 24.44% of RFA’s outstanding common shares; 2.35% of RFA’s Series I preferred shares.
• Pre‑Transaction Holdings (Artis): 19,744,717 common units of Artis (20.78% of Artis) and 100,000 Series I preferred units (2.35%). Halcyon ceased ownership of any Artis securities upon closing.
• Pre‑Transaction RFA Holding: Approximately 70 million common shares of RFA.
• Share Consolidation: Transaction included a 1:3 share consolidation for RFA.
• Purpose of Acquisition: Securities are held for investment purposes; Halcyon may increase or decrease its stake in the future based on market conditions.
• Regulatory Filing: An early‑warning report will be filed by Halcyon pursuant to NI 62‑104 and NI 62‑103.

Notable Quotes

(No direct quotes were provided in the release.)