Burbs: Gabelli fund debuts

By JAY LOOMIS

THE JOURNAL NEWS

(Original publication: March 30, 2005)

Gabelli Asset Management Inc.'s newest product has a golden luster.

The Rye-based company, founded by money manager Mario Gabelli, announced yesterday the debut of a new closed-end fund that will invest primarily in stocks of gold and natural resources companies. The Gabelli Global Gold, Natural Resources & Income Trust will trade on the American Stock Exchange under the symbol GGN.

"We believe the timing is ideal for the launch of an income-oriented fund supported by equity investments in gold and natural resources companies," said Caesar Bryan, a co-lead portfolio manager of the fund.

Some worried investors looking for returns in a choppy stock market hurt by inflation and economic pressures have turned to gold or natural resources stocks that have historically held up better in uncertain times.

The fund's goal is to earn income primarily through writing covered call options on equity securities in its portfolio. It will be managed by a team of Gabelli professionals who have expertise in the primary investment areas. The fund will issue 16.6 million shares in an initial public offering at $20 per share, generating gross proceeds of $332 million. The fund's shares commenced trading yesterday. The offering is scheduled to close on Thursday.

UPDATE
Provo International Inc., a Pearl River-based payroll card company, said yesterday that it recently received notice from the American Stock Exchange that it will not accept the company's proposed plan of compliance on listing standards for its stock, which trades under the symbol FNT. The exchange's notice stated that the company is not in compliance with AMEX continued listing standards as a result of having less than $4 million in shareholders' equity, continued operating losses and a low stock price, according to Provo. The stock closed yesterday unchanged at 7 cents a share. The company said it will consider its alternatives, including whether to appeal the AMEX decision or move to another exchange such as the OTC Bulletin Board. The company must notify AMEX by April 1 if it intends to appeal, or allow its common stock to stop trading on AMEX.

MAKING MOVES
Atlas Air Worldwide Holdings Inc., a Harrison-based provider of air cargo services, named Michael L. Barna as senior vice president and chief financial officer. Barna will also hold the same positions at Atlas subsidiaries Atlas Air Inc. and Polar Air Cargo Inc. Since 2004, Barna was partner and managing director of Trafin Corp., a specialty finance company.

The American Cancer Society announced yesterday the appointment of Dr. Marc E. Koch to its regional board of advisers for Westchester County. Koch is president and chief executive officer of Somnia Inc., a New Rochelle-based provider of ambulatory anesthesia services.

Somers-based Pepsi Bottling Group Inc. yesterday announced that John L. Berisford has been appointed senior vice president of human resources. Kathleen M. Dwyer was named vice president of strategy.