RYE, N.Y.--(BUSINESS WIRE)--Associated Capital Group, Inc. (NYSE:AC) announced today that the principal balance of the $250 million note issued by GAMCO as part of the Company’s spin-off in November 2015 is currently $50 million, down from $100 million at December 31, 2016.
The company also disclosed that it is evaluating options for the 4.4 million share investment in GAMCO Investors, Inc. (NYSE:GBL) equating to 15% of the Class A and Class B shares outstanding. The options being considered include:
- an exchange offer of GAMCO shares for AC shares;
- issuance of a mandatory exchangeable note;
- a dividend of GAMCO shares to AC shareholders; or,
- a sale of GAMCO stock.
The Company is considering these options for any, or all, of its holdings in GAMCO. No decision has been made at this time and it is possible that none of these options will be pursued.
About Associated Capital Group, Inc.:
Associated Capital Group operates as diversified financial services and investment management business with three core pillars of operations; a principal strategies group which invests the firms proprietary capital in new and existing businesses; an asset management business that emphasizes event driven value and merger arbitrage oriented alternative investment portfolios for institutions and high net worth investors; and institutional research services business, publishing research as Gabelli & Company, and was founded in 1976.
