Richardson GMP to redeem C$45 million preference shares via facility

By Sarah Lizee

Olympia, Wash., Oct. 31 – Richardson GMP Ltd. intends to redeem a substantial portion of its class B preference shares using proceeds from a new C$80 million four-year credit facility agreement, according to a press release from GMP Capital, Inc.

The preference shares will be redeemed at par for a cash redemption amount of C$45 million, including all dividends.

The redemption will be allocated equally between GMP and James Richardson & Sons, Ltd. It is anticipated that GMP will receive about C$28 million in cash.

Proceeds will also be used to repay in full Richardson GMP’s C$5 million subordinated loan facility made available by GMP.

Richardson GMP is a wealth management firm headquartered in Toronto.

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