NEW YORK--(BUSINESS WIRE)--The Board of Directors of General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), 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. During this period, the Company has repurchased 23.5 million shares of common stock for $681 million at an average discount of 13.2%.
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 net assets of approximately $1.0 billion applicable to its 26.8 million shares of common stock outstanding. The aggregate liquidation value of the Company’s preferred stock is $190 million. Its preferred shares (symbol GAM Pr B) are also listed on the NYSE.