SANDPIPER GROUP ANNOUNCES ACQUISITION OF COMMON SHARES OF RFA FINANCIAL INC.

Executive Summary

• Sandpiper Group, together with its joint actors, acquired approximately 6,880,684 common shares of RFA Financial Inc., representing about 14.76% of RFA’s post‑consolidation outstanding share count.
• The acquisition was executed as part of the completion of the arrangement transaction between Artis Real Estate Investment Trust and RFA Financial Inc., which combined the businesses of Artis and RFA.
• Prior to the transaction Sandpiper owned no RFA shares and held a 21.73% stake in Artis; after closing it no longer holds any Artis units but now has a material equity position in RFA.

Key Details

• Transaction Context: Completion of the arrangement transaction between Artis Real Estate Investment Trust (TSX: AX.UN) and RFA Financial Inc., whereby Artis and RFA combined their businesses and RFA acquired all common units, Series E preferred units, and Series I preferred units of Artis.
• Shares Acquired: Approx. 6,880,684 common shares of RFA (post‑consolidation), representing ~14.76% of the current outstanding common shares.
• Ownership Change for Sandpiper:
• Pre‑transaction: No RFA shares; owned 20,642,059 common units of Artis (~21.73% of Artis).
• Post‑transaction: No Artis units; holds ~6.88 M RFA common shares (~14.76%).
• Share Consolidation: The transaction included a three‑to‑one share consolidation affecting the number of RFA shares issued.
• Purpose of Shares: Held for investment purposes; Sandpiper may adjust its ownership in the future via market transactions, private agreements, or other means.
• Regulatory Filing: An early warning report will be filed by Sandpiper in accordance with applicable securities laws.

Notable Quotes

(No direct quotes were provided in the release.)