GMP Capital Inc. has announced:
that 1,034,747 of its outstanding 4,600,000 Cumulative 5-Year Rate Reset Preferred Shares, Series B of the Corporation (the Series B Shares) have been tendered for conversion on March 31, 2016, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series C of the Corporation (the Series C Shares). As a result, on March 31, 2016, the Corporation will have 3,565,253 Series B Shares and 1,034,747 Series C Shares issued and outstanding.
The Series B Shares will continue to be listed on the Toronto Stock Exchange under the symbol “GMP.PR.B”. The Series C Shares will be listed on the Toronto Stock Exchange on April 1, 2016, under the symbol “GMP.PR.C”.
Assiduous Readers will remember that GMP.PR.B will reset to 3.611%, while the FloatingReset issue, GMP.PR.C, will pay 3-Month T-Bills + 289bp, reset quarterly. I recommended against conversion.
This entry was posted on Friday, March 18th, 2016 at 1:23 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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GMP.PR.B / GMP.PR.C : 22% Conversion To FloatingReset
GMP Capital Inc. has announced:
Assiduous Readers will remember that GMP.PR.B will reset to 3.611%, while the FloatingReset issue, GMP.PR.C, will pay 3-Month T-Bills + 289bp, reset quarterly. I recommended against conversion.
This entry was posted on Friday, March 18th, 2016 at 1:23 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.