General American Investors Reports Net Assets as of September 30, 1999
10/26/1999
Business Wire
(Copyright (c) 1999, Business Wire)
NEW YORK--(BUSINESS WIRE)--Oct. 26, 1999--General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), today reported total net assets as of Sep. 30, 1999 of $1,039,909,959. Net assets applicable to the common stock of the Company as of Sep. 30, 1999 were $889,909,959 as compared with net assets applicable to common stock of $741,428,463 at Sep. 30, 1998. The figure for Sep. 30, 1999 is after deductions of (1) $30,508,777 representing the portion of dividends paid in cash on Dec. 22, 1998, (2) $10,921,298 representing the portion of the 1998 spill-over dividend paid in cash on Mar.10, 1999, and (3) $24,835,625 representing the cost of 788,500 shares of the Company's common stock repurchased during the period from Oct. 1, 1998 through Sep. 30, 1999.
Net asset value per share of common stock at Sep. 30, 1999 was $35.55, as compared with $33.51 per share at Dec. 31, 1998, adjusted to reflect a deduction for the dividend paid in Mar. 1999, and with $31.78 per share at Sep. 30, 1998.
The Company reported that it had made new commitments during the third quarter of 1999 in C - Cube Microsystems, PRI Automation and Saks. In addition, it had increased its holdings in Cox Communications, Everest Reinsurance, Ford, GelTex Pharmaceuticals, ReliaStar Financial, ServiceMaster and TJX Companies.
The MedImmune 7% Convertible Note was exchanged for shares of MedImmune common stock, the shares of TCA Cable TV were exchanged for shares of Cox Communications and the holdings of DaimlerChrysler were eliminated, while reductions were made in the holdings of AMR, AstraZeneca, Berkshire Hathaway, Cisco Systems, Huntingdon Life Sciences, IDEC Pharmaceuticals, Interim Services, Kennametal, Magainin Pharmaceuticals, MedImmune and Ryder System.
The largest stock holdings in the Company's portfolio at Sep. 30, 1999 included The Home Depot, Inc., Lam Research Corporation, Wal-Mart Stores, Inc., Pfizer Inc. and IDEC Pharmaceuticals Corporation.
GENERAL AMERICAN INVESTORS COMPANY, INC.
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