Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
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- Peter Lynch
What is insider trading>>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934 (Amendment No. 9)
Under the Securities Exchange Act of 1934 (Amendment No. 9)
GAMCO Investors, Inc.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
_______361438104_________
(CUSIP Number)
GAMCO Investors, Inc.
One Corporate Center
Rye, New York 10580-1435
One Corporate Center
Rye, New York 10580-1435
(914) 921-5000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
______________________December 11, 2020________________________
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box .
1
1
|
Names of reporting persons
GGCP, Inc.
|
||
2
|
Check the appropriate box if
a member of a group (SEE INSTRUCTIONS) (a)◻
(b)◻
|
||
3
|
Sec use only
|
||
4
|
Source of funds (SEE INSTRUCTIONS)
None |
||
5
|
Check box if disclosure of
legal proceedings is required pursuant to items 2 (d) or 2 (e)◻
|
||
6
|
Citizenship or place of
organization
Wyoming |
||
Number Of
Shares Beneficially Owned By Each Reporting Person With |
: 7
: : : |
Sole voting power
3,435,303 (See Item 5)
|
|
: 8
: : : |
Shared voting power
None
|
||
: 9
: : : |
Sole dispositive power
3,435,303 (See Item 5)
|
||
:10
: : : |
Shared dispositive power
None
|
||
11
|
Aggregate amount beneficially owned by each reporting person
3,435,303 (See Item 5)
|
||
12
|
Check box if the aggregate
amount in row (11) excludes certain shares ⌧
(SEE INSTRUCTIONS) |
||
13
|
Percent of class represented by amount in row (11)
40.8%(1)
|
||
14
|
Type of reporting person (SEE
INSTRUCTIONS)
HC, CO |
(1) Taking into account the Reporting Person’s ownership of the Issuer’s Class B Shares (10 votes per share), the Reporting Person has combined voting power
with respect to 93.9% of the Issuer’s common stock. See Item 5.
2
1
|
Names of reporting persons
GGCP Holdings, LLC
|
||
2
|
Check the appropriate box if
a member of a group (SEE INSTRUCTIONS) (a)◻
(b)◻
|
||
3
|
Sec use only
|
||
4
|
Source of funds (SEE INSTRUCTIONS)
None |
||
5
|
Check box if disclosure of
legal proceedings is required pursuant to items 2 (d) or 2 (e)◻
|
||
6
|
Citizenship or place of
organization
Delaware |
||
Number Of
Shares Beneficially Owned By Each Reporting Person With |
: 7
: : : |
Sole voting power
3,414,297 (See Item 5)
|
|
: 8
: : : |
Shared voting power
None
|
||
: 9
: : : |
Sole dispositive power
3,414,297 (See Item 5)
|
||
:10
: : : |
Shared dispositive power
None
|
||
11
|
Aggregate amount beneficially owned by each reporting person
3,414,297 (See Item 5)
|
||
12
|
Check box if the aggregate
amount in row (11) excludes certain shares ⌧
(SEE INSTRUCTIONS) |
||
13
|
Percent of class represented by amount in row (11)
40.6%(2)
|
||
14
|
Type of reporting person (SEE
INSTRUCTIONS)
HC, CO |
(2) Taking into account the Reporting Person’s ownership of the Issuer’s Class B Shares (10 votes per share), the Reporting Person has combined voting power
with respect to 93.9% of the Issuer’s common stock. See Item 5.
3
1
|
Names of reporting persons
Gabelli & Company Investment Advisers, Inc.
|
||
2
|
Check the appropriate box if
a member of a group (SEE INSTRUCTIONS) (a)◻
(b)◻
|
||
3
|
Sec use only
|
||
4
|
Source of funds (SEE INSTRUCTIONS)
NONE
|
||
5
|
Check box if disclosure of
legal proceedings is required pursuant to items 2 (d) or 2 (e)◻
|
||
6
|
Citizenship or place of
organization
Delaware |
||
Number Of
Shares Beneficially Owned By Each Reporting Person With |
: 7
: : : |
Sole voting power
816,501 (See Item 5)
|
|
: 8
: : : |
Shared voting power
None
|
||
: 9
: : : |
Sole dispositive power
816,501 (See Item 5)
|
||
:10
: : : |
Shared dispositive power
None
|
||
11
|
Aggregate amount beneficially owned by each reporting person
816,501 (See Item 5)
|
||
12
|
Check box if the aggregate
amount in row (11) excludes certain shares ⌧
(SEE INSTRUCTIONS) |
||
13
|
Percent of class represented by amount in row (11)
9.7%(3)
|
||
14
|
Type of reporting person (SEE
INSTRUCTIONS)
CO |
(3) Taking into account the Issuer’s outstanding Class B Shares (10 votes per share), the Reporting Person has combined voting power with respect to 0.4% of
the Issuer’s common stock. See Item 5.
4
1
|
Names of reporting persons
Associated Capital Group, Inc.
|
||
2
|
Check the appropriate box if
a member of a group (SEE INSTRUCTIONS) (a)◻
(b)◻
|
||
3
|
Sec use only
|
||
4
|
Source of funds (SEE INSTRUCTIONS)
NONE
|
||
5
|
Check box if disclosure of
legal proceedings is required pursuant to items 2 (d) or 2 (e)◻
|
||
6
|
Citizenship or place of
organization
Delaware |
||
Number Of
Shares Beneficially Owned By Each Reporting Person With |
: 7
: : : |
Sole voting power
1,997,853 (See Item 5)
|
|
: 8
: : : |
Shared voting power
None
|
||
: 9
: : : |
Sole dispositive power
1,997,853 (See Item 5)
|
||
:10
: : : |
Shared dispositive power
None
|
||
11
|
Aggregate amount beneficially owned by each reporting person
1,997,853 (See Item 5)
|
||
12
|
Check box if the aggregate
amount in row (11) excludes certain shares ⌧
(SEE INSTRUCTIONS) |
||
13
|
Percent of class represented by amount in row (11)
23.8%(4)
|
||
14
|
Type of reporting person (SEE
INSTRUCTIONS)
CO |
(4) Taking into account the Issuer’s outstanding Class B Shares (10 votes per share), the Reporting Person has combined voting power with respect to 1.0% of
the Issuer’s common stock. See Item 5.
5
1
|
Names of reporting persons
Mario J. Gabelli
|
||
2
|
Check the appropriate box if
a member of a group (SEE INSTRUCTIONS) (a)◻
(b)◻
|
||
3
|
Sec use only
|
||
4
|
Source of funds (SEE INSTRUCTIONS)
AF |
||
5
|
Check box if disclosure of
legal proceedings is required pursuant to items 2 (d) or 2 (e)◻
|
||
6
|
Citizenship or place of
organization
USA |
||
Number Of
Shares Beneficially Owned By Each Reporting Person With |
: 7
: : : |
Sole voting power
3,443,945 (See Item 5)
|
|
: 8
: : : |
Shared voting power
None
|
||
: 9
: : : |
Sole dispositive power
3,443,945 (See Item 5)
|
||
:10
: : : |
Shared dispositive power
None
|
||
11
|
Aggregate amount beneficially owned by each reporting person
3,443,945 (See Item 5)
|
||
12
|
Check box if the aggregate
amount in row (11) excludes certain shares ⌧
(SEE INSTRUCTIONS) |
||
13
|
Percent of class represented by amount in row (11)
41.0% (5)
|
||
14
|
Type of reporting person (SEE
INSTRUCTIONS)
IN |
(5) Taking into account the Reporting Person’s ownership of the Issuer’s Class B Shares (10 votes per share), the Reporting Person has combined voting power
with respect to 96.2% of the Issuer’s common stock. See Item 5.
6
Explanatory Note: This Amendment
No. 9 to Schedule 13D on the Class A Common Stock of GAMCO Investors, Inc. (the “Issuer”), is being filed on behalf of the undersigned to amend the Schedule 13D, as amended (the “Schedule 13D”),which was originally filed on February 6, 2013. Unless
otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meanings as set forth in the Schedule 13D.
Item 1.
|
Security and Issuer
|
Item 1 is amended and restated in its entirety as follows:
The title of the class of equity securities to which this statement relates is the Issuer’s Class A Common Stock, par
value $0.001 per share (the “Class A Shares”). The Class A Shares are traded on the New York Stock Exchange (“NYSE”) under the symbol “GBL”. Mario J. Gabelli (“Mario Gabelli”) is deemed to be the controlling person of the Issuer on the basis of his
ownership of a majority of the voting stock and the capital stock of GGCP, Inc. (“GGCP”), a privately held Wyoming corporation, which, through GGCP Holdings, LLC (“GGCP Holdings”), owns a majority of the voting stock and a majority of the capital
stock of the Issuer. The address of the principal executive officers of the Issuer is GAMCO Investors, Inc., One Corporate Center, Rye, New York 10580-1435.
Item 2.
|
Identity and Background
|
Item 2 is amended and restated in its entirety as follows:
This statement is being filed by Mario Gabelli and various entities which he directly or indirectly controls.
, and - This statement is being filed by one or more of the following persons: Gabelli Foundation, Inc. (“Foundation”), GGCP, GGCP
Holdings, Gabelli & Company Investment Advisers, Inc. (“GCIA”), Associated Capital Group, Inc. (“AC”) and Mario Gabelli. Those of the foregoing persons signing this Schedule 13D are hereinafter referred to as the “Reporting Persons”.
GGCP makes investments for its own account and is the managing member and holder of a majority of the equity interest of GGCP Holdings.
GCIA is a 100% owned subsidiary of Associated Capital Group, Inc. (“AC”), which is an NYSE listed company that was spun-off by the Issuer on November 30, 2015. AC, through GCIA, is engaged in the alternative investment management and institutional
research services business. Mario Gabelli is also deemed to be the controlling person of AC on the basis of his ownership of a majority of the voting stock and the capital stock of GGCP, which, through GGCP Holdings, owns a majority of the voting
stock and a majority of the capital stock of AC.
The Issuer is the parent company for a variety of companies engaged in the securities business including the management of registered
investment companies and separately managed accounts.
Mario Gabelli is the Chairman, Chief Executive Officer, Chief Investment Officer and controlling shareholder of the Issuer. Mario Gabelli
is the Executive Chairman and Chief Executive Officer of AC. Mario Gabelli is also the controlling stockholder, Chief Executive Officer and a director of GGCP. Mario Gabelli is also a member of GGCP Holdings and has a profits interest in GGCP
Holdings.
The Foundation is a private foundation. Mario Gabelli is the Chairman, a Trustee and the Investment Manager of the Foundation.
The Reporting Persons do not admit that they constitute a group.
The business address of Mario Gabelli is 191 Mason Street, Greenwich, CT 06830. GGCP is a Wyoming corporation having its principal
business office at 191 Mason Street, Greenwich, CT 06830. GGCP Holdings is a Delaware limited liability company having its principal business office at 191 Mason Street, Greenwich, CT 06830. AC and GCIA are Delaware Corporations having their
principal business office at 191 Mason Street, Greenwich, CT 06830.
For information required by instruction C to Schedule 13D with respect to the executive officers and directors of the
foregoing entities (collectively, “Covered Persons”), reference is made to Schedule I annexed hereto and incorporated herein by reference.
- – None of the Reporting Persons, during the last five years, has been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations
of, prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
– Each Reporting Person is a citizen of the United States.
Item 4.
|
Purpose of Transaction
|
Item 4 is amended, in pertinent part, as follows:
Mario Gabelli serves as the Chief Executive Officer and Chairman of the Board of Directors of the Issuer. As disclosed in Item 1 above,
Mr. Gabelli is also deemed to be the control person of the Issuer. Because of the foregoing, the Reporting Persons at any time and from time to time in the ordinary course of performing their roles relating to the Issuer or as investors in the
Issuer may propose or take action in relation to the business of the Issuer including: changes in the present board of directors or management of the issuer, including any plans or proposals to change the number or term of directors or to fill any
existing vacancies on the board; the business and operations of the Issuer; share repurchases by the Issuer; distributions by the Issuer, including the amounts, makeup and timing thereof; the terms of any new issuances of an existing or new class of
securities by the Issuer; sales of assets; changes in the Issuer’s charter or by-laws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; and any such other matters. Any such
proposals or actions by the Reporting Persons may be based on the Reporting Persons’ views of their best interest, their obligations to the Issuer (to the extent required by applicable law or agreement), and other factors in light of (i) the Issuer’s
financial position, future actions taken by the Issuer’s Board, price levels of the common stock or other equity or debt securities of the Issuer and (ii) general economic, political, or industry conditions, including conditions in the securities
market, or changes in laws, rules, regulations or customs, and any other conditions or changes thereto, in the Reporting Persons’ sole determination. In as much as none of these proposals or activities would represent a material change in the plans
of the Reporting Persons regarding their control over the Issuer, the Reporting Persons will not file amendments to this Schedule 13D reflective thereof.
The Reporting Persons intend to review their investments in the Issuer on a continuing basis and depending on various factors the Reporting
Persons may deem relevant to their investment decision, including, without limitation, the Issuer’s financial position and strategic direction, the price levels of the Issuer’s common stock, conditions in the securities markets and general economic
and industry conditions, the Reporting Persons may decide to acquire additional securities, sell some or all of their securities, or to continue to hold their existing position in the securities for investment.
Other than as described above, none of the Reporting Persons has any present plans or proposals which related to or
would result in any transaction, change or event specified in clauses (a) through (j) of Item 4 of Schedule 13D.
Item 5.
|
Interest in Securities of the Issuer
|
Item 5 is amended, in pertinent part, as follows:
(a) The information relating to the beneficial ownership of Class A Shares by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated
herein by reference. The percentages set forth in Row 13 for all cover pages filed herewith are calculated based upon 8,409,985 Class A Shares outstanding as of December 17, 2020, as provided by the Issuer. In addition, the information relating to
the beneficial ownership of Class A Shares by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto assumes the conversion of the 599,943 Convertible Class B Shares into Class A
Shares by GGCP Holdings. Mario
Gabelli is deemed to have beneficial ownership of the securities owned beneficially by each of the Reporting Persons. GGCP is deemed to have beneficial ownership of the securities owned beneficially by GGCP Holdings and GCIA.
The following table sets forth information with respect to the beneficial ownership of the Class A Shares and the Class B Shares by each of
the Reporting Persons. However, this table ignores the fact that the 599,943 Convertible Class B Shares may be exchanged for Class A Shares so as to reflect the total voting power of the Reporting Persons, as the Class B Shares have ten votes per
share and the Class A Shares have only one vote per share. The percentages of beneficial ownership below are based upon 8,409,985 Class A Shares and 19,024,117 Class B Shares outstanding as December 17, 2020, as provided by the Issuer.
Name of Beneficial Owner
|
Number of Shares Beneficially Owned
|
Percentage of Shares Beneficially Owned
|
Percentage of Combined Voting Power of All Classes of Stock
|
||||
Class A
|
Class B
|
Total A&B
|
Class A
|
Class B
|
Total A&B
|
||
GGCP, Inc.
|
2,835,360
|
18,313,741
|
21,149,101
|
33.7%
|
96.3%
|
77.1%
|
93.6%
|
GGCP Holdings, LLC
|
2,814,354
|
18,313,741
|
21,128,095
|
33.5%
|
96.3%
|
77.0%
|
93.6%
|
GCIA
|
816,501
|
--
|
816,501
|
9.7%
|
--
|
3.0%
|
0.4%
|
AC
|
1,997,853
|
--
|
1,997,853
|
23.8%
|
--
|
7.3%
|
1.0%
|
Mario J. Gabelli
|
2,844,002
|
18,767,036
|
21,611,038
|
33.8%
|
98.6%
|
78.8%
|
95.9%
|
(b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the securities reported
for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that the power of Mario Gabelli is indirect with respect to securities beneficially owned directly by other Reporting
Persons controlled by Mario Gabelli.
(c) Information with respect to all transactions in the securities which were effected during the past sixty days or since the most recent filing on Schedule 13D, whichever is less,
by each of the Reporting Persons and Covered Persons is set forth on Schedule II annexed hereto and incorporated herein by reference.
(d) Not applicable.
(e) Not applicable.
7
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this
statement is true, complete and correct.
Dated: December 18, 2020
GGCP, INC.
GGCP HOLDINGS, LLC
GABELLI & COMPANY INVESTMENT ADVISERS, INC.
GGCP HOLDINGS, LLC
GABELLI & COMPANY INVESTMENT ADVISERS, INC.
ASSOCIATED CAPITAL GROUP, INC.
MARIO J. GABELLI
By: /s/
Douglas R. Jamieson
Douglas R. Jamieson
Attorney-in-Fact
Douglas R. Jamieson
Attorney-in-Fact
8
Schedule I
Information with Respect to Executive
Officers and Directors of the Undersigned
Information with Respect to Executive
Officers and Directors of the Undersigned
Schedule I to Schedule 13D is amended, in pertinent part, as follows:
The following sets forth as to each of the executive officers and directors of the reporting persons: his name; his business address;
his present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted. Unless otherwise specified, the principal employer of each such individual is
GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli & Company Investment Advisers, Inc., G.research, LLC, Teton Advisors, Inc., Associated Capital Group, Inc. or GAMCO Investors, Inc., the business address of each of which is One Corporate
Center, Rye, New York 10580 or 191 Mason Street, Greenwich, Connecticut 06830, and each such individual identified below is a citizen of the United States. To the knowledge of the undersigned, during the last five years, no such person has been
convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), and no such person was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which he was or is subject
to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities law or finding any violation with respect to such laws.
9
Entity/Officer or Director
|
Principal Occupation and Employment
|
|
GGCP, Inc.
Directors: |
||
Mario J. Gabelli
|
Chairman & Chief Executive Officer
GAMCO Investors, Inc.
Director/Trustee of all registered investment companies advised by Gabelli Funds, LLC
Executive Chairman and Chief Executive Officer of Associated Capital Group, Inc.
Chief Executive Officer and Chief Investment Officer
GGCP, Inc.
|
|
Marc J. Gabelli
|
President – GGCP, Inc.
|
|
Matthew R. Gabelli
|
Vice President – Trading
G.research, Inc. One Corporate Center Rye, NY 10580 |
|
Michael M. Gabelli
|
President & COO
Gabelli & Partners, LLC
One Corporate Center
Rye, NY 10580
|
|
Frederic V. Salerno
|
Chairman
Former Vice Chairman and Chief Financial Officer
Verizon Communications
|
|
Vincent S. Tese
|
Executive Chairman – FCB Financial Corp
|
|
Elisa M. Wilson
|
Director
|
|
Officers:
|
||
Mario J. Gabelli
|
Chief Executive Officer and Chief Investment Officer
|
|
Marc Gabelli
|
President
|
|
GGCP Holdings LLC
Members: |
||
GGCP, Inc.
|
Manager and Member
|
|
Mario J. Gabelli
|
Member
|
|
Gabelli & Company Investment Advisers, Inc.
Directors: |
||
Douglas R. Jamieson
|
||
Officers:
|
||
Douglas R. Jamieson
John Givissis
Kevin Handwerker
David Fitzgerald
|
Chief Executive Officer and President
Controller
Secretary
Assistant Secretary
|
|
G.research, LLC
|
||
Officers:
|
||
Cornelius V. McGinity
Vincent Amabile
|
Office of the Chairman
President
|
|
Bruce N. Alpert
Bernard Frize
Joseph Fernandez
|
Vice President
Chief Compliance Officer
Controller and Financial and Operations Principal
|
10
SCHEDULE II
INFORMATION WITH RESPECT TO
TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS OR
SINCE THE MOST RECENT FILING ON SCHEDULE 13D (1)
SHARES PURCHASED AVERAGE
DATE SOLD(-) PRICE(2)
CLASS A COMMON STOCK-GAMCO INVESTORS, INC.
ASSOCIATED CAPITAL GROUP, INC.
12/17/20 6,100- 16.0427
12/16/20 10,400- 15.7623
12/15/20 10,639- 15.4272
12/11/20 3,100- 15.3255
12/10/20 5,800- 15.1893
12/09/20 1,773- 15.2098
12/08/20 749- 15.1080
12/03/20 12,241- 15.1153
12/02/20 19,135- 15.6135
12/01/20 7,515- 14.6846
11/30/20 17,615-
A0; 14.2850
11/27/20 10,091- 14.0812
11/25/20 10,009- 14.1397
11/24/20 2,270- 13.9428
(1) UNLESS OTHERWISE INDICATED, ALL TRANSACTIONS WERE EFFECTED
ON THE NYSE.
(2) PRICE EXCLUDES COMMISSION.
(*) RESULTS IN CHANGE OF DISPOSITIVE POWER AND BENEFICIAL OWNERSHIP.
11