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

RE:Confused...

[SamRothstein]

Ravdan, the 39% refers to the amount of shares that each minority shareholders tendered that will be purchased by GMP at $2.42.     The SIB was oversubscribed, so with the proration people got 39% of tendered shares purchased.   The reason for the price drop is that a lot of short term speculators probably piled in for the tender, and are now selling some of the shares they own that are not being purchased by GMP at $2.42.