GMP Capital Inc. reported a net loss of $5.8 million in the third quarter, due in part to a contested shareholder meeting before the firm consolidated its ownership of Richardson GMP.

“The results for the quarter were affected by significant one-time costs incurred in connection with the milestone transaction to consolidate 100% of our wealth management business,” said GMP president and CEO Kish Kapoor in a statement accompanying the firm’s earnings release on Friday.

The firm partly attributed the net loss from continuing operations — which was less than the $8.1-million loss in the same period last year — to $2.4 million in proxy contest costs and $1.5 million in transaction costs after shareholders initially contested the proposed deal.

Shareholders approved the transaction on Oct. 6.

The firm reported a third-quarter net loss from discontinued operations of $200,000. Over the same period last year, the $17.3-million loss “included notable contractual remuneration payments and other professional and advisory costs” related to GMP’s sale of its capital markets business.

The firm reported Q3 revenue totalling $7.5 million, down about 29% from $10.6 million in the third quarter of 2019.

On the wealth management side, Richardson GMP’s assets under administration increased 1% from a year ago to $28.9 billion, and rose from $28.3 billion at the end of Q2 2020.

The wealth management firm reported a net loss of $200,000 due to a $3-million expense from the vesting of all outstanding restricted share units connected to the transaction. Net income over the same period last year was $2.9 million.

Revenues increased 1% year over year to $67.4 million in the third quarter as the firm reported higher fee-based and commission income. This was partly offset by lower interest income.

The firm had 164 advisory teams as of Sept. 30, compared to 160 teams in the same period last year.

GMP Capital, which will be renamed RF Capital Group Inc. later this month, also reported Friday that it’s resuming its quarterly preferred share dividends.