GBL - GBL STOCK NEWS

Gabelli Funds, LLC announced details of a tender offer to purchase Ordinary Shares for Gabelli Merger Plus Trust plc, following a March 23, 2022, announcement. The Offer is set to open in late August, with settlement aiming for the end of September 2022, divided into two tranches. Shareholders will vote on a special resolution at a mid-September General Meeting. Only Qualifying Registered Shareholders can participate, needing specific documentation. The Offer is voluntary, with no recommendation from the Company to take action.

GAMCO Investors, Inc. (NYSE: GBL) announced the calling of $33.7 million in subordinated notes due June 15, 2023, at $1,012.50 per $1,000 principal amount. This amount includes accrued interest at a rate of 5.00% per annum. The notes were originally issued as a special dividend of $2.00 per share in June 2021. The repayment will be funded with cash on hand. GAMCO is recognized for its research-driven approach in equity investing and manages a variety of financial solutions including mutual funds and alternative investments.

GAMCO Investors has established an Office of the CEO and appointed Doug Jamieson as co-CEO alongside Mario Gabelli. With over 40 years at GAMCO, Jamieson has held various pivotal roles since joining in March 1981. He served as Executive Vice President and COO before becoming President and CEO of GAMCO Asset Management. GAMCO is recognized for its value-driven investment strategies, catering to a diversified clientele, including institutions and individual investors. The firm aims to enhance its advisory services through the new leadership structure.

GAMCO Investors reported a second quarter net income of $17.3 million for 2022, up slightly from $17.1 million in 2021. GAAP earnings increased to $0.66 per share, compared to $0.64 per share last year. However, assets under management (AUM) decreased to $28.7 billion from $34.6 billion year-over-year. Revenues fell to $65.6 million from $75.6 million, driven by lower investment advisory fees. Operating income rose to $28.3 million, aided by a $7.9 million waiver of CEO compensation. GAMCO maintained a strong balance sheet with $177.3 million in cash and investments.

GAMCO Investors, Inc. (NYSE: GBL) announced expected diluted earnings for Q2 2022 between $0.62 and $0.67 per share, up from $0.64 in Q2 2021. As of June 30, 2022, assets under management declined to $28.7 billion from $33.4 billion as of March 31, 2022. Detailed financial results will be released in early August. GAMCO specializes in research-driven equity investing and operates through its subsidiaries, offering a variety of investment solutions.

The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) has announced the issuance of Series B Cumulative Preferred Shares with a total liquidation value of approximately $25 million. These shares will be puttable on June 26, 2023 and June 26, 2024, and callable after June 26, 2024. They offer an annual distribution rate of 4.40% on a liquidation preference of $10.00 per share, starting from December 26, 2022.

The Gabelli Global Utility & Income Trust (AMEX:GLU) has completed a transferable rights offering, resulting in gross proceeds of approximately $9.4 million. The Fund will issue around 591,000 common shares, with subscriptions totaling $9.4 million as of June 29, 2022. Shareholders of record as of May 12, 2022, received transferable rights to purchase shares at $16.00 each. Newly issued shares will not be eligible for dividends paid in May and June 2022.

The Gabelli Global Utility & Income Trust (NYSE American: GLU) has extended its transferable rights offering, allowing record date shareholders to purchase additional common shares until June 29, 2022. Shareholders receive one transferable right for each common share held as of the record date (May 12, 2022). Four rights plus $16.00 are required to purchase one additional share. Rights will trade on NYSE American, with an expiration at 5:00 PM ET on June 29, 2022. Proceeds from the offering may be used for investments or to redeem outstanding preferred shares.