GAMCO Investors, Inc. (GAMCO) (NYSE: GBL) announced today it has again
adopted a Shareholder Designated Charitable Contribution program for all
registered Class A and Class B shareholders. GAMCO created its
Shareholder Designated Charitable Contribution Program in April 2013. In
2013, GAMCO donated $5.3 million to 85 different charities and in 2014
donated $5.5 million to 80 different charities on behalf of its
shareholders. Each such shareholder will be eligible to designate
charities to which the company will make a donation of $0.25 per share
on behalf of the shareholder.
As background, Warren Buffett had a similar program at Berkshire
Hathaway from 1981 to 2003. At GAMCO, we believe charitable giving is a
cornerstone of society and an obligation for those with the means to
make a difference in the world. As an organization, GAMCO will have no
control over these donations, but we are happy to make them on behalf of
our shareholders.
Shareholders will have until December 15, 2015 to register shares in
their own names to participate in the program. Our current plan is to
distribute, in late December, a charitable contribution form that must
be returned to GAMCO no later than January 31, 2016 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.
Based on the approximately 21 million shares currently registered in
shareholders’ names, the total contribution GAMCO is expected to make
will be $5.3 million. If all shares outstanding are registered in their
shareholders’ names at the record date, 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 June 30, 2015, GAMCO had $45.4
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.
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