Update share count
The company is very transparent in the publication of their share count which is a positive thing. At the end of August, 24.6mio shares have been converted out of debentures, the most coming from the 2018 debentures. Total share count increased to 277.6mio shares, giving this company a marketcap of 32mio CAD. In my own calculations, GCM bought back debentures and cancelled for 7.6mio shares. Again this is positive news. They are using their excess cash flow in escrow account to buy back debentures, de facto lighten up on their interest rate burden and limiting possible dillution in future for existing shareholders.