Subsequent Events (Notes)

3 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 19 - Subsequent Event

On December 11, 2018 the Company executed a stock purchase agreement with GMP International Holdings Corp., a wholly-owned subsidiary of Canada-based GMP Capital Inc., to acquire its U.S.-based broker-dealer subsidiary, GMP Securities LLC (“GMP”), formerly known as Miller Tabak Securities, LLC, an independent, SEC-registered broker-dealer and FINRA member. GMP has an institutional fixed-income trading business which deals in high yield, convertible and emerging market debt and makes markets in certain equity securities. This transaction also involved the purchase of GMP’s U.S.-based parent. This acquisition allows the Company to expand its fixed income product offerings to clients and adds over 2,400 new institutional clients who can benefit from the Company’s full suite of financial services.

The transaction was subject to regulatory approval which was obtained in January 2019 with the acquisition closing on January 15, 2019. The aggregate purchase price for all of the outstanding shares of GMP and its U.S.-based parent is equal to the final tangible asset value determined as of the acquisition date less $2.0 million. On the acquisition date, the Company paid $8.2 million in cash consideration based upon estimated tangible book value. The initial cash consideration paid for the acquisition is subject to adjustment upon the final tangible book value to be agreed upon within a period of 90 days. The initial fair value allocation of the purchase price is not yet complete.