Court Rules in Litigation Over ASA Gold and Precious Metals Fund Shareholder Rights Plans
ASA Gold and Precious Metals (NYSE: ASA) faces a legal setback as the United States District Court for the Southern District of New York ruled against the company's December 2024 shareholder rights plan. The court's March 28, 2025 judgment determined that the rights plan violated the Investment Company Act of 1940's requirement for rights plans to expire within 120 days of issuance.
The December 2024 Rights Plan has been deemed rescinded and is no longer in effect. Previously adopted rights plans had already expired according to their terms. The case, Saba Capital Master Fund, v. ASA Gold and Precious Metals (No. 24-CV-690), will be appealed by the company's Litigation Committee.
ASA Gold e Precious Metals (NYSE: ASA) affronta un contraccolpo legale poiché il Tribunale Distrettuale degli Stati Uniti per il Distretto Meridionale di New York ha emesso una sentenza sfavorevole riguardo al piano di diritti degli azionisti del dicembre 2024 dell'azienda. La sentenza del 28 marzo 2025 ha stabilito che il piano di diritti violava il requisito della legge sugli Investimenti del 1940, secondo cui i piani di diritti devono scadere entro 120 giorni dalla loro emissione.
Il Piano di Diritti di dicembre 2024 è stato considerato annullato e non è più in vigore. I piani di diritti precedentemente adottati erano già scaduti secondo i loro termini. Il caso, Saba Capital Master Fund, v. ASA Gold e Precious Metals (n. 24-CV-690), sarà appellato dal Comitato di Contenzioso dell'azienda.
ASA Gold and Precious Metals (NYSE: ASA) enfrenta un revés legal ya que el Tribunal de Distrito de los Estados Unidos para el Distrito Sur de Nueva York falló en contra del plan de derechos de accionistas de la compañía de diciembre de 2024. El fallo del 28 de marzo de 2025 determinó que el plan de derechos violaba el requisito de la Ley de Compañías de Inversión de 1940, que establece que los planes de derechos deben expirar dentro de los 120 días posteriores a su emisión.
El Plan de Derechos de diciembre de 2024 ha sido considerado anulado y ya no está en vigor. Los planes de derechos adoptados anteriormente ya habían expirado de acuerdo con sus términos. El caso, Saba Capital Master Fund, v. ASA Gold and Precious Metals (n. 24-CV-690), será apelado por el Comité de Litigios de la compañía.
ASA Gold and Precious Metals (NYSE: ASA)는 미국 뉴욕 남부 지방법원이 2024년 12월 주주 권리 계획에 대해 불리한 판결을 내리면서 법적 차질을 겪고 있습니다. 2025년 3월 28일의 판결에서는 권리 계획이 1940년 투자 회사 법의 요구 사항을 위반했다고 판단하였으며, 이는 권리 계획이 발행일로부터 120일 이내에 만료되어야 한다는 것입니다.
2024년 12월 권리 계획은 무효로 간주되었으며 더 이상 유효하지 않습니다. 이전에 채택된 권리 계획은 이미 그 조건에 따라 만료되었습니다. 사건 Saba Capital Master Fund, v. ASA Gold and Precious Metals (사건 번호 24-CV-690)는 회사의 소송 위원회에 의해 항소될 예정입니다.
ASA Gold and Precious Metals (NYSE: ASA) fait face à un revers juridique alors que le tribunal de district des États-Unis pour le district sud de New York a statué contre le plan de droits des actionnaires de la société de décembre 2024. Le jugement du 28 mars 2025 a déterminé que le plan de droits violait l'exigence de la loi sur les sociétés d'investissement de 1940, selon laquelle les plans de droits doivent expirer dans les 120 jours suivant leur émission.
Le plan de droits de décembre 2024 est considéré comme annulé et n'est plus en vigueur. Les plans de droits précédemment adoptés avaient déjà expiré selon leurs termes. L'affaire, Saba Capital Master Fund, v. ASA Gold and Precious Metals (n° 24-CV-690), sera portée en appel par le comité de contentieux de l'entreprise.
ASA Gold and Precious Metals (NYSE: ASA) sieht sich einem rechtlichen Rückschlag gegenüber, da das US-Bezirksgericht für den südlichen Bezirk von New York gegen den Aktionärsrechteplan des Unternehmens vom Dezember 2024 entschieden hat. Das Urteil vom 28. März 2025 stellte fest, dass der Rechteplan gegen die Anforderungen des Investment Company Act von 1940 verstieß, wonach Rechtepläne innerhalb von 120 Tagen nach ihrer Ausgabe ablaufen müssen.
Der Rechteplan vom Dezember 2024 wurde für aufgehoben erklärt und ist nicht mehr in Kraft. Bereits zuvor angenommene Rechtepläne waren gemäß ihren Bedingungen abgelaufen. Der Fall Saba Capital Master Fund, v. ASA Gold and Precious Metals (Nr. 24-CV-690) wird vom Rechtsausschuss des Unternehmens angefochten.
- None.
- Court ruling forces rescission of company's shareholder rights plan
- Legal defeat could potentially affect shareholder protection mechanisms
- Company faces ongoing litigation costs due to planned appeal
Rights Plan Adopted on December 20, 2024 is Deemed Rescinded
The litigation is captioned Saba Capital Master Fund, Ltd. v. ASA Gold and Precious Metals Ltd., No. 24-CV-690 (SDNY). The Litigation Committee intends to appeal the court’s March 28, 2025 judgment on behalf of the Company.
About ASA
ASA is a non-diversified, closed-end fund that seeks long-term capital appreciation primarily through investing in companies engaged in the exploration for, development of projects in, or mining precious metals and minerals.
It is a fundamental policy of ASA that at least
ASA employs bottom-up fundamental analysis and relies on detailed primary research, including meetings with company executives, site visits to key operating assets, and proprietary financial analysis in investment decisions. Investors are encouraged to visit the ASA’s website http://www.asaltd.com/ for additional information, including historical and current share prices, news releases, financial statements, tax, and supplemental information.
ASA is organized under the laws of
About Merk
Merk Investments LLC, an SEC-registered investment adviser, provides investment advice on liquid global markets, including domestic and international equities, fixed income, commodities, and currencies. For more information on Merk, please visit www.merkinvestments.com. Merk Investments was approved as ASA’s investment adviser on April 12, 2019 by a vote of ASA shareholders.
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Litigation Committee of the Board of ASA Gold and Precious Metals, Ltd.
c/o Zachary Tackett, Corporate Secretary
(207) 347-2076
zac.tackett@apexgroup.com
Source: ASA Gold and Precious Metals Limited