BUFFALO, N.Y., July 28 /PRNewswire-FirstCall/ -- ASA Limited (NYSE: ASA),
a closed-end fund specializing in gold and other precious mineral investments
worldwide, today announced the preliminary results of its tender offer to
purchase up to 2,400,000 of its common shares, par value U.S. $1.00 per share,
representing 25% of its issued and outstanding shares. The tender offer
expired at 12:00 midnight, Eastern Time, on July 25, 2008.
Based on current information from Computershare Trust Company, N.A., the
depositary for the tender offer, approximately 6,274,538 of the Company's
common shares, or approximately 65% of its issued and outstanding shares, were
tendered through the stated expiration date. This total includes 1,107,153
shares tendered pursuant to Notices of Guaranteed Delivery. These numbers are
subject to adjustment and should not be regarded as final. Because the number
of shares tendered exceeded 2,400,000 shares, the Company will purchase shares
duly tendered on a pro rata basis in accordance with the number of shares duly
tendered by each shareholder.
No more than a total of 2,400,000 duly tendered shares will be accepted
for payment at a price of $79.92 per share, the amount equal to 98% of $81.55,
the net asset value per share as determined by the Company at the close of
regular trading on the New York Stock Exchange on July 25, 2008. The Company
will announce the final number of shares duly tendered and accepted pursuant
to the tender offer as soon as such information is available.
D. F. King & Co., Inc. has been retained as information agent for the
tender offer. Shareholders who have questions about the tender offer may call
the information agent collect at (212) 269-5550 (for banks and brokers) or
toll-free at (800) 549-6746.
SOURCE ASA Limited
