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General American Investors Company Announces: Actions Taken by the Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
The Board of Directors of General American Investors has renewed its authorization for the repurchase of 604,687 shares of 5.95% Cumulative Preferred Stock, Series B. This program allows repurchases when shares trade below the liquidation preference of $25 per share. Since the initial authorization in 2008, 395,313 shares have been repurchased. Additionally, the annual shareholder meeting is scheduled for April 20, 2022, with options for virtual attendance due to health concerns, ensuring compliance with regulations.
Positive
Renewed repurchase program for 604,687 shares potentially enhances shareholder value.
Total net assets of approximately $1.2 billion indicate a strong financial position.
Negative
Share repurchase program may indicate a lack of profitable investment opportunities.
The need for a virtual meeting highlights ongoing uncertainties due to the pandemic.
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 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 20, 2022 for shareholders of record on February 11, 2022. 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, 2021, the Company had total net assets of approximately $1.2 billion applicable to its 23.8 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.
Eugene S. Stark Vice-President, Administration
(212) 916-8447
Source: General American Investors Company, Inc.
FAQ
What is the share repurchase authorization for GAM?
General American Investors has renewed the authorization to repurchase 604,687 shares of 5.95% Cumulative Preferred Stock, Series B, when shares are below $25.
When is the annual shareholder meeting for GAM?
The annual shareholder meeting is scheduled for April 20, 2022, for shareholders of record on February 11, 2022.
What are the total net assets of General American Investors?
As of November 30, 2021, General American Investors had total net assets of approximately $1.2 billion.
Why might the annual meeting be held virtually?
The annual meeting may be held virtually due to public health concerns and regulatory recommendations related to the coronavirus pandemic.
