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ADAMS EXPRESS COMPANY ANNOUNCES RIGHTS OFFERING SUBSCRIPTION PRICE OF $17.20

    BALTIMORE, Aug. 5 /PRNewswire/ -- Directors of The Adams Express Company (NYSE: ADX; PSE), a closed-end investment company, approved the final terms of the company's rights offering that was announced on June 10, 1993.
    Under the terms of the offering, one non-transferable right would be issued for each share of the company's common stock held by shareholders of record, Aug. 9, 1993.  Five rights will be required to purchase one additional share of common stock at the subscription price of $17.20, approximately a 15 percent discount of today's last sale price on the New York Stock Exchange.  The subscription period will commence as soon as practicable following the record date and will terminate at 5 p.m., New York time, on Friday, Sept. 3.  The rights offering is subject to the effectiveness of the company's registration statement with the Securities and Exchange Commission which was filed on June 25 and amended on July 29, 1993, and will be made only by means of a prospectus.
   Adams Express is a closed-end equity investment company with net assets on June 30, 1993, of more than $705 million.
    -0-             08/05/93
    CONTACT:  Joseph M. Truta, president, or J.G. Whitney, vice president and secretary, of Adams Express Company, 410-752-5900, or 800-638-2479
    (ADX) CO:  ADAMS EXPRESS COMPANY SU:  OFR ST:  MD


-- PH026 -- X416 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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