NEW YORK--(BUSINESS WIRE)--
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 up to 1,601,553 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. To date, a total of 398,447 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 24, 2024 for shareholders of record on February 9, 2024. In the event of a public health crisis pertaining to the coronavirus, or other pandemic, and/or related government regulations and recommendations, the Board of Directors also wishes to announce that if 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, 2023, the Company had total net assets of approximately $1.2 billion applicable to its 23.3 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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