The Adams Express Company Announces Issue Price of Shares for Year-End Distribution Payable December 27, 2011
BALTIMORE, Dec. 7, 2011 /PRNewswire/ -- The price at which The Adams Express Company (NYSE: ADX) common stock will be issued in payment of the $0.50 year-end distribution, made up of $0.02 income dividend and $0.48 realized capital gains, to stockholders who have elected to receive the distribution in stock, payable December 27, 2011, is $9.745 per share. This price is the mean between today's high and low sales prices of the Company's stock on the New York Stock Exchange.
Commenting on this year's year-end distribution, Douglas G. Ober, Chairman and CEO of Adams Express, said: "This amount is consistent with the commitment we made to our stockholders in September that we will distribute each year an amount equal to at least 6% of the Company's trailing 12-month average month-end market price. Our commitment reflects our long history of providing attractive distributions of dividend income and capital gains and adds predictability to the amount that our stockholders will be receiving. We will continue to manage the portfolio for solid long-term returns while providing a commitment to a cash payout of at least 6% regardless of market conditions. This should be appealing to investors in today's volatile markets and low interest rate environment."
Please see the information posted at our website, www.adamsexpress.com, for more details concerning the 6% annual distribution commitment.
The Company has paid out capital gains to its stockholders for 47 consecutive years and has paid dividends for 76 consecutive years.
The Adams Express Company is a Baltimore-based closed-end investment company.
For further information please contact:
Douglas G. Ober, Chairman and Chief Executive Officer
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
(410) 752-5900 or (800) 638-2479
SOURCE The Adams Express Company