GMP Capital Corp today announced that shareholders who elected to receive Class B limited partner units of Griffiths McBurney L.P. in exchange for their common shares of GMP under the proposed conversion of GMP into an income trust will receive 100% of the Class B units elected to be received by them.

GMP had previously announced that up to a maximum of between 12 million and 13 million common shares of GMP would be eligible to be exchanged for Class B units under the proposed conversion.

The number of Class B units actually elected to be received by shareholders of GMP is less than 12 million and, accordingly, shareholders will receive the full number of Class B units elected.

The conversion is subject to a number of conditions, including the approval of the Ontario Superior Court of Justice as well as certain regulatory approvals.

A final order approving the plan of arrangement for the conversion will be sought tomorrow, and management anticipates that the conversion will be completed on or about December 1.