TORONTO - GMP Capital Inc. has signed an agreement to acquire the stake in investment manager Richardson GMP Ltd. that it doesn’t already own in an all-stock deal. GMP said the companies will change their corporate names in the coming months to one more aligned with the Richardson brand and the wealth management strategy. Under the agreement, GMP said it expects to issue nearly 111 million shares to shareholders of Richardson GMP. Richardson Financial Group Ltd. (RFGL), GMP’s largest shareholder with a 24.1 per cent stake, will increase its ownership to 39.7 per cent following the completion of the deal. Existing GMP shareholders, other than RFGL, will hold 30.7 per cent and Richardson GMP investment advisors will hold 29.6 per cent.

Source: thestar February 26, 2020 12:57 UTC