Associated Capital Group Exploring Exchange Offer for GAMCO Shares; GAMCO PIK Note Extinguished
28 Agosto 2018 - 1:00PM
Business Wire
Associated Capital Group, Inc. (NYSE: AC), (the “Company”),
announced today that GAMCO Investors repaid the remaining $10
million outstanding of the $250 million 4% PIK note originally due
on November 30, 2020. The company also noted that its board has
formed an independent pricing committee to commence an exchange
offer pursuant to which AC shareholders who elect to participate
would receive shares of GAMCO Investors (NYSE: GBL), currently held
by AC. In March, the Company exchanged approximately 500,000 AC
shares for 670,000 shares of GBL. There are no assurances that a
transaction will result.
About Associated Capital Group, Inc.
The Company has been publicly traded since November 30, 2015
following its spin-off from GAMCO.
The Company operates its investment management business via
Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a
Gabelli Securities, Inc.), its wholly-owned subsidiary. GCIA and
its wholly-owned subsidiary, Gabelli & Partners,
collectively serve as general partners or investment managers to
investment funds including limited partnerships, offshore companies
and separate accounts. The Company primarily manages assets in
equity event-driven strategies, across a range of risk and event
arbitrage portfolios and earns management and incentive fees from
its advisory activities. Management fees are largely based on a
percentage of assets under management. Incentive fees are based on
a percentage of the investment returns of certain clients’
portfolios. GCIA is registered with the Securities and Exchange
Commission as an investment advisor under the Investment Advisers
Act of 1940, as amended.
The Company operates its institutional research services
business through G.research, an indirect wholly-owned subsidiary of
the Company. G.research is a broker-dealer registered under the
Securities Exchange Act of 1934, as amended, that provides
institutional research services and acts as an underwriter.
The Company also derives investment income/(loss) from
proprietary trading of assets awaiting deployment in its operating
businesses.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release contain
“forward-looking statements”. Forward-looking statements
convey our current expectations or forecasts of future events. You
can identify these statements because they do not relate strictly
to historical or current facts. They use words such as
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” and other words and terms of similar meaning. They also
appear in any discussion of future operating or financial
performance. In particular, these include statements relating to
future actions, future performance of our products, expenses, the
outcome of any legal proceedings, 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,
the economy and other conditions, there can be no assurance that
our actual results will not differ materially from what we expect
or believe. Therefore, you should proceed with caution in
relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance.
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, and
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. JamiesonPresident &
CEO(203) 629-2726Associated-Capital-Group.com
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