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Adams Express Announces Defeat Of Stockholder Proposal For Self-Tender Offer At Its 2011 Annual Meeting

Stocks in this article: ADX

BALTIMORE, March 22, 2011 /PRNewswire/ -- The Adams Express Company (NYSE: ADX) announced that a stockholder proposal for the Board of Directors to consider causing the Company to conduct a self-tender offer was soundly defeated by the stockholders at its annual meeting of stockholders today in Baltimore. Of the 56% of the outstanding shares of the Company's stock that were cast on the proposal, 72% of the shares voted against it and 25% of the shares (representing only 14% of the Company's outstanding shares) voted for it. 3% of the shares abstained. For the proposal to pass, the affirmative vote of a majority of the votes cast on the proposal was required.

Douglas G. Ober, Chairman and CEO, stated, "I am very pleased that our stockholders carefully considered the merits of the proposal, which was submitted by an activist hedge fund, and the reasons articulated by the Board for recommending that the stockholders vote against it, and resoundingly voted against the proposal."

The Adams Express Company is a Baltimore-based closed-end investment company.  It trades on the New York Stock Exchange under the ticker symbol ADX.

For further information please contact: Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary 410-752-5900 or 800-638-2479E-mail: contact@adamsexpress.comWebsite: www.adamsexpress.com

For your convenience, all press releases are posted to our website.  If you would like to receive future press releases by fax or e-mail, please let us know.

SOURCE Adams Express Company

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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