ASA Limited Introduces Results of Tender Offer Measurement Period

ASA Limited, a fund specializing in gold and other precious mineral investments, announced the results of the tender offer measurement period ended June 26.

According to officials, pursuant to the tender offer program announced on March 31, 2008, the Company will conduct cash tender offers in fiscal year 2009 and 2010, if its shares have traded on the New York Stock Exchange (NYSE) during a 12-week measurement period in each year at an average discount from net asset value (NAV) of greater than 10 percent, determined on the basis of the average of the discounts on the last trading day in each week.

ASA noted that the discount is calculated using the NAV as of the close of regular trading on the NYSE and the last reported sale price of the Company's shares on the NYSE during regular trading hours. Each tender offer would be for 10 percent of the Company's outstanding shares at a purchase price of 98 percent of NAV on the date the tender offer expires. For the 12-week measurement period ended June 26, the Company's shares traded at an average discount to NAV of 10.18 percent. Consequently, the Company will commence a tender offer in the fourth quarter of its fiscal year 2009 for up to 10 percent of its outstanding shares.

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Related terms: gold, nyse