General American Investors Company Declares Year-End Dividends and Distributions on Common and Preferred Shares
NEW YORK–(COMMERCIAL THREAD) – Today the board of directors of General American Investors Company, Inc. (symbol NYSE – GAM), a closed-end investment company, declared a combined dividend and distribution of $ 3.05 per share in its outstanding common shares, as follows:
A distribution of $ 2.70 per share from long-term net capital gains on securities sold.
A dividend of $ 0.35 per share from estimated undistributed net investment income for the full year 2021.
The tax determination will be provided in January 2022. Both amounts are payable on December 30, 2021 to shareholders of record on November 15, 2021 and must be included in federal shareholder income tax returns for 2021. Holders of common shares receive the dividend and the distribution according to one of the following two options:
Receive additional full and fractional shares of the common stock of the Company for the combined total dividend and distribution of $ 3.05 per share or,
Choose to receive cash for dividend and distribution.
The Board of Directors declared on its 5.95% Cumulative Preferred Shares, Series B, a dividend and distribution of $ 0.371875 per share payable in cash on December 24, 2021 to holders of record on December 7, 2021. This dividend and this quarterly distribution represent a payment for the accrual period from September 24, 2021 to December 23, 2021. Preferred shareholders will be notified in January 2022 of the taxation of the dividend and the distribution.
General American Investors was founded in 1927, has been publicly traded since its inception, and has been listed on the New York Stock Exchange since 1930. The Company’s objective is long-term capital appreciation by investing in companies with a above-average growth potential. As at October 31, 2021, the Company had approximately $ 1.3 billion in net assets applicable to its 23.8 million common shares outstanding. The net asset value of the Company’s common shares as at October 31, 2021 was $ 54.05 per share and the closing price was $ 45.36 per share. The total liquidation value of the preferred shares of the Company is $ 190.1 million (liquidation preference of $ 25.00 per share). Its preferred shares (symbol GAM Pr B) are also listed on the NYSE.