The Adams Express Fund Extends Share Repurchase Program

BALTIMORE, Md., Dec. 11, 2014 /PRNewswire/ -- The Board of Directors of Adams Express (NYSE:ADX) voted today to extend the Fund's share repurchase program and has authorized the Fund to repurchase up to 5% of its outstanding shares of common stock (approximately 4,667,000 shares). Such repurchases may be made in the open market from time to time, as determined by the portfolio management team, when market conditions and portfolio management considerations warrant and the shares are trading at a discount of at least 10% from net asset value (NAV).

The Fund's repurchase program is implemented on a discretionary basis under the direction of its portfolio management team. There can be no assurance that shares will be repurchased in any given amount going forward and repurchases may be discontinued at any time.

Shares of closed-end funds often trade at a discount from their NAV. The market price of a closed-end fund's shares can be affected by factors such as changing perceptions about the fund, market conditions, fluctuations in supply and demand for fund shares, changes in fund distributions, and other factors. Past performance is no guarantee of future investment results and your shares, if sold, may be worth more or less than their original cost.

The Adams Express Company is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the symbol ADX.

For further information, contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at [phone] or [phone]
e-mail: [e-mail]
Website: www.adamsexpress.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-adams-express-fund-extends-share-repurchase-program-300008716.html

SOURCE Adams Express Company

Copyright 2014 PR Newswire