General American Investors Company Declares Year-End Dividends and Distributions on Common and Preferred Stock
November 03 2021 - 4:35PM
Business Wire
Today, the Board of Directors of General American Investors
Company, Inc. (NYSE symbol – GAM), a closed-end investment company,
declared a combined dividend and distribution of $3.05 per share on
its outstanding shares of common stock as follows:
- A distribution of $2.70 per share from net long-term capital
gains on securities sold.
- A dividend of $0.35 per share from estimated undistributed net
investment income for the full year 2021.
Determination as to taxability will be provided in January 2022.
Both amounts are payable on December 30, 2021 to stockholders of
record on November 15, 2021, and are to be included in
stockholders’ Federal income tax returns for 2021. Holders of
common stock will receive the dividend and distribution under one
of two options:
- Receive additional full and fractional shares of the Company’s
common stock for the combined total dividend and distribution of
$3.05 per share or,
- Elect to receive cash for the dividend and distribution.
The Board of Directors declared on its 5.95% Cumulative
Preferred Stock, 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 quarterly dividend and distribution
represents a payment for the accrual period from September 24, 2021
through December 23, 2021. Preferred shareholders will be informed
in January 2022 as to taxability of the dividend and
distribution.
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 October 31, 2021, the Company had net
assets of approximately $1.3 billion applicable to its 23.8 million
shares of common stock outstanding. The net asset value of the
common stock of the Company on October 31, 2021 was $54.05 per
share and the closing price was $45.36 per share. The aggregate
liquidation value of the Company’s preferred stock is $190.1
million (liquidation preference $25.00 per share). Its preferred
shares (symbol GAM Pr B) are also listed on the NYSE.
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Eugene S. Stark Vice-President, Administration (212)
916-8447
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