Adams Express Fund Declares Year-End Distribution; Exceeds Its Annual 6% Minimum Distribution Rate Commitment
BALTIMORE, Nov. 13, 2014 /PRNewswire/ -- Adams Express (NYSE: ADX) declared today a year-end distribution of $1.03 per share. The total distributions by the Fund for 2014 will be $1.18, including the distributions of $0.15 per share made prior to today's announcement. The annual distribution rate represented by these distributions is 8.8%.
The year-end distribution consists of the following:
- $0.95 per share from net capital gains realized during 2014, comprised of $0.05 short-term and $0.90 long-term capital gain; and
- $0.08 per share from 2014 net investment income.
This marks the 50th consecutive year that the Fund has paid out capital gains and the 79th consecutive year it has paid out dividends to its shareholders.
Commenting on the year-end distribution, Mark E. Stoeckle, CEO of Adams Express, said: "The commitment we have made to our shareholders is to distribute each year an amount equal to at least 6% of the Fund's trailing 12-month average month-end market price. This year, we will pay out distributions at an annual rate of close to 9%. We are very proud of our long history of providing dividend income and capital gains to our shareholders and this year's distributions add to that exceptional track record."
The payable date for the distribution is December 29, 2014, the record date is November 24, 2014, and the ex-dividend date is November 20, 2014. Both payments are payable in stock or cash at the option of each shareholder.
Details regarding the annual 6% minimum distribution rate can be found at www.adamsexpress.com.
The Adams Express Company is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the symbol ADX.
For further information, contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (410) 752-5900 or (800) 638-2479
e-mail: [email protected]
Website: www.adamsexpress.com
SOURCE Adams Express
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