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

RE:RE:RE:RE:RE:RE:RE:SIB

[SamRothstein]

Hi Astutein, The minority shareholders currently own 31.41%.  The 25.58% is what they will own after the full $40 Million is used to buy their shares.   And while there are 75.434 million shares outstanding today, there will be 182.3 Million shares oustanding after the RGMP Transaction.  31.41% are owned by minority shareholders, which equals 57,260,430 shares.   If we divide $40 million by $2.42 tender price we get 16,528,926 shares that can be purchased.  Which means that if all minority shareholders tender all their shares they will only get 28.87% of their shares purchased.    This is why the stock is trading in the current range, because if all minority shares are tendered you will only 28.87% of your shares tendered.    I do plan on tendering my shares, but I figure best case scenario is that I get 40% of them bought.  That is just a guess though, as I have no idea what percentage of the minority shares will be tendered.  But based on the share price being south of $2.42 for a very long time, it is best to assume that 100% of them get tendered.   I hope that makes sense.