Adams Natural Resources Fund Announces Tender Offer Results

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.

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 $11.95, 95% of the $12.58 net asset value per share ("NAV") at the close of regular trading on the New York Stock Exchange on September 4, 2020, the expiration date.

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("AST"), the depositary for the tender offer, a total of 9,414,379 common shares of PEO were validly tendered and not withdrawn.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 63.26%.

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 6% or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.

Contact:
Lyn Walther │ Director of Shareholder Communications │800.638.2479 | investorrelations@adamsfunds.com

 

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SOURCE Adams Funds

FAQ

What were the results of the Adams Natural Resources Fund tender offer on September 10, 2020?

The tender offer resulted in the acceptance of 5,955,676 shares out of 9,414,379 tendered, with a pro rata purchase rate of 63.26%.

What was the share price for the tender offer by PEO?

The tender offer price was set at $11.95 per share.

What was the NAV of PEO shares at the close of trading on September 4, 2020?

The net asset value of PEO shares was $12.58 at the close of trading on September 4, 2020.

When will payment for the accepted shares occur following the tender offer?

Payment for the accepted shares and the return of unaccepted shares will occur promptly.