Canada NewsWire
TORONTO, March 11, 2016
For further information about GMP Capital Inc., our results for fourth quarter and year-end 2015 and the meaning of certain references, this earnings release should be read in conjunction with our annual financial statements as at and for the year ended December 31, 2015 (2015 Annual Financial Statements), our management's discussion and analysis for the year ended December 31, 2015 (2015 Annual MD&A) and our annual information form, which can be accessed on our website at gmpcapital.com and on SEDAR at sedar.com. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars and have been taken from our 2015 Annual Financial Statements prepared in accordance with generally accepted accounting principles (GAAP) under International Financial Reporting Standards (IFRS).
TORONTO, March 11, 2016 /CNW/ - GMP Capital Inc. (GMP or the Corporation) (TSX: GMP) today reported revenue of $35.3 million in fourth quarter 2015 representing a 33% decrease relative to the same period a year ago. GMP recorded a net loss of $15.6 million and a diluted loss per share of $0.26 in fourth quarter 2015 compared with a net loss of $6.9 million and diluted loss per share of $0.12 in fourth quarter 2014. "Uncertain market conditions produced a sharp contraction in client activity in the second half of 2015 that was particularly pronounced in the fourth quarter. This and the impact of the costs we recognized in connection with our previously announced restructuring of the Capital Markets segment resulted in disappointing financial performance for GMP" said Harris Fricker, President and Chief Executive Officer, GMP. "Our revenues decreased 33% in fourth quarter 2015 primarily reflecting a 60% drop in investment banking fees compared with fourth quarter 2014." Fourth quarter 2015 results include pre-tax expenses of $21.5 million ($18.5 million after tax) recorded in connection with the restructuring of the Capital Markets segment.
Full year revenue was $221.8 million in 2015, down 16% compared with 2014. GMP recorded a net loss of $30.1 million and a diluted loss per share of $0.52 in 2015 compared with net income of $14.3 million and a diluted earnings per share (EPS) of $0.12 in 2014. Adjusted net loss1 was $20.4 million in 2015, generating an adjusted return on equity (ROE)1 of negative 10.0% compared with positive 4.3% in 2014. Commenting further, Mr. Fricker said, "This has clearly been the most difficult operating environment in our 20-year history and we have responded aggressively to the realities of the new normal for our industry. These efforts included a material restructuring of our Capital Markets business and will provide a meaningful boost to our operating leverage. Our actions are geared to ensure our viability through the bottom of the cycle and enhancing our competitive position for the eventual return of better market conditions."
FINANCIAL HIGHLIGHTS
Fourth Quarter 2015 versus Fourth Quarter 2014
2015 versus 2014
1. | Considered to be a non-GAAP financial measure. This measure does not have any standardized meaning prescribed by GAAP under IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. This data should be read in conjunction with the "Non-GAAP Measures" section at the end of this press release and the "Presentation of Financial Information and Non-GAAP Measures" section in the 2015 Annual MD&A. |
FOURTH QUARTER 2015 BUSINESS SEGMENT FINANCIAL RESULTS
CAPITAL MARKETS
($000, except as otherwise noted) |
% increase/ (decrease) |
% increase/ (decrease) |
|||||
Fourth Quarter 2015 |
Fourth Quarter 2014 |
2015 | 2014 | ||||
Revenue | 32,882 | 48,775 | (33) | 211,153 | 245,673 | (14) | |
Investment banking | 11,571 | 29,118 | (60) | 118,220 | 152,963 | (23) | |
Commissions | 9,154 | 13,409 | (32) | 46,375 | 58,290 | (20) | |
Principal transactions | 8,266 | 4,309 | 92 | 32,468 | 23,495 | 38 | |
Interest | 1,895 | 2,235 | (15) | 8,234 | 7,568 | 9 | |
Other | 1,996 | (296) | 774 | 5,856 | 3,357 | 74 | |
Expenses | 64,757 | 52,321 | 24 | 239,556 | 215,321 | 11 | |
Employee compensation and benefits | 47,158 | 37,441 | 26 | 177,327 | 161,356 | 10 | |
Selling, general and administrative | 15,072 | 13,688 | 10 | 55,082 | 49,392 | 12 | |
Interest | 987 | 414 | 138 | 3,345 | 1,845 | 81 | |
Depreciation and amortization | 1,540 | 778 | 98 | 3,802 | 2,728 | 39 | |
(Loss) income before income taxes - reported | (31,875) | (3,546) | (799) | (28,403) | 30,352 | (194) | |
Pre-tax impact of adjusting items | |||||||
Restructuring charge | 16,687 | — | n.m. | 16,687 | — | n.m. | |
Onerous contracts and asset impairments | 4,834 | — | n.m. | 4,834 | — | n.m. | |
Retention Shares | — | 168 | (100) | 435 | 1,659 | (74) | |
(Loss) income before income taxes - adjusted1 | (10,354) | (3,378) | (207) | (6,447) | 32,011 | (120) |
n.m. = not meaningful |
Fourth Quarter 2015 vs Fourth Quarter 2014
Revenue
Revenue of $32.9 million decreased 33% compared with fourth quarter 2014
largely due to lower investment banking revenue.
Expenses
Expenses of $64.8 million increased 24% compared with fourth quarter
2014 primarily due to the impact of the restructuring charge, partly
offset by lower variable compensation.
Loss before income taxes
On an adjusted basis1, loss before income taxes was $10.4 million in fourth quarter 2015
compared with loss before income taxes of $3.4 million in fourth
quarter 2014.
2015 Highlights
WEALTH MANAGEMENT
($000, except as otherwise noted) |
% increase/ (decrease) |
% increase/ (decrease) |
|||||
Fourth Quarter 2015 |
Fourth Quarter 2014 |
2015 | 2014 | ||||
Revenue | 26 | 161 | (84) | 1,888 | 3,076 | (39) | |
Investment management and fee income | 4 | 229 | (98) | 439 | 939 | (53) | |
Other | 22 | (68) | 132 | 1,449 | 2,137 | (32) | |
Expenses | 86 | 895 | (90) | 3,078 | 2,912 | 6 | |
Employee compensation and benefits | — | 512 | (100) | 1,871 | 1,687 | 11 | |
Non-compensation expenses | 86 | 383 | (78) | 1,207 | 1,225 | (1) | |
Share of net income (loss) of associate | 14,170 | (225) | n.m. | 13,424 | (53) | n.m. | |
Income (loss) before income taxes - reported | 14,110 | (959) | n.m. | 12,234 | 111 | n.m. | |
Richardson GMP deferred tax asset | (15,747) | — | n.m. | (15,747) | — | n.m. | |
Wind-down of CQI fund operations | — | — | — | 898 | — | n.m. | |
Share of associate's MPW Canada integration costs | — | 645 | (100) | — | 4,134 | (100) | |
Dilution gain | — | — | — | — | (1,978) | 100 | |
(Loss) income before income taxes - adjusted1 | (1,637) | (314) | (421) | (2,615) | 2,267 | (215) |
n.m. = not meaningful |
Fourth Quarter 2015 vs Fourth Quarter 2014
Richardson GMP Highlights:
The following information sets forth an overview of the consolidated
financial results of Richardson GMP, on a 100% basis; noting, however,
that GMP owns an approximate 31% non-controlling interest of Richardson
GMP as at December 31, 2015.
Fourth Quarter 2015 vs Fourth Quarter 2014
2. | Considered to be a non-GAAP financial measure. This data should be read in conjunction with the "Supplemental Information" section at the end of this press release and in the 2015 Annual MD&A. |
2015 FINANCIAL HIGHLIGHTS
Selected Financial Information
($000, except as otherwise noted) | |||||||
2015 | 2014 |
% increase/ (decrease) |
|||||
Revenue | 221,753 | 264,623 | (16) | ||||
Investment banking | 118,220 | 152,963 | (23) | ||||
Commissions | 46,375 | 58,290 | (20) | ||||
Investment management and fee income | 439 | 939 | (53) | ||||
Principal transactions | 29,437 | 23,557 | 25 | ||||
Interest | 8,930 | 8,362 | 7 | ||||
Other | 18,352 | 20,512 | (11) | ||||
Expenses | 261,846 | 240,953 | 9 | ||||
Employee compensation and benefits | 185,100 | 172,094 | 8 | ||||
Non-compensation expenses | 76,746 | 68,859 | 11 | ||||
Share of net income (loss) of associate | 13,424 | (53) | n.m. | ||||
(Loss) income before income taxes | (26,669) | 23,617 | (213) | ||||
Net (loss) income | (30,115) | 14,255 | (311) | ||||
Net (loss) income attributable to common shareholders: | (34,388) | 8,570 | (501) | ||||
Net (loss) income per Common Share (dollars) | |||||||
Basic | (0.52) | 0.12 | (533) | ||||
Diluted | (0.52) | 0.12 | (533) | ||||
Cash dividends declared per Common Share (dollars) | 0.20 | 0.20 | — | ||||
ROE1 | (14.0) | % | 3.2 | % | (538) | ||
Total assets | 1,801,575 | 1,902,230 | (5) | ||||
Adjusted measures1 | |||||||
(Loss) income before income taxes | (15,954) | 27,432 | (158) | ||||
Net (loss) income | (20,424) | 17,337 | (218) | ||||
Net (loss) income per Common Share (dollars): | |||||||
Basic | (0.37) | 0.17 | (318) | ||||
Diluted | (0.37) | 0.16 | (331) | ||||
ROE | (10.0) | % | 4.3 | % | (333) |
2015 vs. 2014
GMP reported a net loss of $30.1 million in 2015 compared with net income of $14.3 million in 2014. The decline in financial performance was primarily driven by lower revenues and the impact of the restructuring charge recorded in fourth quarter 2015.
Total revenues decreased 16% in 2015 compared with 2014 primarily due to lower investment banking fees and trading commissions. Investment banking fees declined 23% and commissions dropped 20% as our clients' capital markets activity slowed considerably in the second half of the year. Investment banking fees from underwriting transactions decreased 43% primarily due to a broad slow-down in the energy and mining sectors. Investment banking fees related to advisory mandates increased 38% compared with the prior year due to robust client acquisition activity during the first half of 2015. Commissions declined on lower client trading activity. The decline in the Canadian dollar relative to the U.S. dollar had a favourable impact on overall revenues.
Total expenses increased 9% in 2015 compared with 2014, primarily reflecting the restructuring charge as well as higher costs associated with the U.S. energy business. Employee compensation and benefits in 2015 included $21.5 million associated with the U.S. energy initiative compared with $11.3 million in 2014. Selling, general and administrative expenses increased in 2015 primarily due to costs associated with the U.S. energy business and expenses recognized in connection with our decision to close offices in the U.K. and Australia. The decline in the Canadian dollar relative to the U.S. dollar had an adverse impact on overall expenses.
Share of net income (loss) of associate reflects our share of Richardson GMP's net income (loss) attributable to common shareholders. In 2015, Richardson GMP recognized a deferred tax asset that added $15.7 million to our share of Richardson GMP's net income. The prior year was adversely impacted by integration costs recorded by Richardson GMP in connection with its 2013 acquisition of MPW Canada, our share of which was $4.1 million. For more information on Richardson GMP's 2015 financial performance, refer to the "Supplemental Information" section within this MD&A.
DIVIDENDS
On March 10, 2016, the board of directors of GMP approved a quarterly cash dividend of $0.3438 per Cumulative 5-Year Rate Reset Preferred Share, Series B (the Series B Preferred Shares), payable on March 31, 2016, to Series B Preferred shareholders of record on March 15, 2016.
On February 23, 2016, GMP announced it does not intend to exercise its right to redeem all or any part of the currently outstanding Series B Preferred Shares and, as a result of which, subject to certain conditions, the holders of the Series B Preferred Shares have the right to convert all or any part of their Series B Preferred Shares into Cumulative Floating Rate Preferred Shares, Series C (Series C Preferred Shares) on a one-for-one basis. With respect to any Series B Preferred Shares that remain outstanding after March 31, 2016, holders thereof will be entitled to receive quarterly fixed, cumulative, preferential cash dividends, if, as and when declared by the board of directors of the Corporation, subject to the provisions of the Business Corporations Act (Ontario). The dividend rate for the five-year period commencing on April 1, 2016, and ending on and including March 31, 2021, will be 3.611% per annum, being equal to the sum of the Government of Canada bond yield determined as of March 2, 2016 plus 2.89%, in accordance with the terms of the Series B Preferred Shares. With respect to any Series C Preferred Shares that may be issued on March 31, 2016, holders thereof will be entitled to receive quarterly floating rate, cumulative, preferential cash dividends, if, as and when declared by the board of directors of the Corporation, subject to the provisions of the Business Corporations Act (Ontario). The dividend rate for the three-month period commencing on April 1, 2016, and ending on and including June 30, 2016, will be 3.352% per annum, being equal to the sum of the three-month Government of Canada Treasury Bill yield determined as of March 2, 2016, plus 2.89% (calculated on the basis of the actual number of days elapsed during such quarterly period divided by 365), in accordance with the terms of the Series B Preferred Shares. The quarterly floating dividend rate will be reset every quarter.
Beneficial owners of Series B Preferred Shares who wish to exercise their conversion right should communicate as soon as possible with their broker or other nominee to ensure their instructions are followed for exercising such right on or prior to the deadline for exercise, which is 5:00 p.m. (Toronto time) on March 16, 2016.
As previously announced, on January 12, 2016, GMP's board of directors approved the suspension of GMP's quarterly cash dividend on its common shares.
CONFERENCE CALL
A conference call and live audio webcast to discuss GMP's fourth quarter and fiscal 2015 results will be held this morning at 10:00 a.m. (ET). GMP executives will host the call followed by a question-and-answer session for analysts and institutional investors. Interested parties are invited to access the quarterly conference call on a listen-only basis by dialing 416-340-2218 or 1-800-396-7098 (toll free) or via live audio webcast at http://www.gmpcapital.com/investor. A recording of the conference call will be available until Friday, March 18, 2016, by dialing 905-694-9451 or 1-800-408-3053 (toll free). The passcode is 1440458#. The webcast will be archived at http://www.gmpcapital.com/investor.
NON-GAAP MEASURES
We use certain measures to assess our financial performance that are not GAAP measures under IFRS. These measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-GAAP measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of GMP's performance, liquidity, cash flows and profitability. For further information, refer to the "Presentation of Financial Information and Non-GAAP Measures" section in the 2015 Annual MD&A.
The following table provides a reconciliation of GMP's reported results to its adjusted measures including the composition of the adjusted measures for the periods presented.
2015 | 2014 |
Fourth Quarter 2015 |
Fourth Quarter 2014 |
||||||
($000, except as otherwise noted) | |||||||||
Reported Results | |||||||||
(Loss) income before income taxes | (26,669) | 23,617 | (19,915) | (6,696) | |||||
Income tax expense (benefit) | 3,446 | 9,362 | (4,300) | 224 | |||||
Net (loss) income | (30,115) | 14,255 | (15,615) | (6,920) | |||||
Net (loss) income attributable to common shareholders | (34,388) | 8,570 | (17,052) | (8,336) | |||||
Reported Measures | |||||||||
Net (loss) income per Common Share (dollars): | |||||||||
Basic | (0.52) | 0.12 | (0.26) | (0.12) | |||||
Diluted | (0.52) | 0.12 | (0.26) | (0.12) | |||||
ROE 1 | (14.0) | % | 3.2 | % | (29.40) | % | (12.60) | % | |
Pre-Tax Impact of Adjusting Items: | |||||||||
Restructuring charge | 16,687 | — | 16,687 | — | |||||
Richardson GMP deferred tax asset | (15,747) | — | (15,747) | — | |||||
Bond forward unrealized losses | 3,608 | — | 576 | — | |||||
Onerous contracts and asset impairments | 4,834 | 4,834 | |||||||
Share of associate's MPW Canada integration costs | — | 4,134 | — | 645 | |||||
Retention Shares | 435 | 1,659 | — | 168 | |||||
Dilution gain | — | (1,978) | — | — | |||||
Wind-down of CQI fund operations | 898 | — | — | — | |||||
Impact of adjusting items on (loss) income before income taxes | 10,715 | 3,815 | 6,350 | 813 | |||||
After-Tax Impact of Adjusting Items: | |||||||||
Restructuring charge | 13,673 | — | 13,673 | — | |||||
Richardson GMP deferred tax asset | (15,747) | — | (15,747) | — | |||||
Bond forward unrealized losses | 2,659 | — | 424 | — | |||||
Onerous contracts and asset impairments | 4,834 | 4,834 | |||||||
Share of associate's MPW Canada integration costs | — | 4,134 | — | 645 | |||||
Retention Shares | 242 | 926 | — | 94 | |||||
Dilution gain | — | (1,978) | — | — | |||||
Wind-down of CQI fund operations | 662 | — | — | — | |||||
Deferred tax asset write-down | 3,368 | — | — | — | |||||
Impact of adjusting items on net (loss) income | 9,691 | 3,082 | 3,184 | 739 | |||||
Adjusted Results 1 | |||||||||
(Loss) income before income taxes | (15,954) | 27,432 | (3,565) | (5,883) | |||||
Net (loss) income | (20,424) | 17,337 | (12,431) | (6,181) | |||||
Net (loss) income attributable to common shareholders | (24,697) | 11,652 | (13,868) | (7,597) | |||||
Adjusted Measures 1 | |||||||||
Net (loss) income per common share (dollars): | |||||||||
Basic | (0.37) | 0.17 | (0.21) | (0.11) | |||||
Diluted | (0.37) | 0.16 | (0.21) | (0.11) | |||||
ROE | (10.0) | % | 4.3 | % | (23.40) | (11.40) | % |
SUPPLEMENTAL INFORMATION
The following supplemental information reflects how management of Richardson GMP assesses the financial performance of Richardson GMP.
Supplemental Financial Information - Richardson GMP
Richardson GMP's management assesses performance on both a reported and an adjusted basis and considers both bases to be useful in assessing underlying, ongoing business performance. Presenting results on both bases also permits readers to assess the impact of specified items on financial results. Richardson GMP's management uses certain measures to assess the financial performance of Richardson GMP that are not GAAP measures under IFRS. EBITDA and adjusted EBITDA do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. These Non-GAAP measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of Richardson GMP's performance, liquidity, cash flows and profitability. Richardson GMP's management believes adjusting results by excluding the impact of the specified items is more reflective of ongoing financial performance and cash generating capabilities and provides readers with an enhanced understanding of how management views Richardson GMP's core performance. For further information, refer to the "Supplemental Information" section in the 2015 Annual MD&A.
The following table sets forth an overview of the consolidated financial results of Richardson GMP for the periods indicated, on a 100% basis; noting, however, that GMP owns an approximate 31% non-controlling interest of Richardson GMP as at December 31, 2015.
($000, except as otherwise noted) |
% increase/ (decrease) |
% increase/ (decrease) |
|||||||||||
Fourth Quarter 2015 |
Fourth Quarter 2014 |
2015 | 2014 | ||||||||||
Revenue | 66,224 | 70,421 | (6) | 271,057 | 309,229 | (12) | |||||||
Expenses | 69,571 | 69,282 | — | 271,457 | 301,672 | (10) | |||||||
Employee compensation and benefits | 47,002 | 44,584 | 5 | 188,001 | 205,005 | (8) | |||||||
Non-compensation expenses | 22,569 | 24,698 | (9) | 83,456 | 96,667 | (14) | |||||||
Income tax recovery | (51,468) | — | (51,468) | — | n.m. | ||||||||
Net income - reported | 48,121 | 1,139 | n.m. | 51,068 | 7,557 | 576 | |||||||
Pre-tax impact of adjusting items: | |||||||||||||
Interest | 731 | 2,090 | (65) | 5,364 | 7,859 | (32) | |||||||
Income tax benefit | (51,468) | — | n.m. | (51,468) | — | n.m. | |||||||
Depreciation and amortization | 1,641 | 1,415 | 16 | 6,233 | 5,447 | 14 | |||||||
Transition assistance loan amortization | 4,071 | 3,006 | 35 | 14,600 | 13,044 | 12 | |||||||
EBITDA1 | 3,096 | 7,650 | (60) | 25,797 | 33,907 | (24) | |||||||
MPW Canada acquisition/integration costs | — | 2,103 | (100) | — | 13,076 | (100) | |||||||
Share-based compensation | 1,370 | 812 | 69 | 5,091 | 6,123 | (17) | |||||||
Adjusted EBITDA1 | 4,466 | 10,565 | (58) | 30,888 | 53,106 | (42) | |||||||
Number of advisory teams | 192 | 192 | — | ||||||||||
AUA at period-end ($ millions) | 26,332 | 27,216 | (3) |
n.m. = not meaningful | |
1. | Considered to be a non-GAAP financial measure. This data should be read in conjunction with the "Supplemental Information" section in the 2015 Annual MD&A. |
FORWARD-LOOKING INFORMATION
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 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. Specifically, this press release contains
forward-looking information concerning GMP's response to industry
conditions, expectations regarding operating leverage, actions ensuring
feasibility and enhanced competitive positioning. 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 mergers and acquisitions, 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" and "Risk Factors" in the 2015 Annual MD&A and "Risk Factors" in GMP's 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 or that we currently consider immaterial may also impair the operations of the GMP Group. Material assumptions or factors underlying the forward-looking information contained in this press release include, but are not limited to, "Business Environment - 2015 Highlights - Outlook", "Segment Results - Capital Markets - Outlook", "Segment Results - Wealth Management - Outlook", "Liquidity and Capital Resources" sections of the 2015 Annual MD&A. 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 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 two
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, Houston, Miami, Dallas, Hong Kong
and Beijing. Wealth Management consists of GMP's non-controlling
ownership interest in Richardson GMP Limited. Richardson GMP Limited,
Canada's largest independent wealth management firm, is focused on
providing exclusive and comprehensive wealth management and investment
services delivered by an experienced team of investment professionals.
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.