GAMCO INVESTORS, INC. (NYSE:GBL) Files An 8-K Other EventsItem 8.01
GAMCO INVESTORS, INC. (NYSE:GBL) Files An 8-K Other Events
Other Events.
In connection with the spin-off of Associated Capital Group, Inc. (“AC”) on November 30, 2015, all GAMCO Investors, Inc. (“GAMCO”) teammates who held GAMCO restricted stock awards (“RSAs”), were granted an equal amount of AC RSAs. This resulted in GAMCO and AC teammates holding both GAMCO RSAs and AC RSAs.
On May 8, 2017, AC, with the approval of its Board of Directors, accelerated the vesting of all of AC’s 420,240 outstanding RSAs effective July 17, 2017. As a result of this decision by AC’s Board of Directors, GAMCO will incur non-cash charges of approximately $2.1 million, or $0.07 per diluted share, and approximately $0.5 million, or $0.02 per diluted share, (after management fee and tax benefit) in the second quarter ending June 30, 2017 and third quarter ending September 30, 2017, respectively. These amounts relate to the GAMCO teammates who currently hold AC RSAs. GAMCO’s financial results for calendar years 2018 through 2024, will benefit from the absence of this stock compensation expense.
About GAMCO INVESTORS, INC. (NYSE:GBL)
GAMCO Investors, Inc. (GBL) is a holding company. Through its subsidiaries, the Company provides investment advisory services to open and closed-end funds, institutional and private wealth management (PWM) investors in the United States. The Company operates in the segment of investment advisory and asset management business. The Company manages assets and invests in the United States and international securities through various investment styles. GAMCO Asset Management Inc. (Institutional and Private Wealth Management) and Gabelli Funds, LLC (Funds) are registered investment advisers. G.distributors, LLC (G.distributors) acts as an underwriter and distributor of its open-end funds. Its assets under management (AUM) are organized into three groups: Institutional and Private Wealth Management; Open and Closed-End Funds, and SICAV. The Company provides advisory services to a fund under the GAMCO brand, the GAMCO International SICAV (the SICAV). GAMCO INVESTORS, INC. (NYSE:GBL) Recent Trading Information
GAMCO INVESTORS, INC. (NYSE:GBL) closed its last trading session up +0.37 at 29.08 with 31,767 shares trading hands.
GAMCO Investors, Inc. (GBL) is a holding company. Through its subsidiaries, the Company provides investment advisory services to open and closed-end funds, institutional and private wealth management (PWM) investors in the United States. The Company operates in the segment of investment advisory and asset management business. The Company manages assets and invests in the United States and international securities through various investment styles. GAMCO Asset Management Inc. (Institutional and Private Wealth Management) and Gabelli Funds, LLC (Funds) are registered investment advisers. G.distributors, LLC (G.distributors) acts as an underwriter and distributor of its open-end funds. Its assets under management (AUM) are organized into three groups: Institutional and Private Wealth Management; Open and Closed-End Funds, and SICAV. The Company provides advisory services to a fund under the GAMCO brand, the GAMCO International SICAV (the SICAV). GAMCO INVESTORS, INC. (NYSE:GBL) Recent Trading Information
GAMCO INVESTORS, INC. (NYSE:GBL) closed its last trading session up +0.37 at 29.08 with 31,767 shares trading hands.
