ASA Limited (NYSE: ASA), a closed-end fund specializing in gold and
other precious mineral investments worldwide, today commenced a tender
offer to purchase up to 720,000 of the Company’s issued and outstanding
common shares at a price per share, net to the seller in cash, equal to
98% of the net asset value per share as determined by the Company at the
close of regular trading on the NYSE on the day the tender offer
expires. The tender offer will expire at 12:00 midnight, Eastern time,
on October 2, 2009, unless the Company extends the tender offer. The
maximum number of shares that the Company will purchase in the tender
offer represents 10% of the number of currently issued and outstanding
shares.
As with many closed-end funds, the market price of a common share of the
Company has historically traded at a discount to, i.e., lower
than, the net asset value per share. The tender offer will permit
tendering shareholders to liquidate at least a portion of their shares
at a price per share equal to 98% of the net asset value per share.
This announcement is not a recommendation, an offer to purchase or a
solicitation of an offer to sell shares of the Company. The tender offer
will be made only by an Offer to Purchase and related Letter of
Transmittal, which will be mailed to shareholders and be available free
of charge on the Securities and Exchange Commission’s website at www.sec.gov.
Shareholders should read these documents carefully. The tender offer is
not being made to (nor will tenders be accepted from or on behalf of)
holders of shares in any jurisdiction in which the making of the tender
offer or the acceptance thereof would not be in compliance with the laws
of such jurisdiction.
The Company’s Board of Directors has approved the tender offer. However,
neither the Company nor its Board of Directors makes any recommendation
to any shareholder as to whether to tender or refrain from tendering
shares in the tender offer.
D. F. King & Co., Inc. has been retained as information agent for the
tender offer. Shareholders who have questions about the tender offer,
require assistance with the procedures to tender shares, or need
additional copies of tender offer materials may call the information
agent collect at (212) 269-5550 (for banks and brokers) or toll-free at
(800) 290-6431.
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