Toronto, November 8, 2019 - GMP Capital Inc. (GMP) (TSX: GMP) today reported a net loss of $25.4 million in third quarter 2019 compared with net income of $2.9 million in third quarter 2018. The decline of $28.3 million was primarily due to an $18.0 million net loss from discontinued operations, which comprise substantially all of GMP's capital markets business. As previously announced, in August 2019 shareholders voted overwhelmingly in favor of the sale of substantially all of its capital markets business to Stifel Financial Corp. (Stifel) in an all cash transaction (the Sale Transaction).
Focused on closing the sale of capital markets business to Stifel Financial Corp., which remains on track to close in fourth quarter 2019
Focused on transforming GMP into a pure-play wealth management firm
Board of Directors approved a quarterly cash dividend of $0.025 per common share
For further information about GMP Capital Inc., our results for third quarter 2019 and the meaning of certain references, this earnings release should be read in conjunction with our unaudited interim condensed consolidated financial statements as at and for the three and nine months ended September 30, 2019 (Third Quarter 2019 Financial Statements) and our management's discussion and analysis for the three and nine months ended September 30, 2019 (Third Quarter 2019 MD&A) and our annual information form, which can be accessed on our website at gmpcapital.com and on SEDAR at sedar.com. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars and have been taken from our Third Quarter 2019 Financial Statements prepared in accordance with International Financial Reporting Standards (IFRS).