TORONTO, ON. (November 23, 2020) – GMP Capital Inc. (recently re-named RF Capital Group Inc.) (the “Company”) (TSX: GMP) announced today the final results of its previously announced substantial issuer bid (“SIB”) to purchase up to 16,528,926 of the Company’s outstanding common shares (“Common Shares”) at $2.42 per Common Share for an aggregate purchase price of approximately $40 million. The SIB expired at 5:00 p.m. (Eastern time) on November 18, 2020.
Based on a final count by AST Trust Company (Canada), as depositary for the SIB (the “Depositary”), the Company has taken up and purchased for cancellation 16,528,926 Common Shares at the purchase price of $2.42 per Common Share for an aggregate purchase price of approximately $40 million.
The number of Common Shares purchased under the SIB represent approximately 21.9% of the Common Shares issued and outstanding prior to the commencement of the SIB, and 9.4% of the Common Shares issued and outstanding after giving effect to the previously announced consolidation of 100% of the ownership of Richardson Wealth Limited (formerly Richardson GMP Limited) under the Company, which closed on October 20, 2020. After giving effect to the cancellation of the Common Shares purchased, 159,380,123 Common Shares will be issued and outstanding.
An aggregate of 42,385,834 Common Shares were validly tendered and not withdrawn pursuant to the SIB. As a result of the SIB having been oversubscribed, shareholders who tendered Common Shares to the SIB will have the number of Common Shares prorated to approximately 39% of their successfully tendered Common Shares (other than “odd lot” tenders, which are not subject to proration).
Toronto, November 23, 2020 – GMP Capital Inc. today announced that it has changed its corporate name to RF Capital Group Inc. (“RF Capital” or the “Company”) to align better with the Company’s multi-year transformation and new strategic focus in wealth management, including the recent consolidation of 100% of the ownership in Richardson Wealth under the Company. The Company’s shareholders approved the name change at a special meeting of shareholders held virtually on October 6, 2020.
The Company’s common and preferred shares will commence trading on the Toronto Stock Exchange under the new name, ticker symbols and new CUSIP/ISIN numbers, effective November 24, 2020. The Company's new corporate website will be located at www.rfcapgroup.com.
TORONTO, ON. (November 19, 2020) – GMP Capital Inc. (“GMP” or the “Company”) (TSX: GMP) announced today the preliminary results of its previously announced substantial issuer bid (“SIB”) to purchase up to 16,528,926 of GMP’s outstanding common shares (“Common Shares”) at $2.42 per Common Share for an aggregate purchase price of approximately $40 million. The SIB expired at 5:00 p.m. (Eastern time) on November 18, 2020.
In accordance with the terms and conditions of the SIB and based on the preliminary count by AST Trust Company (Canada), as depositary for the SIB (the “Depositary”), GMP expects to take up and purchase for cancellation 16,528,926 Common Shares at the purchase price of $2.42 per Common Shares for an aggregate purchase price of approximately $40 million.
Toronto, November 16, 2020 – GMP Capital Inc. (GMP or the Company) (TSX: GMP) announced today that effective immediately, Richardson GMP Limited, now a wholly-owned subsidiary of the Company, will carry on business under the name Richardson Wealth and Patrimoine Richardson in the anglophone and francophone markets, respectively.
Recognized as one the leading independent wealth management firms in Canada and a Great Place to Work™, Richardson Wealth will build on the 90-year history of the Richardson brand in financial services to capitalize on opportunities in a dynamic and fast-expanding wealth management industry that is expected to grow to $7.7 trillion by 2028, up 75% from approximately $4.4 trillion currently.
Toronto, November 6, 2020 - GMP Capital Inc. (GMP) (TSX: GMP) today reported a net loss from continuing operations of $5.8 million in third quarter 2020 compared with a net loss of $8.1 million in third quarter 2019. The net loss in the third quarter 2020 included $2.4 million and $1.5 million in costs incurred in connection with the Company’s contested annual and special shareholder meeting (“Proxy Contest Costs”) and other professional fees related to the closing of the RGMP Transaction (“RGMP Transaction Costs”), respectively.
“The results for the quarter were affected by significant one-time costs incurred in connection with the milestone transaction to consolidate 100% of our wealth management business,” said Kish Kapoor, President and Chief Executive Officer, GMP. “With that behind us, and with the strong support of all our investment advisors who have responsibility for managing $28.9 billion in client assets, we are now focusing exclusively in serving our 32,000 clients across Canada, recruiting top advisors and pursuing other growth strategies to strengthen our leadership position in wealth management.”
Commenting further, Mr. Kapoor said, “While it has been a long and difficult journey to get here, we are confident that we are well-positioned to create sustainable value for our clients and shareholders for generations to come.”
Following the closing of the RGMP Transaction, Richardson GMP became a wholly owned subsidiary of the Company. Richardson GMP reported revenues and adjusted EBITDA1 of $199 million and $31.4 million for the nine months ended September 30, 2020, respectively. This compares with $204 million in revenues and $36.8 million in adjusted EBITDA1 in the corresponding period in 2019. In the fourth quarter 2020, we will account for these results using the acquisition method.