GMP Capital Trust has successfully converted form an income trust to a corporate entity, GMP Capital Inc. said Friday.

“We look forward to once again operating under a corporate structure, which will provide us with enhanced financial flexibility regarding the growth and retention of capital,” says Kevin Sullivan, CEO.

GMP’s common shares are expected to begin trading on the Toronto Stock Exchange under the symbol GMP on May 20.

Holders of fund units and holders of Class B limited partner units of Griffiths McBurney L.P., other than the fund’s wholly owned subsidiary, GMP Holding Trust, received one common share of the corporation for each unit held.

Holders of preferred limited partner units of GMP Preferred L.P. received one Series A preferred share of the corporation for each preferred limited partner unit held.

The companys says 2,425,127 outstanding options to acquire units of GMP Capital Trust were exchanged, on a one-for-one basis, for options to purchase common shares, and 2,014,975 outstanding options to acquire units of GMP Capital Trust were exchanged, on a 2.66-to-one basis, for 757,497 options to purchase common shares.

GMP Capital has become a reporting issuer under Canadian provincial securities laws and will continue to carry on the business previously conducted by the fund and its subsidiaries.

Toronto-based GMP Capital Inc. carries on business through GMP Securities L.P., Griffiths McBurney Corp., GMP Securities Europe LLP, GMP Private Client L.P., EdgeStone Capital Partners, L.P. and GMP Investment Management L.P.

IE