Adams Natural Resources Recommends Shareholders to Reject Bulldog-Ancora Tender Offer
May 22, 2020 at 05:38 pm EDT
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On May 22, 2020, Adams Natural Resources Fund, Inc.’s board of directors recommended the shareholders to reject the tender offer made by Bulldog Investors, LLC and Ancora Advisors, LLC because it furthers a damaging short-term agenda that enriches the group at the expense of longer-term shareholders. The Company expressed its view that the group has made the offer with one goal in mind to gain control of the Company and liquidate it for personal profit and the group are short-term opportunists who bought shares with the express intent to do this, and are not investors interested in the well-being of the 90-year-old Fund's long-term shareholders. In addition, the Company stated that it has filed its response to the hostile offer with the U.S. Securities and Exchange Commission. Which is available at www.sec.gov and on its website: adamsfunds.com.
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. 