Adams Natural Resources Fund, Inc. announces an Equity Buyback for 20% of its issued share capital.
July 29, 2020 at 09:00 am EDT
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Adams Natural Resources Fund, Inc. (NYSE:PEO) announces a share repurchase program. Under the program, the company will repurchase up to 20% of the Fund's outstanding shares at a price equal to 95% of the Fund's net asset value per share as of the close of regular trading on the New York Stock Exchange on the day the offer expires. The purpose of share repurchases is to provide shareholders with a liquidity event and the opportunity to realize a price that is closer to the underlying portfolio value than the previous tender offers by the Bulldog-Ancora Group. The shares repurchased will be funded from cash on hand and then from the proceeds of sales of securities in the Fund’s investment portfolio or from the Fund’s credit arrangements. If more than 20% of the Fund's outstanding shares are tendered, the Fund will purchase its shares from tendering stockholders on a pro rata basis at the same offering price. The offer will terminate on September 4, 2020, unless extended.
Adams Natural Resources Fund, Inc. (the Fund) is a non-diversified investment company. The Fund is an internally managed closed-end fund specializing in energy and other natural resources stocks. The Fund's investment objectives are preservation of capital, the attainment of reasonable income from investments, and an opportunity for capital appreciation. The Fund invests at least 80% of its assets in petroleum or natural resources industries or industries connected with, serving and/or supplying the petroleum or natural resources industries. The Fund has broad flexibility to invest in stocks of varying capitalizations, and primarily invests in stocks found in the S&P 500 Energy and S&P 500 Materials sectors. The Fund invests at least 25% of its assets in petroleum and petroleum-related industries. The Fund may invest up to 25% of its assets in commodities related to petroleum, minerals and related products, including swaps. The Fund may invest up to 10% of its assets in real property.
ADAMS NATURAL RESOURCES FUND, INC. 
