TORONTO , March 19, 2013 /CNW/ - GMP Capital Inc. (GMP) (GMP.TO) today announced that the Toronto Stock Exchange (TSX) has accepted the notice filed by GMP to renew its normal course issuer bid (2013 NCIB) program. The 2013 NCIB program commences on March 22, 2013 and will terminate on March 21, 2014 , or until such earlier date on which purchases under the 2013 NCIB have been completed. Under the 2013 NCIB program, GMP is authorized to purchase for cancellation up to 4,862,233 of its common shares, representing 10% of the public float as of March 14, 2013 , by way of normal course purchases effected by GMP Securities L.P. through the facilities of the TSX. As of March 14, 2013 , GMP had 70,019,445 common shares outstanding.
Purchases will be made by GMP in accordance with the requirements of the TSX and the price which GMP will pay for any such common shares will be the market price of any such common shares at the time of acquisition, or such other price as may be permitted by the TSX. For purposes of the TSX rules, a maximum of 31,886 common shares may be purchased by GMP on any one day under the bid, except where purchases are made in accordance with the "block purchase exception" of the TSX rules. The daily repurchase limit represents 25% of the average daily trading volume of 127,545 common shares of GMP for the six-month period ended February 28, 2013 .
Under its previously approved NCIB program that expired on March 15, 2013 , GMP did not repurchase any common shares. GMP is renewing the 2013 NCIB program because it believes that from time to time the market price of its common shares may be attractive and that at such times the purchase of common shares would be in the best interest of GMP and an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
This press release contains "forward-looking information" as defined under applicable Canadian securities laws. This information includes, but is not limited to, statements concerning our 2013 objectives, our strategies to achieve those objectives, as well as statements made with respect to management's beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.
Forward-looking information is not a guarantee of future performance and is subject to numerous risks and uncertainties, including those described in this press release. GMP's primary business activities are both competitive and subject to various risks. These risks include market, credit, liquidity, operational and legal and regulatory risks and other risk factors including, without limitation, variation in the market value of securities, volatility and liquidity of equity and fixed income trading markets, volume of new financings and M&A, dependence on key personnel and sustainability of fees. Other factors, such as general economic conditions, including interest rate and exchange rate fluctuations, may also have an effect on GMP's results of operations. Many of these risks and uncertainties can affect GMP's actual results and could cause its actual results to differ materially from those expressed or implied in any forward-looking information disclosed by management or on its behalf. For a description of additional risks that could cause our actual results to materially differ from our current expectations, see "Risk Management" in the 2012 Annual MD&A and "Risk Factors" in the 2013 Annual Information Form. These risks and uncertainties are not the only ones facing GMP together with its consolidated operations controlled by it and its predecessors (GMP Group). Additional risks and uncertainties not currently known to us that we currently consider immaterial may also impair the operations of the GMP Group. Although forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. Certain statements included in this press release may be considered a "financial outlook" for purposes of applicable Canadian securities laws, and as such the financial outlook may not be appropriate for purposes other than this press release. The forward-looking information contained in this press release is made as of the date of this press release, and should not be relied upon as representing GMP's views as of any date subsequent to the date of this press release. Except as required by applicable law, management and GMP's board of directors undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
ABOUT GMP CAPITAL INC.
GMP Capital Inc. (GMP) is a leading independent diversified financial services firm headquartered in Toronto , Canada , providing a wide range of financial products and services to a global client base that includes corporate clients, institutional investors and high-net-worth individuals in three integrated reporting segments. The Capital Markets segment provides investment banking, including advisory and underwriting services, institutional sales and trading and research through offices located in Toronto , Montreal , Calgary , New York, Miami , Dallas , London , Perth and Sydney. The Capital Markets segment conducts its business through the following operating entities: GMP Securities L.P., GMP Securities, LLC, Griffiths McBurney Corp., GMP Securities Europe LLP and GMP Securities Australia Pty Limited. Wealth Management consists of GMP's non-controlling ownership interest in Richardson GMP Limited, a full-service independent firm focused on providing exclusive and comprehensive wealth management and investment services delivered by an experienced team of investment professionals. The Alternative Investments segment consists of the investment management and alternative investment products provided by GMP Investment Management L.P. GMP is listed on the Toronto Stock Exchange under the symbol "GMP". For further information, please visit our corporate website at gmpcapital.com.
SOURCE: GMP Capital Inc.
- Investment & Company Information
- Toronto Stock Exchange