BALTIMORE, Dec. 9, 2010 /PRNewswire/ -- The Board of Directors of The Adams Express Company (NYSE: ADX) voted today to extend its share repurchase program and has authorized the repurchase of up to 5% of the outstanding shares of the Company's common stock (up to 4,371,484 shares) through December 31, 2011. Purchases may be made in the open market when the shares are trading at a discount of at least 10.0% and market conditions and portfolio management considerations otherwise warrant. The Company's discount as of last night's market close was 15.1%.
The repurchase program was initiated in 1999 and has been reauthorized by the Board each year since. In 2010, the Company has repurchased 28,300 shares.
Adams Express is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the ticker symbol: ADX.
Safe Harbor Statement: To the extent that any statements made in this press release contain information that is not historical, these statements are essentially forward looking in nature and are subject to risks and uncertainties, including whether the Company decides to repurchase some, all, or no shares under the repurchase program, the performance of the portfolio of stocks held by the Fund, the conditions in the U.S. and international financial markets, and other markets, the price at which shares of the Fund will trade in the public markets, and other factors discussed in the Company's 2009 Annual Report and other Securities and Exchange Commission filings by the Company.
SOURCE Adams Express Company