Associated Capital Considers Strategic Options for Investment in GAMCO
October 13 2017 - 4:15PM
Business Wire
Associated Capital Group, Inc. (NYSE:AC) announced today that
the principal balance of the $250 million note issued by GAMCO (the
“GAMCO Note”) as part of the Company’s spin-off in November 2015 is
currently $50 million, down from $100 million at December 31,
2016.
The company also disclosed that it is evaluating options for the
4.4 million share investment in GAMCO Investors, Inc. (NYSE:GBL)
equating to 15% of the Class A and Class B shares outstanding. The
options being considered include:
- an exchange offer of GAMCO shares for
AC shares;
- issuance of a mandatory exchangeable
note;
- a dividend of GAMCO shares to AC
shareholders; or,
- a sale of GAMCO stock.
The Company is considering these options for any, or all, of its
holdings in GAMCO. No decision has been made at this time and it is
possible that none of these options will be pursued.
About Associated Capital Group, Inc.:
Associated Capital Group operates as diversified financial
services and investment management business with three core pillars
of operations; a principal strategies group which invests the firms
proprietary capital in new and existing businesses; an asset
management business that emphasizes event driven value and merger
arbitrage oriented alternative investment portfolios for
institutions and high net worth investors; and institutional
research services business, publishing research as Gabelli &
Company, and was founded in 1976.
Forward-looking statements involve a number of known and unknown
risks, uncertainties and other important factors, some of which are
listed below, that are difficult to predict and could cause actual
results and outcomes to differ materially from any future results
or outcomes expressed or implied by such forward-looking
statements. Some of the factors that could cause our actual results
to differ from our expectations or beliefs include a decline in the
securities markets that adversely affect our assets under
management, negative performance of our products, the failure to
perform as required under our investment management agreements, a
general downturn in the economy that negatively impacts our
operations. We also direct your attention to the more specific
discussions of these and other risks, uncertainties and other
important factors contained in our Form 10 and other public
filings. Other factors that could cause our actual results to
differ may emerge from time to time, and it is not possible for us
to predict all of them. We do not undertake to update publicly any
forward-looking statements if we subsequently learn that we are
unlikely to achieve our expectations whether as a result of new
information, future developments or otherwise, except as may be
required by law.
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Associated Capital Group, Inc.Douglas R. Jamieson,
914-921-5020Presidentwww.associated-capital-group.com
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