Adams Express Fund Authorizes Up to 5% Share Buyback
The Board of Directors of Adams Express (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 Fund's common stock (i.e., up to 4,607,443 shares) through December 31, 2014. Such repurchases may be made from time to time in the open market when market conditions and portfolio management considerations warrant and the shares are trading at a discount of at least 10% from NAV.
The Fund's repurchase program is implemented on a discretionary basis under the direction of its portfolio management team. There can be no assurance that shares will be repurchased in any given amount going forward.
Shares of closed-end funds often trade at a discount from their NAV. The market price of a closed-end fund's shares can be affected by factors such as changing perceptions about the fund, market conditions, fluctuations in supply and demand for fund shares, changes in fund distributions, and other factors. Past performance is no guarantee of future investment results and your shares, if sold, may be worth more or less than their original cost.
Statements in this press release that are not historical facts are