General American Investors : Renewal of Preferred Stock Repurchase Program and Annual Shareholder Meeting
December 10, 2020 at 05:09 pm EST
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General American Investors Company, Inc.
530 Fifth Avenue
New York, New York 10036
Company Contact:
Eugene S. Stark
December 10, 2020
Vice-President, Administration
(212) 916-8447
For Immediate Release
GENERAL AMERICAN INVESTORS COMPANY ANNOUNCES:
ACTIONS TAKEN BY THE BOARD OF DIRECTORS
NEW YORK - Dec. 10 - The Board of Directors of General American Investors Company, Inc., a closed-end investment company whose common and preferred shares are listed on the New York Stock Exchange (NYSE symbols - GAM and GAM Pr B, respectively), renewed authorization for the repurchase of 604,687 outstanding shares of 5.95% Cumulative Preferred Stock, Series B when the shares are trading at a market price below the liquidation preference of $25 per share. This is a renewal of the repurchase program originally authorized by the Board of Directors on December 10, 2008 for 1 million shares of Preferred Stock. To date, a total of 395,313 shares of Preferred Stock have been repurchased and retired. This program is separate from and in addition to the common stock repurchase program.
The Board of Directors also wishes to announce that the annual shareholder meeting will be held on April 28, 2021 for shareholders of record on February 12, 2021. Due to public health concerns pertaining to the coronavirus pandemic and/or related local, state and federal government regulations and recommendations, the Board of Directors also wishes to announce that in the event that the Annual Meeting cannot or should not be held at The Century Association, it would be appropriate to convene the Annual Meeting on such date and time at another location in the City of New York and virtually, by means of remote communication, or, in the event that the Annual Meeting cannot or should not be convened on such date and time in the City of New York, then solely by means of remote communication.
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. As of November 30, 2020, the Company had total net assets of approximately $1.0 billion applicable to its 24.15 million shares of common stock outstanding. The aggregate liquidation value of the Company's 7.6 million shares of 5.95% Cumulative Preferred Stock, Series B is $190.1 million.
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General American Investors Company Inc. published this content on 10 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 December 2020 22:08:04 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.