GMP Capital Inc. Cumulative Floating Rate Preferre T.GMP.PR.C

RE:RE:RE:SIB

[SamRothstein]

Hi WD. Lets pretend that all minority shareholders eligbile to tender decided to tender all of their shares.  If we divide $40 million by $2.42 tender price we get 16,528,926 shares that can be purchased.  There will be 182.3 Million shares oustanding after the RGMP Transaction, of which 31.41% are owned by minority shareholders, which means 57,260,430 minority owned shares.  Which means that if all minority shareholders tender all their shares they will only get 28.87% of their shares purchased.    It is possible that some minority shareholders, especially ones that have a cost per share above $2.42, may decide not to tender.