General American Investors Company Announces Action Taken by the Board of Directors

Rhea-AI Summary

General American Investors Company, Inc. has authorized the repurchase of an additional 1,000,000 outstanding shares of common stock at an 8% discount from the underlying net asset value. The company has already repurchased 32.5 million shares for $1 billion at an average discount of 14.1%. Founded in 1927, General American Investors aims for long-term capital appreciation through investment in companies with above-average growth potential. As of December 31, 2023, the company has total net assets of approximately $1.2 billion.

NEW YORK--(BUSINESS WIRE)-- The Board of Directors authorized the repurchase of an additional 1,000,000 outstanding shares of common stock when the shares are trading at a discount from the underlying net asset value by at least 8%. This continues a repurchase program which began in March 1995. Through December 31, 2023, the Company has repurchased 32.5 million shares of common stock for a cost of $1 billion at an average discount of 14.1%.

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. The Company has total net assets of approximately $1.2 billion applicable to its 23.7 million shares of common stock outstanding as of December 31, 2023. The aggregate liquidation value of the Company’s preferred stock is $190 million (NYSE symbol – GAM Pr B).

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Company:

Eugene S. Stark

Vice-President, Administration

(212) 916-8447

Source: General American Investors Company, Inc.

What is the discount percentage for repurchasing outstanding shares of common stock?

The discount percentage for repurchasing outstanding shares of common stock is 8%.

How many shares has the company repurchased and at what cost?

The company has repurchased 32.5 million shares for $1 billion.

What is the objective of General American Investors Company, Inc.?

The objective of the company is long-term capital appreciation through investment in companies with above-average growth potential.

When was General American Investors Company, Inc. founded?

General American Investors Company, Inc. was founded in 1927.

What are the total net assets of the company as of December 31, 2023?

The company has total net assets of approximately $1.2 billion as of December 31, 2023.