BALTIMORE, MARYLAND, December 11, 2003 -- The Board of Directors of The Adams Express Company 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 over the next twelve months. Purchases will be made in the open market when the shares are trading at a discount of at least 10%. The Company's discount as of last night's market close was 12.8%. As of December 11, 2003, the Company has 82,252,950 outstanding shares, which means that the Company would repurchase 4,112,647 shares if it were to repurchase all of the shares authorized by the Board.
The Board has decided to continue the share repurchase program with the expectation that it will enhance shareholder value by increasing the net asset value of the Company's stock, reduce the modest dilutive impact on those shareholders who choose not to take capital gain distributions in additional shares, and increase the liquidity of the Company's shares in the market place. The repurchase program was initiated in November of 1999 and was extended in 2000, 2001 and 2002. Pursuant to these earlier authorizations, the Company has repurchased a total of 8,650,500 shares.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange, and its symbol is 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, 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 2002 Annual Report and other Securities and Exchange Commission filings by the Company.
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For further information, please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
at (410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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