General American Investors Announces: Issue Price for the 2012 Year-End Special Dividend and Distribution Payable on January 31, 2013

NEW YORK--()--General American Investors Company, Inc. (NYSE symbol – GAM), a closed-end investment company, announced that the price at which shares of its common stock will be issued to stockholders who elected to receive additional shares in payment of the 2012 year-end special dividend and distribution on its common stock will be $29.06 per share. The issue price represents the average between the high and the low prices on the New York Stock Exchange on January 11, 2013, which was below the net asset value of $33.78 per share on that date. The dividend and distribution is payable on January 31, 2013. As announced on December 12, 2012, the dividend and distribution amounts to $0.60 per share in the aggregate and consist of:

  • A distribution of $0.53 per share from net long-term capital gains on securities sold. This is expected to be taxable as capital gain income for 2012.
  • A dividend and distribution of $0.07 per share from estimated accumulated undistributed income for the full year 2012. This is ordinary income and is expected to be taxable as qualified dividend income for 2012.

The final determination as to the taxability of the above amounts will be reported to you in January 2013 via Form 1099-DIV.

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. General American Investors has net assets of approximately $986 million applicable to its 29.2 million shares of common stock outstanding. The aggregate liquidation value of the Company’s preferred stock is $190.1 million. Its preferred shares (symbol GAM Pr B) are also listed on the NYSE.

Contacts

General American Investors Company, Inc.
Eugene S. Stark, 212-916-8447
Vice-President, Administration

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Contacts

General American Investors Company, Inc.
Eugene S. Stark, 212-916-8447
Vice-President, Administration