Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

L. Subsequent Events

On November 6, 2018, the Board of Directors declared its regular quarterly dividend of $0.02 per share to all of its shareholders, payable on January 15, 2019 to shareholders of record on January 2, 2019.

On November 6, 2018, the Board of Directors authorized an additional $0.20 per share charitable contribution under our existing Shareholder Designated Charitable Contribution program.  Registered holders of record as of December 31, 2018 will be eligible to participate.  Since the inception of the program, GAMCO has donated $22 million to over 150 different charities on behalf of its shareholders.

On October 29, 2018, AC completed an exchange offer with respect to its Class A shares.  Tendering shareholders received 1.9 GAMCO Class A shares for each AC Class A share that they tendered, together with cash in lieu of any fractional share.  There were approximately 370,000 AC Class A shares tendered and accepted by AC.  AC delivered approximately 710,000 GAMCO Class A shares that they held to the tendering shareholders.  After the exchange, AC and its subsidiaries own 3.2 million shares of our Class A Stock, representing approximately 2% of the combined voting power and 10% of the outstanding shares of our common stock.