The Adams Express Fund Declares Dividend And Reports Performance For The First Half Of 2014

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Adams Express Company

Jul 10, 2014, 04:01 ET

BALTIMORE, July 10, 2014 /PRNewswire/ -- The Board of Directors of Adams Express (NYSE: ADX) today declared a dividend of $0.05 per share, payable September 2, 2014, to shareholders of record on August 12, 2014.  This dividend represents the third payment toward the Fund's annual 6% minimum distribution rate commitment for the year. Details regarding the annual 6% minimum distribution rate commitment can be found at www.adamsexpress.com.

Performance

For the six months ended June 30th, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 7.3%. Comparable figures for the Standard & Poor's 500 Index (S&P 500) and the Lipper Large-Cap Core Mutual Funds Average (Lipper Peer Group) were 7.1% and 6.4%, respectively. The total return on the Fund's market price was 6.0%.

For the twelve months ended June 30th, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 24.9%.  Comparable figures for the S&P 500 and the Lipper Peer Group were 24.6% and 23.5%, respectively. The total return on the Fund's market price was 22.6%.

Net Asset Value

The Fund's net asset value at June 30, 2014, compared with the year earlier, was:

                                                                                                     


           6/30/14

          6/30/13

              Net assets

$1,507,502,245

$1,272,697,559

              Shares outstanding

93,780,557

92,687,368

              Net asset value per share

$16.07

$13.73

During the period, the Fund repurchased 466,200 shares of its common stock at an average price per share of $13.17 and a weighted average discount to net asset value of 14.1%.

The Fund realized a net capital gain of $0.64 per share from the securities transactions that it conducted during the six-month period.

The Semi-Annual Report to Shareholders is expected to be released on or about July 18, 2014. 

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 please contact:

Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary  
410-752-5900 or 800-638-2479 
E-mail: [email protected] 
Website: www.adamsexpress.com

SOURCE Adams Express Company

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