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 2011 year-end dividend and distribution on its common stock will be $25.48 per share. The issue price represents the average between the high and the low prices on the New York Stock Exchange on December 2, 2011, which was below the net asset value of $30.04 per share on that date. The dividend and distribution is payable on December 23, 2011. As announced on November 2, the dividend and distribution amounts to $0.50 per share in the aggregate and consist of:
- A distribution of $0.3297 per share from net long-term capital gains on securities sold.
- A dividend and distribution of $0.1703 per share from estimated accumulated undistributed income for the full year 2011 and net short-term gains on securities sold.