Adams Resources & Energy (AE) investor relations material

Executive summary

• A definitive proxy statement was filed regarding a proposed merger in which the company will become a wholly owned subsidiary of ARE Equity Corporation, an affiliate of Tres Energy LLC, through a cash transaction at $40 per share.

• The special meeting for shareholder voting on the merger is scheduled for January 29, 2025, to be held virtually.

• Supplemental disclosures were issued in response to shareholder litigation and demand letters alleging insufficient merger-related disclosures.

• The company maintains that the litigation claims are without merit but provided additional information to avoid delays and distractions.

• Forward-looking statements highlight risks including failure to obtain shareholder approval, transaction disruption, and potential adverse effects on business relationships.

Voting matters and shareholder proposals

• Shareholders are asked to vote on the approval of the merger agreement, with no mention of other proposals.

• The proxy statement and supplemental disclosures are intended to address shareholder concerns and litigation regarding the adequacy of merger disclosures.

Board of directors and corporate governance

• The board received a revised non-binding offer from Tres Energy on August 30, 2024, proposing an all-cash acquisition at $40 per share, with a 45-day exclusivity period and a no-shop provision.

• No post-transaction employment offers were made to executive officers or directors in any of the offer letters.