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Associated Capital discloses preliminary results of exchange offer

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Associated Capital discloses preliminary results of exchange offer

Associated Capital Group released the preliminary results of its previously announced exchange offer by the company with respect to its class A shares.

The offer expired at 5 p.m. ET on March 5.

According to Computershare Trust Co. NA, the exchange agent for the offer, approximately 533,332 shares were validly tendered and not withdrawn as of the expiration date. The shares represent 11.99% of Associated Capital's class A shares outstanding, including approximately 75,327 shares delivered through notices of guaranteed delivery.

The company has accepted for exchange all shares validly tendered and not withdrawn at or prior to the expiration date.

For each class A common share accepted in the exchange offer, tendering shareholders will receive 1.35 shares of GAMCO Investors Inc. class A common stock, together with cash in lieu of any fractional share of GAMCO class A common stock.