December 11, 2009 (FinancialWire) — The board of The Adams Express Co. (NYSE: ADX) has voted to extend its share repurchase program and has authorized the repurchase of up to 5% of the outstanding shares of the company’s common stock through December 31, 2010. Purchases may be made in the open market when the shares are trading at a discount of at least 10.0% and market conditions and portfolio management considerations otherwise warrant.

As of December 10, 2009, the company has 86,068,846 outstanding shares, which means that if the company were to repurchase all of the shares now authorized by the board, 4,303,442 shares could be repurchased over the period.

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

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