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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 (NYSE:GAM) has authorized the repurchase of an additional 1,000,000 shares of 5.95% Cumulative Preferred Stock, Series B, raising the total available for repurchase to 1,604,687 shares when trading below the $25 liquidation preference. To date, 395,313 shares have been repurchased. The annual shareholder meeting is set for April 26, 2023, and will be held virtually if necessary, due to health concerns. As of November 30, 2022, total net assets were approximately $1.1 billion.
Positive
Renewed repurchase program for 1,604,687 preferred shares may enhance shareholder value.
Total net assets of approximately $1.1 billion indicate strong financial position.
Continued commitment to long-term capital appreciation.
Negative
Ongoing health concerns may affect shareholder meeting attendance and engagement.
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. An additional 1,000,000 preferred shares are also being authorized for repurchase bringing the total approved for repurchase to 1,604,687 preferred shares. 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 26, 2023 for shareholders of record on February 10, 2023. 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, 2022, the Company had total net assets of approximately $1.1 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 repurchase authorization for General American Investors (GAM)?
General American Investors has authorized the repurchase of an additional 1,000,000 shares of 5.95% Cumulative Preferred Stock, Series B, increasing the total to 1,604,687 shares.
When is the next shareholder meeting for General American Investors (GAM)?
The annual shareholder meeting is scheduled for April 26, 2023.
What is the current financial status of General American Investors (GAM)?
As of November 30, 2022, General American Investors reported total net assets of approximately $1.1 billion.
What could happen if the shareholder meeting cannot be held in person?
If the meeting cannot be held in person due to health concerns, it will be conducted virtually.
