BALTIMORE, MARYLAND – DECEMBER 10, 2009 – 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 through December 31, 2010. 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 15.74%. As of December 10, 2009, the Company has 86,068,846 outstanding shares, which means that if the Company were to repurchase all of the shares authorized today by the Board, 4,303,442 shares could be repurchased over the period.
The repurchase program was initiated in 1999 and has been reauthorized by the Board each year since.
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 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 2008 Annual Report and other Securities and Exchange Commission filings by the Company.
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For further information, please contact:
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
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