Adams Express Company : Announces Issue Price of Shares for Year-End Distribution Payable December 27, 2011
12/08/2011| 09:42am US/Eastern
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BALTIMORE, MARYLAND - DECEMBER 7, 2011 - 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."
, 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.
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For further information, please contact:
Douglas G. Ober, Chairman and Chief Executive Officer
Lawrence L. Hooper, Jr., Vice President, General Counsel &
Secretary
at (410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website:
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