39% of the shares you tendered will get purcashed at $2.42Kaching! Finally. I have a huge position here and actively campaigned against the 2nd offer that was made to minority shareholders. I'm really happy to get approx. 39% of my shares purhcased at $2.42. I thought it would be closer to 30% but I guess there are quite a people that own shares with a cost basis that is higher than that.
GMP Capital Details Preliminary Results of Substantial Issuer Bid
07:41 AM EST, 11/19/2020 (MT Newswires) -- GMP Capital Inc. (TSX: GMP) announced Thursday the preliminary results of its previously announced substantial issuer bid to purchase up to 16,528,926 of GMP's outstanding common shares at $2.42 per Common Share for an aggregate purchase price of approximately $40 million. The SIB expired at 5:00 p.m. (Eastern time) on November 18, 2020 .
In accordance with the terms and conditions of the SIB and based on the preliminary count by AST Trust Company (Canada), as depositary for the SIB, GMP expects to take up and purchase for cancellation 16,528,926 Common Shares at the purchase price of $2.42 per Common Shares for an aggregate purchase price of approximately $40 million .
According to a statement, the number of Common Shares purchased under the SIB represent approximately 21.9% of the Common Shares issued and outstanding prior to the commencement of the SIB, and 9.4% of the Common Shares issued and outstanding after giving effect to the previously announced consolidation of 100% of the ownership of Richardson Wealth Limited (formerly Richardson GMP Limited) under GMP, which closed on October 20, 2020. After giving effect to the cancellation of the Common Shares purchased, 159,380,123 Common Shares will be issued and outstanding.
Thursday's statement said an aggregate of 42,386,922 Common Shares were validly tendered or tendered through notice of guaranteed delivery and not withdrawn pursuant to the SIB. As a result of the SIB having been oversubscribed, it is expected that shareholders who tendered Common Shares to the SIB will have the number of Common Shares prorated to approximately 39% of their successfully tendered Common Shares following the determination of the final results of the SIB.