Adams Express Fund Resumes Repurchasing Stock
BALTIMORE, July 2, 2013 /PRNewswire/ -- The Adams Express Company (NYSE: ADX) reported today that it resumed its share repurchases during the Second Quarter of 2013 and purchased 389,822 shares of the Fund's common stock during the period. The shares were repurchased at an average price of $12.12 and a weighted average discount to net asset value (NAV) of 13.1%.
Under the share repurchase program authorized by the Board of Directors, the Fund may repurchase up to 5% of the outstanding shares of its common stock. Such repurchases may be made from time to time in the open market when market conditions and portfolio management considerations warrant and the shares are trading at a discount of at least 10% from 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 the same or similar amount going forward.
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.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
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 ticker symbol ADX.
SOURCE The Adams Express Company