GAMCO Initiates Shareholder Designated Charitable Contribution Program; Urges Shareholders To Register Shares To Participate
GAMCO Investors, Inc. (GAMCO) (NYSE: GBL) commenced mailing information
today which underscores the need for each Class A and Class B
shareholder that they have until July 31 to register their shares in
their own name in order to participate in the firm’s innovative
shareholder designated charitable contribution program, in which each
shareholder will be eligible to select one charity to which the company
will donate a total of $0.25 per share.
“We want GAMCO’s charitable efforts to be directed by our owners, the
shareholders, which is why we urge them to make sure their shares are
registered in their own name in order to participate in this new
program,” said Mario J. Gabelli, Chairman and Chief Executive Officer of
GAMCO. “Giving back to society has long been a cornerstone of GAMCO, but
this noteworthy program allows our efforts to be focused on the
charities and causes that our shareholders hold most dear. We are
honored to initiate this program, which is similar to one Warren
Buffet’s Berkshire Hathaway had from 1981 to 2003, to give back to
society.”
To be eligible, the shares must be registered in the owner’s name by
GAMCO’s transfer agent by July 31. Since the shares cannot be held in
“street name,” it is vital for shareholders to contact their broker and
request that their GAMCO shares are re-registered in the shareholder’s
name, or the name of the appropriate legal entity.
In early August, the firm plans to distribute a charitable contribution
form that must be returned to GAMCO no later than August 31, 2013 for
the charitable contribution to be made. Only charities that are
recognized 501(c)(3) organizations will be qualified to receive the
donation from GAMCO on the shareholder’s behalf. A list of eligible
charities is available at: http://www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check.
A shareholder cannot use this program to fulfill a personal pledge to a
charity.
Based on the approximately 20 million shares currently registered in
shareholders’ names, the total contribution GAMCO is expected to make
will be $5.0 million. If all shares outstanding are registered in their
shareholders’ names by July 31, the total contribution would increase to
$6.4 million.
GAMCO Investors, Inc., through its subsidiaries, manages private
advisory accounts (GAMCO Asset Management Inc.), mutual funds and
closed-end funds (Gabelli Funds, LLC), and partnerships and offshore
funds (Gabelli Securities, Inc.). As of March 31, 2013, GAMCO had $40.1
billion in assets under management.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release may contain some
forward-looking statements. Forward-looking statements give our current
expectations or forecasts of future events. In particular, these include
statements relating to future actions, future performance and financial
results. Although we believe that we are basing our expectations and
beliefs on reasonable assumptions within the bounds of what we currently
know about our business and operations, there can be no assurance that
our actual results will not differ materially from what we expect or
believe.
Copyright Business Wire 2013