PR Newswire
BALTIMORE, May 22, 2020
BALTIMORE, May 22, 2020 /PRNewswire/ -- The Board of Directors of Adams Natural Resources Fund, Inc. (NYSE: PEO) unanimously recommends that shareholders REJECT the tender offer ("Offer") made by activists Bulldog Investors, LLC and Ancora Advisors, LLC (the "Group") because it furthers a damaging short-term agenda that enriches the Group at the expense of longer-term shareholders.
The Board believes the Group has made the Offer with one goal in mind – to gain control of the Fund and liquidate it for personal profit. The Board believes they 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. After careful consideration of the Offer, the Board has concluded that:
Based on these and other considerations, the Board has determined that the hostile Offer is not in the long-term best interests of the Fund's shareholders. The Board unanimously recommends that shareholders REJECT the Offer and not tender shares to the Group.
The Fund has filed this response to the hostile Offer with the U.S. Securities and Exchange Commission. It is available at www.sec.gov and on our website: adamsfunds.com.
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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 Natural Resources Fund, Inc.
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