BALTIMORE, Nov. 12 /PRNewswire-FirstCall/ -- The Board of Directors of The Adams Express Company (NYSE: ADX) declared today a year-end distribution of $0.30 per share, consisting of the following:

1) a capital gains distribution of $0.28 per share from net capital gains realized during 2009, comprised of $0.05 short-term and $0.23 long-term capital gain; and

2) an income dividend of $0.02 per share from 2009 net investment income.

The payable date for the distribution is December 28, 2009, the record date is November 20, 2009, and the ex-dividend date is November 18, 2009. Both payments are payable in stock or cash at the option of each stockholder.

This marks the 45th consecutive year in which the Company has paid out capital gains to its stockholders and the 74th consecutive year of paying dividends to its stockholders.

With this distribution, total distributions by the Company for 2009 will be $0.45, including distributions of $0.15 per share made prior to today's announcement, which consisted of $0.13 from investment income and $0.02 from long-term capital gain. The annual distribution rate paid to stockholders by the Company for 2009 will be approximately 5.3%, calculated by dividing the total dividends and capital gains distributed during the year by the average daily market price of the Company's Common Stock.

For comparison, in 2008, the Company paid total distributions of $0.64, consisting of $0.26 in dividends and $0.38 in capital gains, and representing an annual distribution rate of 5.6%.

Adams Express is a Baltimore-based closed-end investment company.

                 For further information, contact:
             Douglas G. Ober, Chairman, President & CEO
      Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
               at (410) 752-5900 or (800) 638-2479.
                 e-mail: contact@adamsexpress.com
                  website: www.adamsexpress.com

SOURCE Adams Express Company

Back to top

RELATED LINKS
http://www.adamsexpress.com