BALTIMORE, Dec. 7, 2011 /PRNewswire/ -- 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."
Please see the information posted at our website, www.adamsexpress.com, 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. For further information please contact: Douglas G. Ober, Chairman and Chief Executive Officer Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary(410) 752-5900 or (800) 638-2479email: firstname.lastname@example.org: www.adamsexpress.com SOURCE The Adams Express Company
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV