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GAMCO Investors, Inc. (GAMCO) (NYSE: GBL) commenced mailing information today which underscores the need for each Class A and Class B shareholder that they have until July 31 to register their shares in their own name in order to participate in the firm’s innovative shareholder designated charitable contribution program, in which each shareholder will be eligible to select one charity to which the company will donate a total of $0.25 per share.
“We want GAMCO’s charitable efforts to be directed by our owners, the shareholders, which is why we urge them to make sure their shares are registered in their own name in order to participate in this new program,” said Mario J. Gabelli, Chairman and Chief Executive Officer of GAMCO. “Giving back to society has long been a cornerstone of GAMCO, but this noteworthy program allows our efforts to be focused on the charities and causes that our shareholders hold most dear. We are honored to initiate this program, which is similar to one Warren Buffet’s Berkshire Hathaway had from 1981 to 2003, to give back to society.”
To be eligible, the shares must be registered in the owner’s name by GAMCO’s transfer agent by July 31. Since the shares cannot be held in “street name,” it is vital for shareholders to contact their broker and request that their GAMCO shares are re-registered in the shareholder’s name, or the name of the appropriate legal entity.
In early August, the firm plans to distribute a charitable contribution form that must be returned to GAMCO no later than August 31, 2013 for the charitable contribution to be made. Only charities that are recognized 501(c)(3) organizations will be qualified to receive the donation from GAMCO on the shareholder’s behalf. A list of eligible charities is available at:
http://www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check. A shareholder cannot use this program to fulfill a personal pledge to a charity.
Based on the approximately 20 million shares currently registered in shareholders’ names, the total contribution GAMCO is expected to make will be $5.0 million. If all shares outstanding are registered in their shareholders’ names by July 31, the total contribution would increase to $6.4 million.