Brief: GMP Capital Announces Sale of Capital Markets Business to Stifel Financial Corporation

RF Capital

17/06/2019 12:13

June 17 (Reuters) - GMP Capital Inc  GMP.TO : 
    * GMP CAPITAL INC. ANNOUNCES SALE OF CAPITAL MARKETS
BUSINESS TO
STIFEL FINANCIAL CORPORATION
    * GMP CAPITAL INC - ALL CASH TRANSACTION
    * GMP CAPITAL INC - STIFEL WILL ACQUIRE BULK OF GMP'S
CAPITAL
MARKETS BUSINESS FOR CASH CONSIDERATION
    * GMP CAPITAL INC - AS OF APRIL 30, 2019, PURCHASE PRICE
WOULD
HAVE BEEN APPROXIMATELY $70 MILLION
    * GMP CAPITAL INC - GMP WILL BE REQUIRED TO PAY A BREAK FEE
OF
$2.625 MILLION IN EVENT AGREEMENT IS TERMINATED IN CERTAIN
CIRCUMSTANCES
    * GMP CAPITAL INC - INTENDS TO CONTINUE TO PAY REGULAR
DIVIDENDS
AT CURRENT RATE
    * GMP CAPITAL INC - EFFECTIVE AT CLOSING OF TRANSACTION,
HARRIS
FRICKER, CEO OF GMP, AND OTHER KEY PERSONNEL HAVE AGREED TO JOIN
STIFEL.

Source text for Eikon:  ID:nCNWLGTQga 
Further company coverage:  GMP.TO 

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