General American Investors : 2020 Spill-Over Dividend and Distribution on Common Stock & Quarterly Dividend and Distribution on Preferred Stock
January 27, 2021 at 05:08 pm EST
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General American Investors Company, Inc.
530 Fifth Avenue
New York, New York 10036
Company Contact:
Eugene S. Stark
January 27, 2021
Vice-President, Administration
(212) 916-8447
For Immediate Release
GENERAL AMERICAN INVESTORS COMPANY
COMMON/PREFERRED STOCK - DIVIDEND/DISTRIBUTION
NEW YORK - Jan. 27 - The Board of Directors of General American Investors Company, Inc. (NYSE symbol - GAM), a closed-end investment company, declared a spill-over capital gain distribution on its common stock totaling $0.25 per share from net long-term profits on securities sold during the period November 1, 2020 through December 31, 2020. This is sourced from long-term capital gain income and is expected to be taxable as such. The dividend and distribution is payable in cash on February 19, 2021 to stockholders of record on February 8, 2021 and is to be included in stockholders' federal income tax returns for 2021.
The Board of Directors also declared on its 5.95% cumulative preferred stock, series B, a dividend and distribution of $0.371875 per share payable in cash on March 24, 2021 to holders of record on March 8, 2021. This quarterly dividend and distribution represents a payment for the accrual period from December 24, 2020 through March 23, 2021. Preferred shareholders will be informed in early 2022 of the taxable portions of the distribution.
General American Investors was founded in 1927, has been publicly traded since its inception and has been listed on the NYSE since 1930. The objective of the Company is long-term capital appreciation through investment in companies with above average growth potential. The Company has total net assets of approximately $1.1 billion applicable to its 24.7 million shares of common stock outstanding. The aggregate liquidation value of the Company's preferred stock is $190 million (NYSE symbol - GAM Pr B).
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General American Investors Company Inc. published this content on 27 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2021 22:07:07 UTC
General American Investors Company, Inc. is a closed-end, diversified management investment company. The primary investment objective of the Company is long-term capital appreciation. The Company seeks investments worldwide in public and private companies. The Company invests in various industry sectors, such as information technology, financials, consumer discretionary, healthcare, consumer staples, industrials, communication services, energy, materials and other. The Companyâs portfolio includes Republic Services, Inc., Microsoft Corporation, Arch Capital Group Ltd., Alphabet Inc., Berkshire Hathaway Inc., Apple Inc., Everest Group, Ltd., The TJX Companies, Inc., ASML Holding N.V. and Nestle S.A.