GAMCO Announces $0.20 per share Shareholder Designated Charitable Contribution
RYE, N.Y.--(BUSINESS WIRE)--Nov 12, 2018--GAMCO Investors, Inc.(GAMCO) (NYSE:GBL) announced today that its Board of Directors has approved a $0.20 per share contribution under its existing 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. Since the inception of the program, GAMCO has donated more than $22 million to over 150 different charities on behalf of its shareholders. All in all, GAMCO has contributed $47 million to various charitable causes since our IPO in 1999.
As background, Warren Buffett had a similar program at Berkshire Hathaway from 1981 to 2003. 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 the recipients of the donations made on behalf of our shareholders.
Shareholders have until December 31, 2018 to register shares in their own names to participate in the program. Our current plan is to distribute a charitable contribution designation form in early January 2019 that must be returned to GAMCO no later than February 15, 2019 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 23 million shares currently registered in shareholders’ names, the total contribution GAMCO is expected to make will be $4.6 million. If all shares outstanding are registered in their shareholders’ names at the record date, the total contribution would increase to $5.8 million.
GAMCO Investors, Inc., through its subsidiaries, manages open-end funds and closed-end funds (Gabelli Funds, LLC) and private advisory accounts (GAMCO Asset Management Inc.).
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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CONTACT: Kieran Caterina or Diane M. LaPointe
SVPs and Co-Chief Accounting Officers
(914) 921-5149 or 7763
For further information please visit
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PHILANTHROPY PROFESSIONAL SERVICES BANKING FINANCE OTHER PHILANTHROPY
SOURCE: GAMCO Investors, Inc.
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PUB: 11/12/2018 08:00 AM/DISC: 11/12/2018 08:00 AM