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Stock Market & Financial Investment News

News Breaks
November 12, 2012
16:32 EDTGBLGAMCO Investors accelerates outstanding restricted stock awards
GAMCO Investors announced that its Board of Directors has accelerated the lapse of restrictions on all outstanding restricted stock awards effective on November 13. There are 369,100 RSAs outstanding. GAMCO will incur a fourth quarter non-cash charge of $10.1M or 22c per diluted share (after management fee and tax benefit) as a result of the acceleration. GAMCO had previously recorded non-cash charges of $2.6M or 6c per diluted share during the first three quarters of 2012 bringing the full amount expensed in 2012 to $12.7M or 28c per diluted share. The comparable financial results in 2013 will benefit from the absence of this stock compensation expense.
News For GBL From The Last 14 Days
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January 23, 2015
16:29 EDTGBLGAMCO Investors intends to vote against “loyalty shares” proposal
On January 28, Davide Campari-Milano S.p.A. will be holding an Extraordinary General Meeting of Shareholders regarding a “loyalty shares” proposal. On January 22, GAMCO Asset Management, an affiliate of GAMCO Investors, delivered a letter to Chiara Garavini, Campari’s Investor Relations & Corporate Finance Senior Director, detailing GAMCO’s intention to vote against this proposal as well as the motivation behind its decision. The full text of the letter follows: "Dear Chiara, The proxy voting committee of GAMCO Asset Management believes that the proposed adoption of double voting rights for long-term registered shareholders has certain beneficial merits. However, the negatives overwhelm the positives. In brief, the proposal permits controlling shareholders to sell shares and keep voting control. The result over the longer term is entrenchment of voting control without pari-passu economic interest. A sunset provision would be a minimum prerequisite for us to consider a favorable vote on this initiative. In addition, we experienced serious “administrative” issues with respect to the loyalty share distribution at CNH Industrial N.V. GAMCO, on behalf of its investment advisory clients, will will vote against the referenced proposal for those shares which it has voting authority over."

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