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Form SC 13D/A PNM RESOURCES INC Filed by: GAMCO INVESTORS, INC. ET AL

October 21, 2020 5:29 PM EDT



SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


SCHEDULE 13D

Under the Securities Exchange Act of 1934 (Amendment No. 7)



PNM Resources, Inc.
(Name of Issuer)

Common Stock
(Title of Class of Securities)


                                                                    ________69349H107_________
(CUSIP Number)

David Goldman
GAMCO Investors, Inc.
One Corporate Center
Rye, New York 10580-1435
(914) 921-5000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)


______________________ October 21, 2020________________________
(Date of Event which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box  .

1

CUSIP No.  69349H107
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
 
Gabelli Funds, LLC                           I.D. No.  13-4044523
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
   00-Funds of investment advisory clients
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   New York
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
2,020,702    (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
2,020,702    (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
2,020,702    (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)
13
 
 
 
Percent of class represented by amount in row (11)
 
2.54%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)
    IA

2


CUSIP No.  69349H107
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
 
GAMCO Asset Management Inc. I.D. No.  13-4044521
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
 00-Funds of investment advisory clients
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   New York
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
1,937,610  (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
2,075,210  (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
2,075,210  (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)
13
 
 
 
Percent of class represented by amount in row (11)
 
2.60%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)
    IA, CO

3


CUSIP No.  69349H107
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
 
Gabelli & Company Investment Advisers, Inc.                                   I.D. No.  13-3379374
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
Client Funds
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   Delaware
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
65,700 (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
65,700 (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
65,700 (Item 5)
12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)
13
 
 
 
Percent of class represented by amount in row (11)
 
0.08%
14
 
 
Type of reporting person (SEE INSTRUCTIONS)
    HC, CO, IA

4

CUSIP No.  69349H107
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
 
GGCP, Inc.                                                                                                         I.D. No.  13-3056041
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
None
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
Wyoming
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
None      (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
None     (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
None    (Item 5)

12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS)  X
13
 
 
 
Percent of class represented by amount in row (11)
 
0.00%
 
14
 
 
Type of reporting person (SEE INSTRUCTIONS)
    HC, CO

5

CUSIP No. 69349H107
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
 
GAMCO Investors, Inc.                                                                                           I.D. No.  13-4007862
 
Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
None
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
  New York
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
None     (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
None     (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
None    (Item 5)

12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS) X
13
 
 
 
Percent of class represented by amount in row (11)
 
0.00%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)
    HC, CO

6

CUSIP No. 69349H107
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
 
Associated Capital Group, Inc.                                                                                  I.D. No. 47-3965991
 
Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a)
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
None
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
  Delaware
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
None   (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
None   (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
None   (Item 5)

12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS) X
13
 
 
 
Percent of class represented by amount in row (11)
 
0.00%
14
 
 
 
Type of reporting person (SEE INSTRUCTIONS)
    HC, CO


7

CUSIP No. 69349H107
1
Names of reporting persons
I.R.S. identification nos. of above persons (entities only)
 
Mario J. Gabelli
2
Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a) 
 
 
(b)
 
3
Sec use only
 
4
Source of funds (SEE INSTRUCTIONS)
None
 
5
Check box if disclosure of legal proceedings is required pursuant to items 2 (d) or 2 (e)
 
 
6
Citizenship or place of organization
   USA
 
Number Of
 
Shares
 
Beneficially
 
Owned
 
By Each
 
Reporting
 
Person
 
With
: 7
:
:
:
Sole voting power
 
None      (Item 5)
: 8
:
:
:
Shared voting power
 
None
: 9
:
:
:
Sole dispositive power
 
None      (Item 5)
:10
:
:
:
Shared dispositive power
 
None
11
 
 
 
Aggregate amount beneficially owned by each reporting person
 
 None      (Item 5)

12
 
 
 
Check box if the aggregate amount in row (11) excludes certain shares
(SEE INSTRUCTIONS) X
13
 
 
 
Percent of class represented by amount in row (11)
 
0.00%
14
 
 
Type of reporting person (SEE INSTRUCTIONS)
    IN

8

Item 1. Security and Issuer
This Amendment No. 7 to Schedule 13D on the Common Stock of PNM Resources, Inc. (the “Issuer”) is being filed on behalf of the undersigned to amend the Schedule 13D, as amended  ( the “Schedule 13D” ), which was originally filed on October 20, 2008.  Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meanings as set forth in the Schedule 13D.

Item 2. Identity and Background
Item 2 to Schedule 13D is amended, in pertinent part, as follows:
              This statement is being filed by various entities which except for LICT Corporation (“LICT) and CIBL, Inc. (“CIBL”), engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as general partner or the equivalent of various private investment partnerships or private funds and as a registered broker-dealer.  Certain of these entities may also make investments for their own accounts. Mario J. Gabelli (“Mario Gabelli”) is deemed to directly or indirectly control these entities through his ownership interest.
The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer.  Although several of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive.  In order to avoid any question as to whether their beneficial ownership is being reported on the proper form and in order to provide greater investment flexibility and administrative uniformity, these persons have decided to file their beneficial ownership reports on the more detailed Schedule 13D form rather than on the short-form Schedule 13G and thereby to provide more expansive disclosure than may be necessary.
(a), (b) and (c) - This statement is being filed by one or more of the following persons: GGCP, Inc.  (“GGCP”), GGCP Holdings LLC (“GGCP Holdings”), GAMCO Investors, Inc. (“GBL”), Associated Capital Group, Inc. (“AC”), Gabelli Funds, LLC (“Gabelli Funds”), GAMCO Asset Management Inc. (“GAMCO”), Teton Advisors, Inc. (“Teton Advisors”), Gabelli & Company Investment Advisers, Inc. (“GCIA”), Morgan Group Holding Co., (“MGH”), G.research, LLC (“G.research”), MJG Associates, Inc. (“MJG Associates”), Gabelli Securities International (Bermuda) Limited (“GSIL”), Gabelli Foundation, Inc. (“Foundation”), Mario Gabelli, LICT and CIBL.  Those of the foregoing persons signing this Schedule 13D are hereinafter referred to as the “Reporting Persons”.
GGCP makes investments for its own account and is the manager and a member of GGCP Holdings which is the controlling shareholder of GBL and AC.  GBL, a public company listed on the New York Stock Exchange, is the parent company for a variety of companies engaged in the securities business, including certain of those named below.  AC, a public company listed on the New York Stock Exchange, is the parent company for a variety of companies engaged in the securities business, including certain of those listed below.
GAMCO, a wholly-owned subsidiary of GBL, is an investment adviser registered under the Investment Advisers Act of 1940, as amended (“Advisers Act”).  GAMCO is an investment manager providing discretionary managed account services for employee benefit plans, private investors, endowments, foundations and others.
GCIA, a wholly owned subsidiary of AC, is an investment adviser registered under the Advisers Act and serves as a general partner or investment manager to limited partnerships and offshore investment companies and other accounts.  As a part of its business, GCIA may purchase or sell securities for its own account.  GCIA or its relying advisers, act as a general partner or investment manager of a number of funds or partnerships, including Gabelli Associates Fund, L.P., Gabelli Associates Fund II, L.P., Gabelli Associates Limited, Gabelli Associates Limited II E, ALCE Partners, L.P., Gabelli Capital Structure Arbitrage Fund LP, Gabelli Capital Structure Arbitrage Fund Limited, Gabelli Intermediate Credit Fund L.P., GAMA Select Plus Master Fund, Ltd., GAMCO Medical Opportunities L.P., and Gabelli Multimedia Partners, L.P.
G.research is a wholly owned subsidiary of MGH.  MGH in turn is controlled by GGCP through an 69% ownership interest.  G.research, is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (“1934 Act”), which as a part of its business regularly purchases and sells securities for its own account.
Gabelli Funds, a wholly owned subsidiary of GBL, is a limited liability company. Gabelli Funds is an investment adviser registered under the Advisers Act which provides advisory services for The Gabelli Equity Trust Inc., The Gabelli Asset Fund, The Gabelli Growth Fund, The Gabelli Convertible and Income Securities Fund Inc., The Gabelli Value 25 Fund Inc., The Gabelli Small Cap Growth Fund, The Gabelli Equity Income Fund, The Gabelli ABC Fund, The Gabelli Global Content & Connectivity Fund, The Gabelli Gold Fund, Inc., The Gabelli Multimedia Trust Inc., The Gabelli Global Rising Income & Dividend Fund, The Gabelli Capital Asset Fund, The Gabelli International Growth Fund, Inc., The Gabelli Global Growth Fund, The Gabelli Utility Trust, The Gabelli Utilities Fund, The Gabelli Dividend Growth Fund, The Gabelli Focus Five Fund, The Comstock Capital Value Fund, The Gabelli Dividend and Income Trust, The Gabelli Global Utility & Income Trust, The GAMCO Global Gold, Natural Resources, & Income Trust, The GAMCO Natural Resources Gold & Income Trust, The GDL Fund, Gabelli Enterprise Mergers & Acquisitions Fund, The Gabelli ESG Fund, Inc., The Gabelli International Small Cap Fund, The Gabelli Healthcare & Wellness Rx Trust, The Gabelli Global Small and Mid Cap Value Trust, Gabelli Value Plus+ Trust, Gabelli Merger Plus+ Trust Plc,  The Gabelli Global Financial Services Fund, The Gabelli Global Mini Mites Fund, The Gabelli Go Anywhere Trust, The Gabelli Media Mogul Fund, The Gabelli Pet Parents’ Fund, The Gabelli U.S. Treasury Money Market Fund, Bancroft Fund Ltd. and Ellsworth Growth & Income Fund Ltd. (collectively, the “Funds”), which are registered investment companies.  Gabelli Funds is also the investment adviser to The GAMCO International SICAV (sub-funds GAMCO Merger Arbitrage and GAMCO All Cap Value), a UCITS III vehicle.
Teton Advisors, an investment adviser registered under the Advisers Act, provides discretionary advisory services to The TETON Westwood Mighty Mitessm Fund, The TETON Westwood Income Fund, The TETON Westwood SmallCap Equity Fund, TETON Westwood Intermediate Bond Fund, and The TETON Westwood Mid-Cap Equity Fund.
MJG Associates provides advisory services to private investment partnerships and offshore funds.  Mario Gabelli is the sole shareholder, director and employee of MJG Associates.   MJG Associates is the Investment Manager of Gabelli International Limited and Gabelli Fund, LDC.  Mario J. Gabelli is the general partner of Gabelli Performance Partnership, LP.
The Foundation is a private foundation.  Mario Gabelli is the Chairman, a Trustee and the Investment Manager of the Foundation. Elisa M. Wilson is the President of the Foundation.
LICT is a holding company with operating subsidiaries engaged primarily in the rural telephone industry. LICT actively pursues new business ventures and acquisitions. LICT makes investments in marketable securities to preserve capital and maintain liquidity for financing their business activities and acquisitions and are not engaged in the business of investing, or trading in securities. Mario J. Gabelli is the Chief Executive Officer, a director, and substantial shareholder of LICT.
CIBL is a holding company with interests in telecommunications operations, primarily in the rural telephone industry. CIBL actively pursues new business ventures and acquisitions. CIBL makes investments in marketable securities to preserve capital and maintain liquidity for financing their business activities and acquisitions and are not engaged in the business of investing, or trading in securities. Mario J. Gabelli is a director, and substantial shareholder of CIBL.
Mario Gabelli is the controlling stockholder, Chief Executive Officer and a director of GGCP and Chairman and Chief Executive Officer of GBL. He is the Executive Chairman of AC.  Mario Gabelli is also a member of GGCP Holdings. Mario Gabelli is the controlling shareholder of Teton.
The Reporting Persons do not admit that they constitute a group.
GAMCO is a New York corporation and GBL, MGH and Teton Advisors are Delaware corporations, each having its principal business office at One Corporate Center, Rye, New York 10580. GGCP is a Wyoming corporation and AC and GCIA are Delaware corporations each having its principal business office 191 Mason Street, Greenwich, CT 06830.   GGCP Holdings is a Delaware limited liability corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830.  G.research is a Delaware limited liability company having its principal officers at One Corporate Center, Rye, New York 10580.  Gabelli Funds is a New York limited liability company having its principal business office at One Corporate Center, Rye, New York 10580.  MJG Associates is a Connecticut corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830.  The Foundation is a Nevada corporation having its principal offices at 165 West Liberty Street, Reno, Nevada 89501.  LICT is a Delaware corporation having its principal place of business as 401 Theodore Fremd Avenue, Rye, New York 10580. CIBL, Inc. is a Delaware corporation having its principal place of business as 165 West Liberty Street, Suite 220, Reno, NV 89501.
For information required by instruction C to Schedule 13D with respect to the executive officers and directors of the foregoing entities and other related persons (collectively, “Covered Persons”), reference is made to Schedule I annexed hereto and incorporated herein by reference.
(d) – Not applicable.
(e) – Not applicable.
 (f) – Reference is made to Schedule I hereto.

Item 3. Source and Amount of Funds or Other Consideration
Item 3 to Schedule 13D is amended, in pertinent part, as follows:
The Reporting Persons used an aggregate of approximately $17,390,562 to purchase the additional Securities reported as beneficially owned in Item 5 since the most recent filing on Schedule 13D. GAMCO used approximately $14,129,352 of funds that were provided through the accounts of certain of their investment advisory clients (and, in the case of some of such accounts at GAMCO, may be through borrowings from client margin accounts) in order to purchase the additional Securities for such clients. GCIA used approximately $3,261,210 of client funds to purchase the additional Securities reported by it.

Item 4. Purpose of Transaction
Item 4 to Schedule 13D is amended, in pertinent part, as follows:
                             On October 21, 2020, the Reporting Persons published a message on Twitter regarding the Issuer’s proposed merger with AVANGRID. A copy of the message is attached as Exhibit A.

Item 5. Interest In Securities Of The Issuer
Item 5 to Schedule 13D is amended, in pertinent part, as follows:
(a) The aggregate number of Securities to which this Schedule 13D relates is 4,161,612 shares, representing 5.22% of the 79,653,624 shares outstanding as reported in the Issuer’s Form 10-Q for the quarterly period ended June 30, 2020.  The Reporting Persons beneficially own those Securities as follows:
 
 
Name
 
Shares of
Common Stock
 
% of Class of
Common
 
GAMCO
 
2,075,210
 
2.60%
 
Gabelli Funds
 
2,020,702
 
2.54%
 
GCIA
 
65,700
 
0.08%

Mario Gabelli is deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons.  AC, GBL and GGCP are deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons other than Mario Gabelli and the Foundation.
(b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) GAMCO does not have the authority to vote 137,600 of its reported shares, (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Fund’s shares, (iii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special  circumstances such as regulatory considerations, and (iv) the power of Mario Gabelli, AC, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by other Reporting Persons.
(c) Information with respect to all transactions in the Securities which were effected during the past sixty days or since the most recent filing on Schedule 13D, whichever is less, by each of the Reporting Persons and Covered Persons is set forth on Schedule II annexed hereto and incorporated herein by reference.
(e) Not applicable.




9





Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: October 21, 2020

GGCP, INC.
MARIO J. GABELLI


By:/s/ David Goldman
     David Goldman
     Attorney-in-Fact


GABELLI FUNDS, LLC


By:/s/ David Goldman 
     David Goldman
     General Counsel – Gabelli Funds, LLC



  GAMCO INVESTORS, INC.


By:/s/ Kevin Handwerker 
     Kevin Handwerker
                General Counsel & Secretary – GAMCO Investors, Inc.


ASSOCIATED CAPITAL GROUP, INC.
GAMCO ASSET MANAGEMENT INC.
GABELLI & COMPANY INVESTMENT ADVISERS, INC.



By:/s/ Douglas R. Jamieson 
     Douglas R. Jamieson
                    President & Chief Executive Officer – Associated Capital
Group, Inc.
      President – GAMCO Asset Management Inc.
      President – Gabelli & Company Investment Advisers, Inc.

10

SCHEDULE I
Information with Respect to Executive
Officers and Directors of the Undersigned
Schedule I to Schedule 13D is amended, in pertinent part, as follows:

The following sets forth as to each of the executive officers and directors of the undersigned: his name; his business address; his present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted.  Unless otherwise specified, the principal employer of each such individual is GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli & Company Investment Advisers, Inc., G.research, LLC, Teton Advisors, Inc., Associated Capital Group, Inc. or GAMCO Investors, Inc., the business address of each of which is One Corporate Center, Rye, New York 10580, and each such individual identified below is a citizen of the United States.  To the knowledge of the undersigned, during the last five years, no such person has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), and no such person was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which he was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities law or finding any violation with respect to such laws except as reported in Item 2(d) and (e) of this Schedule 13D.




















11

 
GAMCO Investors, Inc.
Directors:
   
 
               Edwin L. Artzt
 
 
 
 
Raymond C. Avansino
 
 
 
 
              Leslie B. Daniels
 
Former Chairman and Chief Executive Officer
Procter & Gamble Company
900 Adams Crossing
Cincinnati, OH 45202
 
Chairman & Chief Executive Officer
E.L. Wiegand Foundation
165 West Liberty Street
Reno, NV 89501
 
Operating Partner
AE Industrial Partners, LP
2500 N. Military Trail, Suite 470
Boca Raton, FL 33431
 
 
Mario J. Gabelli
 
 
 
 
 
 
              Elisa M. Wilson
Chief Executive Officer and Chief Investment Officer of GGCP, Inc.
Chairman & Chief Executive Officer of GAMCO Investors, Inc.
Executive Chairman of Associated Capital Group, Inc.
Director/Trustee of all registered investment companies advised by Gabelli Funds, LLC.
 
Director
c/o GAMCO Investors, Inc.
One Corporate Center
Rye, NY 10580
 
     
               Eugene R. McGrath
 
Former Chairman and Chief Executive Officer
Consolidated Edison, Inc.
4 Irving Place
New York, NY 10003
 
 
               Robert S. Prather
 
 
President & Chief Executive Officer
Heartland Media, LLC
1843 West Wesley Road
Atlanta, GA 30327
 
 
Officers:
   
Mario J. Gabelli
 
Chairman and Chief Executive Officer
 
 
Henry G. Van der Eb
 
Bruce N. Alpert
 
Kevin Handwerker
 
Kieran Caterina
 
Senior Vice President
 
Senior Vice President
 
Executive Vice President, General Counsel and Secretary
 
Chief Accounting Officer
 
 
     
     
GAMCO Asset Management Inc.
Directors:
 
   
Douglas R. Jamieson
Regina M. Pitaro
              Paul Swirbul
              Christopher Desmarais
   
Officers:
 
   
Mario J. Gabelli
Chief Executive Officer and Chief Investment Officer – Value Portfolios
 
 
Douglas R. Jamieson
 
               David Goldman
 
President, Chief Operating Officer and Managing Director
 
General Counsel, Secretary & Chief Compliance Officer
 
 
Gabelli Funds, LLC
Officers:
 
   
Mario J. Gabelli
 
Chief Investment Officer – Value Portfolios
 
Bruce N. Alpert
Executive Vice President and Chief Operating Officer
 
 
 
               David Goldman
 
Vice President, Corporate Development and General Counsel
 
 
               Richard Walz
 
Chief Compliance Officer
 
 
               Kieran Caterina
 
Chief Accounting Officer
 
 
               John Ball
 
Senior Vice President, Fund Administration
 
     
 
Gabelli Foundation, Inc.
Officers:
 
                Mario J. Gabelli
Chairman, Trustee & Chief Investment Officer
 
                Elisa M. Wilson
 
                Marc Gabelli
 
                Matthew R. Gabelli
 
                Michael Gabelli
President
 
Trustee
 
Trustee
 
Trustee






12




 
 
 
GGCP, Inc.
Directors:
 
          Mario J. Gabelli
 
Chief Executive Officer and Chief Investment Officer of GGCP, Inc.
Chairman & Chief Executive Officer of GAMCO Investors, Inc.
Executive Chairman of Associated Capital Group, Inc.
Director/Trustee of all registered investment companies advised by Gabelli Funds, LLC.
 
          Marc Gabelli
 
President – GGCP, Inc.
          Matthew R. Gabelli
 
Vice President – Trading
G.research, LLC
One Corporate Center
Rye,  NY 10580
 
          Michael Gabelli
 
 
President & COO
Gabelli & Partners, LLC
One Corporate Center
Rye, NY 10580
 
 
          Frederic V. Salerno
 
Chairman
Former Vice Chairman and Chief Financial Officer
Verizon Communications
 
 
           Vincent S. Tese
 
Executive Chairman – FCB Financial Corp
 
           Elisa M. Wilson
 
Director
   
Officers:
 
Mario J. Gabelli
Chief Executive Officer and Chief Investment Officer
              Marc Gabelli
President
   
GGCP Holdings LLC
Members:
 
              GGCP, Inc.
 
              Mario J. Gabelli
 
 
 
Manager and Member
 
Member









13



 
 
Teton Advisors, Inc.
Directors:
 
               Marc Gabelli
 
               Vincent J. Amabile
 
               Stephen G. Bondi, CPA
 
               Aaron J. Feingold, M.D.
 
               Nicholas F. Galluccio
 
               Kevin M. Keeley
 
               John M. Tesoro, CPA
 
 
Executive Chairman
 
Founder- Amabile Partners
 
Chief Financial Officer – Mittleman Brothers, LLC
 
President and Founder – Raritan Bay Cardiology Group
 
Chief Executive Officer and President
 
President & Executive Chairman – Keeley Teton Advisors, LLC
 
Retired Partner – KPMG LLP
 
Officers:
 
 
               Nicholas F. Galluccio
 
               Patrick B. Huvane, CPA, CFA
 
               Deanna B. Marotz
 
 
See above
 
Chief Financial Officer
 
Chief Compliance Officer
   
























14


 
 
 
 
 
Associated Capital Group, Inc.
Directors:
 
Mario J. Gabelli
 
Chief Executive Officer and Chief Investment Officer of GGCP, Inc.
Chairman & Chief Executive Officer of GAMCO Investors, Inc.
Executive Chairman of Associated Capital Group, Inc.
Director/Trustee of all registered investment companies advised by Gabelli Funds, LLC.
 
 
              Marc Gabelli
 
 
President – GGCP, Inc.
              Douglas R. Jamieson
President and Chief Executive Officer
 
              Bruce Lisman
 
 
Former Chairman - JP Morgan – Global Equity Division
Daniel R. Lee
 
 
 
Chief Executive Officer
Full House Resorts, Inc.
4670 South Ford Apache Road, Suite 190
Las Vegas, NV 89147
 
              Salvatore F. Sodano
 
Vice Chairman – Broadridge Financial Solutions
 
 
              Frederic V. Salerno
 
 
 
See above
              Elisa M. Wilson
 
Director
 
Officers:
 
Mario J. Gabelli
 
               Douglas R. Jamieson
 
               Kenneth D. Masiello
 
               Kevin Handwerker
 
               David Fitzgerald
 
Executive Chairman
 
President and Chief Executive Officer
 
Chief Accounting Officer
 
Executive Vice President, General Counsel and Secretary
 
Assistant Secretary
   
Gabelli & Company Investment Advisers, Inc.
 
Directors:
 
 
              Douglas R. Jamieson
 
 

Officers:
 
              Douglas R. Jamieson
 
              John Givissis
 
Kevin Handwerker
 
David Fitzgerald
Chief Executive Officer and President
 
Controller
 
Secretary
 
Assistant Secretary
 
G.research, LLC
 
 
Officers:
 
               Cornelius V. McGinity
 
Office of the Chairman
 
               Vincent Amabile
 
President
 Bruce N. Alpert
 
               Bernard Frize
 
               Joseph Fernandez
 
Vice President
 
Chief Compliance Officer
 
Controller and Financial and Operations Principal




15





                               SCHEDULE II
                            INFORMATION WITH RESPECT TO
                 TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS OR
                 SINCE THE MOST RECENT FILING ON SCHEDULE 13D (1)
                                   SHARES PURCHASED        AVERAGE
                        DATE            SOLD(-)             PRICE(2)

 COMMON STOCK-PNM RESOURCES INC.

          GAMCO ASSET MANAGEMENT INC.
                      10/20/20            1,421            49.6379
                      10/20/20            2,300            49.6379                                                                                                                                                                               
                      10/20/20            5,600            49.6893
                      10/20/20           50,000            49.8003
                      10/19/20               54            46.0200
                      10/19/20              100              *DI
                      10/19/20              150-             *DO
                      10/16/20              400-             *DO
                      10/14/20              435-             *DO
                      10/14/20               60-             *DO
                      10/13/20               33-           45.1500
                      10/13/20              500-           44.6020
                      10/13/20            1,000            44.7000
                      10/13/20               60-           45.1283
                      10/12/20               29            45.7290
                      10/12/20               28            45.7300
                      10/12/20               28            45.7500
                      10/12/20              500            44.4700
                      10/12/20              200            45.7300
                      10/09/20            2,200            44.3751
                      10/09/20              150-             *DO
                      10/08/20            1,000            44.2990
                      10/08/20              143-           44.3914
                      10/08/20              500            44.2250
                      10/08/20              200-             *DO
                      10/06/20               20-             *DO
                      10/06/20               85            43.8199
                      10/06/20                5-             *DO
                      10/06/20              300-             *DO
                      10/06/20               29            43.4600
                      10/05/20                6-             *DO
                      10/05/20            1,000-           43.4110
                      10/05/20               39-             *DO
                      10/01/20                4-           41.7400
                      10/01/20               25-           41.7392
                      10/01/20                5-           41.7380
                      10/01/20              200            41.7200
                      10/01/20              300            41.8666
                      10/01/20              300-           41.9100
                      10/01/20              300-           41.8550
                       9/30/20              400            41.7674
                       9/30/20            3,640            41.5256
                       9/30/20            7,000            41.3802
                       9/30/20            1,170            41.3500
                       9/30/20            1,080            41.3130
                       9/30/20               12-           41.2342
                       9/30/20               20-           41.2340
                       9/29/20              300            41.1632
                       9/29/20              300-           41.1698
                       9/29/20              300-             *DO
                       9/29/20               69            41.4500
                       9/29/20              341            41.4500
                       9/29/20              300            41.4499
                       9/29/20            2,570            41.3904
                       9/29/20            3,000            41.3475
                       9/29/20              200            41.2995
                       9/29/20              500            41.2919
                       9/29/20              200            41.2594
                       9/29/20              400            41.1632
                       9/29/20              300            41.1600
                       9/29/20            1,800            41.1468
                       9/29/20              100            41.1200
                       9/29/20              300            41.0598
                       9/29/20              700            41.0200
                       9/29/20              120            40.9450
                       9/28/20              600            41.4470
                       9/28/20            1,000-           41.7500
                       9/28/20              195            41.8200
                       9/25/20            1,400            40.0821
                       9/25/20              300              *DI
                       9/24/20            2,300            39.6996
                       9/24/20              500            40.6170
                       9/24/20              800            40.6314
                       9/24/20            1,500            39.5100
                       9/23/20               68-           40.1693
                       9/23/20              700-             *DO
                       9/23/20               20-           40.1690
                       9/23/20            6,300            40.2140
                       9/22/20              122              *DI
                       9/22/20              300            40.6318
                       9/22/20            1,400            40.4343
                       9/21/20               66-           39.3391
                       9/21/20               30-           39.7743
                       9/21/20                5-           39.7740
                       9/21/20               37-           39.3392
                       9/21/20                8-           39.7738
                       9/21/20            2,300            39.9621
                       9/18/20              225-             *DO
                       9/18/20            1,050            40.2000
                       9/17/20               69-             *DO
                       9/17/20            4,700            40.0219
                       9/17/20              385-             *DO
                       9/16/20            1,920            41.4234
                       9/16/20              275            41.1170
                       9/16/20              500            41.2880
                       9/16/20              580            41.3908
                       9/16/20               30-             *DO
                       9/16/20            2,000            41.1000
                       9/16/20              410            41.4175
                       9/15/20              300            40.9700
                       9/14/20              150            41.2933
                       9/14/20               50-             *DO
                       9/14/20              500            40.8520
                       9/14/20               50-             *DO
                       9/11/20              800            40.8500
                       9/11/20                9-             *DO
                       9/11/20               41-             *DO
                       9/11/20              850            40.9700
                       9/11/20               10-             *DO
                       9/11/20            1,300            40.7393
                       9/10/20                4-             *DO
                       9/10/20                3-             *DO
                       9/10/20               16-             *DO
                       9/10/20              100-             *DO
                       9/10/20            2,400            41.2075
                       9/10/20              600            42.0750
                       9/10/20              200-           41.1700
                       9/09/20              600            42.3637
                       9/09/20            4,000-           42.0849
                       9/08/20            1,808-             *DO
                       9/08/20              700            42.9500
                       9/04/20              200-             *DO
                       9/04/20              700            43.8458
                       9/04/20              700            42.8458
                       9/04/20            2,900            42.8458
                       9/04/20              700-           43.8758
                       9/04/20            1,200            43.4617
                       9/04/20            2,000            42.9620
                       9/03/20            5,500            43.4994
                       9/02/20               20-           43.4900
                       9/01/20               27            43.0800
                       9/01/20               89-             *DO
                       8/31/20               20            43.5500
                       8/31/20               16            43.5350
                       8/31/20               41-             *DO
                       8/31/20            3,300            43.8294
                       8/31/20               53            43.6200
                       8/31/20               16            43.5600
                       8/28/20            4,500            43.5407
                       8/27/20               29            43.2500
                       8/26/20               75-             *DO
                       8/26/20            4,000-           43.3417
          GABELLI & COMPANY INVESTMENT ADVISERS, INC.
             GABELLI ASSOCIATES LIMITED II E
                      10/20/20           11,300            49.6379
             GABELLI ASSOCIATES LIMITED
                      10/20/20            7,600            49.6379
             GABELLI ASSOCIATES FUND
                      10/20/20           20,700            49.6379
             GABELLI ASSOCIATES FUND II
                      10/20/20           26,100            49.6379
  GABELLI FUNDS, LLC.
             GAMCO MERGER ARBITRAGE
                      10/20/20           49,621            49.6379
             GABELLI MERGER PLUS+ TRUST
                      10/20/20           49,621            49.6379
             GABELLI UTILITY TRUST
                      10/20/20           27,000            49.5200
                      10/01/20            5,000            41.8461
                       8/31/20            2,600            43.6689
             GABELLI EQUITY TRUST
                      10/12/20            8,000            45.6846
             GABELLI ENTERPRISE M&A FUND
                      10/20/20           10,000            49.5897
             GABELLI ABC FUND
                      10/20/20           10,000            49.5897
             THE GDL FUND
                      10/20/20           10,000            49.5897
            GABELLI GLOBAL UTILITY & INCOME TRUST
                      10/20/20           13,000            49.5200
                      10/13/20            2,000            45.0025
                                                                                             
(1) UNLESS OTHERWISE INDICATED, ALL TRANSACTIONS WERE EFFECTED
    ON THE NYSE.

(2) PRICE EXCLUDES COMMISSION.

(*) RESULTS IN CHANGE OF DISPOSITIVE POWER AND BENEFICIAL OWNERSHIP.



16


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