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: contact@adamsexpress.com
Website: www.adamsexpress.com
SOURCE Adams Express Company