The 2012 Annual Report is also available on the Company's website and the Proxy Statement, pertaining to the Company’s Annual Meeting of Stockholders to be held on April 10, 2013, is expected to be available on the website shortly after February 15th, the record date for the annual meeting. Both the Annual Report and Proxy Statement are expected to be mailed to stockholders on or about February 22, 2013.
The Annual Report indicates that as of and for the year ended:
|Net Assets Applicable to Common Stock||$955,417,661||$886,537,370|
|Per Common Share||$32.68*||$29.78**|
|Net Investment Income||$6,973,024||$5,295,369|
|Per Common Share||$0.24||$0.18|
|Net Gain (Loss) on Investments||$144,725,989||($23,392,211)|
|Per Common Share||$5.05||($0.68)|
|Common Shares Outstanding||29,233,972||29,766,389|
|Dividends and Distributions to Common Shareholders||$56,945,503||$14,922,138|
|Per Common Share||$2.00||$0.50|
|Dividends and Distributions to Preferred Shareholders||$11,311,972||$11,311,972|
|Per Common Share||$0.39||$0.38|
|*||After dividends and distributions of $1.40 per share paid in December 2012 and $0.60 per share paid in January 2013.|
|**||After dividend and distribution of $0.50 per share paid in December 2011.|
The Company also reported that it purchased 1,298,533 shares of its outstanding common stock in the open market during 2012. The Board of Directors has authorized repurchasing common shares when they are trading at a discount in excess of 8%. The Company is also authorized to repurchase up to one million shares of its 5.95% Cumulative Preferred Stock, Series B (symbol GAM Pr B on NYSE) when they are trading at less than $25 per share. The aggregate liquidation value of the preferred stock is $190 million.
The largest stock holdings in the Company’s portfolio at December 31, 2012 included: TJX Companies, QUALCOMM, Diageo, Costco, and Arch Capital.
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.