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Hartley Richardson, President and CEO of James Richardson & Sons, photographed in his Winnipeg headquarters Wednesday, October 12, 2011.
Hartley Richardson, President and CEO of James Richardson & Sons, photographed in his Winnipeg headquarters Wednesday, October 12, 2011.
(JOHN WOODS/The Globe and Mail)

Richardsons increase stake, GMP gets cash

Five years after helping out GMP Capital in the financial crisis by backstopping a big fundraising, Winnipeg’s Richardson family has exercised $27-million of warrants to increase its stock ownership in the brokerage firm. Unfortunately for the Richardsons, a slump in GMP’s stock price means the warrants were right at the money even half a decade later.