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GMP Completes Consolidation of Richardson GMP and Board Appoints Kish Kapoor as President and CEO

Toronto, October 20, 2020 - GMP Capital Inc. (“GMP” or the “Company”) (TSX: GMP) announced today that it has completed the Company’s previously announced transaction (the “RGMP Transaction”) to consolidate 100% ownership of Richardson GMP Limited (“RGMP”) under GMP.  With immediate effect at closing, GMP’s board of directors (the “Board”) appointed Kish Kapoor as President and Chief Executive Officer, removing his interim title. Mr. Kapoor was named Interim President and Chief Executive Officer in August 2019 and was given a mandate to complete the sale of the Company’s former capital markets business and prepare the Company for the RGMP Transaction.  

  • Creates a wealth management-focused company with national scale, a proven brand, the best advisors and a strong balance sheet
  • Announces name change and stock ticker symbol change to RF Capital Group Inc. (TSX: RCG)
  • GMP’s board of directors approved resumption of quarterly preferred share dividend, including payment of accrued and unpaid dividends

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GMP Announces Third Quarter 2020 Earnings Release Date

TORONTO, ON. (October 15, 2020) – GMP Capital Inc. (GMP) (TSX: GMP) intends to release its third quarter 2020 financial results on Friday, November 6, 2020, at approximately 6:00 a.m. (EST).

THIRD QUARTER 2020 CONFERENCE CALL AND WEBCAST

A conference call and live audio webcast to discuss GMP’s third quarter results will be held that morning at 10:00 a.m. (EST).  The call will be open to the public. Interested parties are invited to access the quarterly conference call on a listen-only basis by dialing 416-406-0743 or 1-800-898-3989 (toll free), followed by a participant password: 1144015#. The conference call will also be accessible that morning as a live audio webcast through the Investor Relations section of our website at https://www.gmpcapital.com/Investor-Relations/Quarterly-Information.

A recording of the conference call will be available until Sunday, December 6, 2020, by dialing 905-694-9451 or 1-800-408-3053 (toll free) and entering access code 6386356#. The webcast will be archived at https://www.gmpcapital.com/Investor-Relations/Quarterly-Information.

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GMP Announces Commencement of Substantial Issuer Bid

TORONTO, ON. (October 13, 2020) – GMP Capital Inc. (“GMP” or the “Company”) (TSX: GMP) announced today the commencement of its previously announced substantial issuer bid (“SIB”) under which the Company will purchase up to 16,528,926 of its outstanding common shares (“Common Shares”) at $2.42 per Common Share for an aggregate purchase price of approximately $40 million.

The SIB will expire at 5:00 p.m. (Eastern time) on November 18, 2020, unless extended or withdrawn by the Company. Other than customary conditions, the only condition for take-up will be the closing of the Company’s previously announced consolidation of 100% of the ownership of Richardson GMP Limited under GMP (the “RGMP Transaction”). The SIB is not conditional upon any minimum number of Common Shares being tendered.

If more than 16,528,926 Common Shares are validly deposited under the SIB, then the deposited Common Shares will be purchased on a pro rata basis according to the total number of Common Shares validly deposited under the SIB (subject to certain exceptions for “odd lot” holders).

The directors and management of the Company have advised that they do not intend to tender shares under the SIB. Pursuant to the terms of a previously announced settlement agreement disclosed on September 28, 2020, Richardson Financial Group Limited, which based on publicly available information holds 18,170,575 Common Shares, has agreed to not to tender to the SIB. In addition, no Common Shares issued in connection with the RGMP Transaction will be permitted to be deposited under the SIB. As a result, the full $40 million will be available to minority GMP common shareholders.

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GMP Shareholders Overwhelmingly Approve RGMP Transaction and Elect Board of Directors

Toronto, October 6, 2020 - GMP Capital Inc. (“GMP” or the “Company”) (TSX: GMP) is pleased to announce that with respect to its 2020 annual and special meeting of shareholders held earlier today (the “Meeting”), all of the resolutions were duly passed, including 95% of minority shareholders represented at the Meeting voting in favour of the RGMP Transaction and in excess of 94% FOR each of our director nominees.  

Based on this overwhelming support, the Company can now move forward with its wealth management-focused growth strategy as the Company strives to make Richardson GMP (soon to be renamed Richardson Wealth and Patrimoine Richardson in the anglophone and francophone markets, respectively) the destination of choice for Canada’s top advisors, who share a similar entrepreneurial spirit, independent culture and philosophy to deliver unparalleled face-to-face advice to Canadians opting for non-bank points of access for holistic wealth management solutions. The Company currently expects the RGMP Transaction to be completed within the next 30 days, subject to customary closing conditions.

Don Wright, Chair of the board, stated, “Today’s vote is a powerful statement in support of our growth strategy and, equally as important, validates we have the right leadership, the best advisors and a powerful brand in place to execute our strategy to set GMP and Richardson Wealth on the best path to create long-term value for shareholders. We are also appreciative of Richardson Financial Group Limited’s unwavering commitment and continued support to the long-term success of GMP and Richardson Wealth, including agreeing to put their name on the door.” 

Following the closing of the RGMP Transaction, the Company will have 164 investment advisory teams serving 32,000 clients out of 19 locations across Canada and approximately $29 billion in client assets under administration.

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