The Rights Plan Committee (the “Committee”) of the Board of Directors (the “Board”) of ASA Gold and Precious Metals Limited (“ASA” or the “Company”) (NYSE:ASA) has unanimously adopted a limited-duration shareholder rights plan (“Rights Plan”) to protect the interests of the Company and all of its shareholders. The Rights Plan is currently effective and will expire at the close of business on December 20, 2024. The terms of the Rights Plan are substantively identical to the terms of the shareholder rights plan that was adopted by the Board on April 26, 2024.
The limited-duration Rights Plan was adopted in response to the rapid and significant accumulation of ASA shares by Saba Capital Management, LP (“Saba”) that occurred in late 2023, which was followed by Saba’s proxy contest during the first quarter of 2024 to gain control of the Company’s Board. Based on public filings, Saba’s current position in ASA represents approximately 17.02% of ASA’s outstanding common shares.