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ADAMS EXPRESS COMPANY ANNOUNCES RIGHTS OFFERING

 BALTIMORE, Sept. 7 /PRNewswire/ -- The Adams Express Company (NYSE: ADX; PSE), a closed-end investment company, announced this morning that all of the shares offered pursuant to its rights offering, which concluded at 5 p.m. on Friday, Sept. 3, have been subscribed for, subject to allocation and collection, at the subscription price of $17.20 per share.
 The offering resulted in approximately $116.6 million in net proceeds for the company.
 The offering commenced on Aug. 9, at which time shareholders were issued one non-transferable right for each share of common stock held; five rights were required to purchase one share of common stock at the subscription price.
 Adams Express is a closed-end equity investment company with net assets on Aug. 31, 1993, of more than $734 million.
 /delval/
 -0- 9/7/93
 /CONTACT: J.G. Whitney, vice president and secretary of The Adams Express Company, 800-638-2479/


CO: Adams Express Company ST: Maryland IN: SU:

MJ-CC -- PH020 -- 9446 09/07/93 15:53 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
Words:164
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