Associated Capital Group To Spin-off Morgan Group Holding Co.
March 16 2020 - 7:45AM
Business Wire
Associated Capital Group, Inc. (NYSE: AC), (“Associated
Capital”), announced today that its Board of Directors has approved
the spin-off of Morgan Group Holding Co. (“Morgan”, OTC: MGHL) to
Associated Capital’s shareholders. Associated Capital will
distribute to its shareholders on a pro rata basis the 50,000,000
shares of Morgan that Associated Capital owns. As of December 31,
2019 the book value of Morgan is $6,037,342 in the aggregate and
$0.10 per share.
Morgan, through its indirect, wholly-owned subsidiary,
G.research, LLC (“G.research”), is an institutional research
services firm founded in 1976. G.research is a broker-dealer
registered under the Securities Exchange Act of 1934, as amended,
that provides institutional research services and acts as an
underwriter. This transaction is subject to regulatory approvals
and there are no assurances that a transaction will be
completed.
About Associated Capital Group, Inc.
Associated Capital, based in Greenwich Connecticut, is a
diversified global financial services company that provides
alternative investment management through Gabelli & Company
Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.).
The proprietary capital is earmarked for our direct investment
business that invests in new and existing businesses. The direct
investment business is developing along three core pillars: Gabelli
Private Equity Partners, LLC (“GPEP”), formed in August 2017 with
$150 million of authorized capital as a “fund-less” sponsor; the
SPAC business (Gabelli special purpose acquisition vehicles),
launched in April 2018; and Gabelli Principal Strategies Group, LLC
(“GPS”) created to pursue strategic operating initiatives.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release contain
“forward-looking statements”. Forward-looking statements convey our
current expectations or forecasts of future events. You can
identify these statements because they do not relate strictly to
historical or current facts. They use words such as “anticipate,”
“estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and
other words and terms of similar meaning. They also appear in any
discussion of future operating or financial performance. In
particular, these include statements relating to future actions,
future performance of our products, expenses, the outcome of any
legal proceedings, and financial results. Although we believe that
we are basing our expectations and beliefs on reasonable
assumptions within the bounds of what we currently know about our
business and operations, the economy and other conditions, there
can be no assurance that our actual results will not differ
materially from what we expect or believe. Therefore, you should
proceed with caution in relying on any of these forward-looking
statements. They are neither statements of historical fact nor
guarantees or assurances of future performance.
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version on businesswire.com: https://www.businesswire.com/news/home/20200316005396/en/
Douglas R. Jamieson President & CEO (203) 629-2726
Associated-Capital-Group.com
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