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

General American Investors announced its Board of Directors has renewed authorization to repurchase up to 1,601,553 shares of 5.95% Cumulative Preferred Stock, Series B when trading below the $25 per share liquidation preference.

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12/04/2024 - 04:25 PM EST

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.

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, 2024, the Company had total net assets of approximately $1.4 billion applicable to its 22.9 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 $190.0 million.