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Gabelli Asset Management Company (NYSE:GBL - News) announced that its Board of Directors had declared its first dividend in the amount of $.02 per share to shareholders of the firm's Class A stock. The dividend will be paid on December 15, 2003, to shareholders of record December 1, 2003.
The Class B shareholders have elected to waive receipt of their dividends for 2003.
The Board also authorized the repurchase of up to $12.8 million of its shares pursuant to Rule 10-b-1 under the Securities Exchange Act of 1934. This provision facilitates the repurchase of shares under the firm's stock buyback program.
Gabelli Asset Management Inc, through its subsidiaries, manages approximately $23 billion in assets of mutual funds and closed end funds (Gabelli Funds, LLC), partnerships (Alternative Investment Group) and private advisory accounts (GAMCO).
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