Adams Natural Resources Fund Announces Tender Offer Results
On September 10, 2020, Adams Natural Resources Fund (NYSE: PEO) announced the conclusion of its tender offer to buy back 5,955,676 common shares at $11.95 each, representing a 95% rate of its $12.58 net asset value (NAV) as of September 4, 2020.
Sentiment and the balance of points
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Rhea-AI Summary
On September 10, 2020, Adams Natural Resources Fund (NYSE: PEO) announced the conclusion of its tender offer to buy back 5,955,676 common shares at $11.95 each, representing a 95% rate of its $12.58 net asset value (NAV) as of September 4, 2020. A total of 9,414,379 shares were tendered, surpassing the offer amount, which led to a pro rata purchase of 63.26% of shares. All accepted shares will be promptly paid for, while unaccepted shares will be returned to shareholders.
Positive
- Successful completion of a tender offer, indicating strong shareholder interest.
- Pro rata purchase of shares at a high acceptance rate of 63.26%.
Negative
- None.
Details
News Market Reaction – ADX
The recorded move for ADX in the trading session of this news was -0.25%.
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AI-generated analysis. How Rhea-AI works. Not financial advice.
BALTIMORE, Sept. 10, 2020 /PRNewswire/ -- Adams Natural Resources Fund, Inc. (NYSE: PEO) ("PEO") today announced the final results of its offer to purchase up to 5,955,676 of its common shares at
Based on the final count by American Stock Transfer & Trust Co., LLC ("AST"), the depositary for the tender offer, a total of 9,414,379 common shares of PEO were validly tendered and not withdrawn. The total amount of shares tendered exceeded the offer amount, and the Fund will purchase tendered shares on a pro rata basis. The proration factor for shares purchased pursuant to the offer is
In accordance with the terms and conditions of the tender offer, PEO has accepted for payment all 5,955,676 common shares subject to the tender offer.
Payment for the shares accepted for purchase under the tender offer and return of all other shares tendered and not purchased will occur promptly.
AST Fund Solutions, LLC is the information agent for the Offer. Shareholders with questions may call AST Fund Solutions, LLC at (800) 549-6746.
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Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO). The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 80 years across many market cycles. The Funds are committed to paying an annual distribution rate of
Contact:
Lyn Walther │ Director of Shareholder Communications │800.638.2479 | investorrelations@adamsfunds.com
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SOURCE Adams Funds
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