Associated Capital Group’s Board of Directors Approves $3.3 Million Shareholder Designated Charitable Contribution, Bringing Total to $34 Million

Rhea-AI Summary

The Board of Associated Capital Group (NYSE: AC) has approved a $0.15 per share Shareholder Designated Charitable Contribution (SDCC) for registered Class A and Class B shareholders. Shareholders must register shares by December 31, 2022, to participate. The total contribution is estimated at $3.3 million based on approximately 22 million shares outstanding. Since its public inception, AC has donated around $34 million to over 160 charities. The company focuses on alternative investment management and direct investments across various sectors.

Positive

• The SDCC enables shareholders to contribute $3.3 million to charities, enhancing corporate social responsibility.
• Since inception, AC has donated $34 million to over 160 charities, demonstrating a commitment to philanthropy.

Negative

• None.

GREENWICH, Conn.--(BUSINESS WIRE)-- The Board of Associated Capital Group (NYSE: AC) has approved a $0.15 per share Shareholder Designated Charitable Contribution (“SDCC”) for all registered Class A and Class B shareholders. To be eligible, shareholders will have until December 31, 2022 to register shares directly with Computershare, AC’s transfer agent. Shareholders will then have an opportunity to designate a 501(c)(3) organization to receive the $0.15 per share SDCC.

Based on the approximately 22 million shares currently outstanding, AC’s total contribution will be approximately $3.3 million. In early January, AC will provide forms to registered holders to designate recognized 501(c)(3) organizations. A list of eligible charities is available at Guidestar.org (https://www.guidestar.org/search).

Since its inception as a public company, through the SDCC, the shareholders of AC have donated approximately $34 million to over 160 different charities that address a broad range of local, national, and international concerns.

About Associated Capital Group, Inc.

Associated Capital, based in Greenwich, Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). We have also earmarked proprietary capital for our direct investment business that invests in new and existing businesses. The direct investment business is developing along several core pillars: Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fund-less” sponsor; and Gabelli Principal Strategies Group, LLC (“GPS”), created to pursue strategic operating initiatives.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221128005765/en/

Douglas R. Jamieson

Chief Executive Officer

(203) 629-9595

info@associated-capital-group.com

Source: Associated Capital Group, Inc.

FAQ

What is the Shareholder Designated Charitable Contribution for Associated Capital Group (AC)?

The Shareholder Designated Charitable Contribution (SDCC) approved by Associated Capital Group is $0.15 per share for registered Class A and Class B shareholders.

How much will the total charitable contribution amount to for Associated Capital Group (AC)?

The total contribution from Associated Capital Group is estimated to be approximately $3.3 million based on about 22 million shares outstanding.

What is the deadline for shareholders to register for the SDCC from Associated Capital Group (AC)?

Shareholders must register their shares by December 31, 2022, to be eligible for the SDCC.

How has Associated Capital Group (AC) contributed to charities historically?

Since its public inception, Associated Capital Group has donated approximately $34 million to over 160 different charities.

What organizations can shareholders designate for the SDCC from Associated Capital Group (AC)?

Shareholders can designate any recognized 501(c)(3) organization to receive their SDCC contributions.