Toronto, July 31, 2020 - GMP Capital Inc. (GMP) (TSX: GMP) today reported a net loss from continuing operations of $1.8 million in second quarter 2020 compared with a net loss of $0.5 million in second quarter 2019. The $1.3 million change from second quarter last year was due largely to several factors including:
“The results for the quarter are as expected pending the outcome of GMP’s Special Committee’s discussions on the potential consolidation of 100% ownership of Richardson GMP under GMP,” said Kishore Kapoor, Interim President and Chief Executive Officer, GMP. “While we await the outcome of these discussions, we continue to manage the business prudently and safely through these challenging times. We are also encouraged by Richardson GMP’s assets under administration strong $4.8 billion or 20.4% bounce back from the March lows caused by the global market sell-off attributed to the COVID-19 pandemic,” added Kapoor.
TORONTO, ON. (July 9, 2020) – GMP Capital Inc. (GMP) (TSX: GMP) intends to release its second quarter 2020 financial results on Friday, July 31, 2020, at approximately 6:00 a.m. (EST).
SECOND QUARTER 2020 CONFERENCE CALL AND WEBCAST
A conference call and live audio webcast to discuss GMP’s second 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) and entering the Service Confirmation Number 4330088, followed by a participant password: 5187791#. 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.
TORONTO, JUNE 10, 2020 – Richardson GMP Limited (Richardson GMP) and Cormark Securities Inc. (Cormark), two of Canada's premier independent financial services firms, today jointly announced a strategic alliance that will result in:
Toronto, June 3, 2020 – GMP Capital Inc. (GMP or the Company) (TSX:GMP) today announced that Gene McBurney and Fiona Macdonald are retiring from the Company’s Board of Directors (the Board). Following today’s announcement, GMP’s Board is comprised of five members. The Board is currently evaluating alternatives with respect to appointing new independent directors.
Toronto, April 30, 2020 - GMP Capital Inc. (GMP) (TSX: GMP) today reported a net loss from continuing operations of $3.0 million in first quarter 2020 compared with net income of $0.2 million in first quarter 2019. The $3.2 million change from first quarter last year was due largely to several factors including:
“Our top priority this quarter, before the current and severe public health crisis, was to complete the Potential RGMP Transaction we announced on February 26, 2020,” said Kish Kapoor, Interim President and CEO of GMP. “However, once it was clear that we were in the midst of a prolonged pandemic, we made the responsible decision to defer the transaction and shifted our priority to assisting our clients, partners and employees in navigating the unprecedented health and safety challenges and heightened volatility in financial markets. Our results this quarter reflect the impact of both these events,” added Kapoor.
For further information about GMP Capital Inc., our results for first quarter 2020 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 months ended March 31, 2020 (First Quarter 2020 Financial Statements) and our management's discussion and analysis for the three months ended March 31, 2020 (First Quarter 2020 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 First Quarter 2020 Financial Statements prepared in accordance with International Financial Reporting Standards (IFRS).
TORONTO, ON. (April 14, 2020) – GMP Capital Inc. (“GMP” or the “Company”) (TSX: GMP) today provided an update on the previously announced transaction (the “Potential RGMP Transaction”) to consolidate the ownership of Richardson GMP Limited (“Richardson GMP”). Pursuant to the Shareholders' Agreement governing Richardson GMP and in light of the COVID-19 pandemic, all three of Richardson GMP’s shareholder groups, being GMP, Richardson Financial Group Limited (“RFGL”) and the two elected investment advisor representatives on the board of Richardson GMP, have agreed to extend the 30 day contractual negotiation period between GMP and RFGL, that was set to expire on April 16, 2020, to 60 days following the date that the Declaration of Emergency ordered by the Lieutenant Governor of Ontario, and any similar or replacement orders thereto, have been withdrawn or terminated by the Government of Ontario.
The parties are continuing to work toward entering into a definitive agreement and remain hopeful that they will do so in the future. The Company cautions its shareholders and other stakeholders that there is no assurance that any transaction involving Richardson GMP will result from these discussions or on what terms or structure any transaction may occur.
The Shareholders Agreement governing Richardson GMP, including material aspects of the RGMP liquidity mechanism that was triggered on February 25, 2020, is available on the SEDAR profile of GMP at www.sedar.com.
GMP also announced today that it intends to release its first quarter 2020 financial results on Thursday, April 30, 2020. Financial results are expected to be released at approximately 6:00 a.m. (EST).
Toronto, March 20, 2020 - GMP Capital Inc. (GMP) (TSX: GMP) today announced that Ben Scholten will assume the role of Interim Chief Financial Officer. Mr. Scholten will replace Deb Starkman, the Company’s current CFO and Corporate Secretary, following her previously announced departure effective March 31, 2020. Mr. Scholten joined GMP in 2006 and has a wide breadth of experience in all aspects of the Company's financial operations. Additionally, Krista Coburn, General Counsel of GMP, has also been appointed as the Corporate Secretary of the Company.
"On behalf of the board of directors and her team, we thank Deb for her many contributions and leadership over the years," said Kish Kapoor, Interim President and Chief Executive Officer. "And thank Ben and Krista for their strong support in helping us transition effectively during this pandemic.”
GMP CAPITAL INC. PROVIDES UPDATE ON THE POTENTIAL RGMP TRANSACTION DUE TO CORONAVIRUS
Toronto, March 16, 2020 - GMP Capital Inc. (“GMP” or the “Company”) (TSX: GMP) today provided an update on the previously announced transaction (the “RGMP Transaction”) to consolidate the ownership of Richardson GMP Limited (“Richardson GMP”). On February 26, 2020, the Company announced that it entered into a non-binding term sheet with Richardson Financial Group Limited (“RFGL”) in furtherance of the RGMP Transaction and that it anticipated entering into a definitive agreement shortly following the end of a contractual 15 business day notice period under the Shareholders' Agreement governing Richardson GMP. In light of the ongoing COVID-19 outbreak and recent market volatility, the Company, RFGL and the two elected investment advisor representatives on the board of Richardson GMP no longer expect that the definitive agreement concerning the Potential RGMP Transaction will be entered into in the time period initially anticipated and, therefore, the special meeting of common shareholders called for April 21, 2020 has been postponed. The parties are continuing to work toward entering into a definitive agreement and remain hopeful that they will do so in the future. The Company cautions its shareholders and other stakeholders that there is no assurance that any transaction involving Richardson GMP will result from these discussions or on what terms or structure any transaction may occur. GMP does not intend to provide further updates regarding its ongoing discussions relating to the RGMP Transaction, except as required by applicable securities laws or the policies of the Toronto Stock Exchange.
The Company also announced several other responses to the ongoing COVID-19 outbreak. Specifically, the Company announced that it is cancelling all non-essential travel and, until further notice, has mandated that all face to face meetings be conducted online. The Company takes its responsibility seriously to do all that it can to play its part in the community to keep everyone safe and healthy.
Kish Kapoor, Interim President and Chief Executive Officer, stated. "We continue to monitor closely the growing concerns about the spread of COVID-19 and are following the advice and guidance of public health authorities in an effort to help minimize the spread of the virus. Like you, we are understandably concerned, and as we have watched the situation unfolding it has become necessary to take these prudent steps.”
This press release contains “forward-looking information” as defined under applicable Canadian securities laws. This information includes, but is not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements made with respect to management’s beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement.
The forward-looking statements included in this press release, including statements regarding the RGMP Transaction and the execution of any of the Company’s potential plans, are not guarantees of future results and involve numerous risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements. In respect of the forward-looking statements and information concerning the consolidation of 100% of ownership in Richardson GMP, and the Company’s strategy going forward, management has provided same based on reliance on certain assumptions it considers reasonable at this time including that a transaction involving Richardson GMP can be completed on acceptable terms and that any conditions precedent can be satisfied. There is no assurance that any transaction involving Richardson GMP will result from the discussions with RFGL or on what terms or structure any transaction may occur as proposed or at all, including the timing of the completion of any transaction involving Richardson GMP. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release.
Risks and uncertainties related to the RGMP Transaction include, but are not limited to: failure of GMP and RFGL to enter into the RGMP Transaction on satisfactory terms, or at all; failure of GMP and RFGL to obtain the required shareholders and regulatory approvals for, or satisfy other conditions to effect, the RGMP Transaction; the risk that the RGMP Transaction may involve unexpected costs, liabilities or delays; the risk that, prior to or as a result of the completion of the RGMP Transaction, the business of GMP and/or Richardson GMP may experience significant disruptions, including loss of clients or employees due to transaction related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk that legal proceedings may be instituted against GMP or Richardson GMP; risks related to the diversion of management’s attention from GMP’s ongoing business operations and risks related to the COVID-19 outbreak. For a description of additional risks that could cause our actual results to materially differ from our current expectations, see the “Risk Management” and “Risk Factors” sections of GMP’s most recent Annual MD&A and the “Risk Factors” section in the Company’s AIF. For additional information on the risk factors related to the RGMP Transaction, see “The Sale Transaction – Reasons for the Sale Transaction”
and “The Sale Transaction – Risk Factors” in GMP’s Notice of Special Meeting and Management Information Circular dated July 8, 2019 (the “July 2019 Circular”). Material assumptions and factors underlying the forward-looking information in this press release include, but are not limited to, those set out in “Business Environment – Outlook” in GMP’s most recent Annual MD&A. GMP’s most recent Annual MD&A and July 2019 Circular are filed under the Corporation’s profile on SEDAR at www.sedar.com.
Although forward-looking information contained in this press release is provided based on management’s reliance on certain assumptions it considers reasonable, there can be no assurance that such expectations will prove to be correct. Certain statements included in this press release may be considered a “financial outlook” for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. Readers should not place undue reliance on the forward-looking statements and information contained in this press release. When relying on forward-looking statements to make decisions, readers should carefully consider the foregoing factors, the list of which is not exhaustive.
The forward-looking information contained in this press release is made as of the date of this press release, and should not be relied upon as representing GMP’s views as of any date subsequent to the date of this press release. Except as required by applicable law, Management and the Board undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
ABOUT GMP CAPITAL INC.
GMP currently operates through two business segments; Operations Clearing and Wealth Management; and a corporate segment. Operations Clearing will continue to provide carrying broker services to Richardson GMP and will provide carrying broker services to Stifel’s Canadian capital markets business, including trade execution, clearing, settlement, custody, and certain other middle- and back-office services, and other expenses associated with providing such services. Wealth Management consists of GMP’s non-controlling ownership interest in Richardson GMP. Richardson GMP, one of Canada’s largest independent wealth management firms, is focused on providing exclusive and comprehensive wealth management and investment services delivered by an experienced team of investment professionals. GMP is listed on the Toronto Stock Exchange under the symbol “GMP”. For further information, please visit our corporate website at gmpcapital.com.
For further information please contact:
GMP Capital Inc.
Rocco Colella, Director, Investor Relations
145 King Street West, Suite 200, Toronto, Ontario M5H 1J8
Tel: (416) 941-0894; Fax: (416) 943-6175
firstname.lastname@example.org or email@example.com
Toronto, February 28, 2020 - GMP Capital Inc. (GMP) (TSX: GMP) today reported revenue from continuing operations of $8.4 million in fourth quarter 2019; up 8% from $7.0 million reported in fourth quarter 2018. Net loss from continuing operations was $5.3 million in fourth quarter 2019 compared with net income of $1.1 million in fourth quarter 2018. The $6.4 million change from fourth quarter last year was due to several factors including $2.6 million in deferred tax asset recognized in fourth quarter 2018, a $1.8 million tax expense recorded in fourth quarter 2019 in connection with Part V1 tax relating to GMP's preferred shares, and $1.1 million in costs incurred this quarter to consolidate the ownership of Richardson GMP.
Revenue from continuing operations for the year ended 2019 was $36.8 million, up 18% compared with 2018. Net loss and diluted loss per share for the year ended 2019 from continuing operations was $13.7 million and $0.26, compared with a net loss of $2.4 million and a diluted loss per share of $0.10 in 2018. The $11.3 million increase in net loss is largely due to an $8.0 million non-cash write-down of deferred tax asset in 2019, $3.1 million ($2.8 million after-tax) in professional fees and restructuring costs related to consolidating the ownership of Richardson GMP, a $1.8 million tax expense recorded in fourth quarter 2019 in connection with Part V1 tax relating to GMP's preferred shares, partly offset by a net increase in stock borrowing and lending activity in 2019.