Form 4: Mario Gabelli Reports Disposition of GDL Fund Series E Cumulative Preferred Shares

Mario Gabelli reports the surrender of Series E Cumulative Preferred Shares of the GDL Fund by entities he controls, in accordance with the Fund's Right to Put.

Summary

• Mario J. Gabelli, as a director, 10% owner, and control person of the adviser of GDL Fund, reported the disposition of Series E Cumulative Preferred Shares on March 26, 2024.
• The shares were surrendered in accordance with the Right to Put to the Fund.
• 250,000 shares were directly disposed of at a price of $10.
• 300,000 shares held by GAMCO Investors, Inc. were disposed of at a price of $10.
• 240,000 shares held by Associated Capital Group, Inc. were disposed of at a price of $10.
• 200,000 shares held by GGCP, Inc. were disposed of at a price of $10.
• Gabelli disclaims beneficial ownership of shares held by GAMCO Investors, Inc., Associated Capital Group, Inc., and GGCP, Inc. in excess of his indirect pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing reporting a transaction. It doesn't inherently convey positive or negative sentiment.

Management Comments

• Mario J. Gabelli disclaims beneficial ownership of the shares held by GAMCO Investors, Inc., Associated Capital Group, Inc., and GGCP, Inc. which are in excess of his indirect pecuniary interest.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The surrender of shares may slightly impact the fund's capital structure and the holdings of other investors in the Series E Cumulative Preferred Shares.

Key Dates