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 in New York City on April 24, 2019 for
shareholders of record on February 15, 2019.
Finally, the Board of Directors wishes to announce the following
promotions of officers effective January 1, 2019:
Mr. Anang K. Majmudar to Senior Vice-President
Mr. Liron Kronzon to Vice-President
Ms. Samantha X. Jin to Treasurer and Principal Accounting Officer
Ms. Connie A. Santa Maria to Assistant Corporate Secretary
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, 2018, the Company had total net assets of approximately
$1.0 billion applicable to its 25.4 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005737/en/
Contacts:
General American Investors Company, Inc.
Eugene S. Stark
Vice-President,
Administration
(212) 916-8447
Source: General American Investors Company, Inc.
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