(Source: Business Wire)
ASA Limited (NYSE: ASA), a closed-end fund specializing in gold and
other precious mineral investments worldwide, today reported financial
results for the nine months ended August 31, 2009. The Company's total
return for the period, including the reinvestment of dividends, was
59.7% based on the Company's net asset value (NAV), and 62.9% based on
its share price. The higher total return based on the share price is due
to an improvement in the discount at which the Company's shares traded
in the market during the period. ASA's performance exceeded that of the
FTSE Gold Mines Index, which was 36.5% for the same period. The Index is
the benchmark by which the Company measures its performance.
Amount Per Share
Net Assets $518,466,064 $72.01
Net investment income (loss) (1) ($413,599) ($0.06)
Shares outstanding 7,200,000
(1) Excludes the following items:
Net realized gain from investments (including realized (loss) on investments from foreign currency transactions) $16,939,417 $2.35
Other net realized gains $11,313 --
Net increase in unrealized appreciation on investments $161,554,264 $22.44
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According to ASA's President and Chief Executive Officer, David
Christensen, "In the first nine months of 2009 we've seen the share
prices of the major precious metals companies responding strongly to the
rising gold price. Gold has increased to more than $1,000 per ounce in
recent weeks, assisted by investors looking for safety from the
potential of increasing inflation rates, the declining value of the
dollar and financial market crises.Meanwhile, an improving
supply/demand balance for gold continues to provide a stable price
support for the metal." Christensen said in addition to the benefits to
ASA's portfolio from the rising gold price, the valuation of the major
platinum mining companies in which ASA is invested has improved
considerably as the potential for an improvement in automotive sales has
pushed platinum prices higher.
Investors are encouraged to visit the Company's website for additional
information, including historical and current stock and metals prices,
news releases, financial statements and supplemental information. The
Company's site may be found at www.asaltd.com
or you may contact the Company directly at (800) 432-3378.
Certain Tax Information
The Company is a "passive foreign investment company" for United States
federal income tax purposes. As a result, United States shareholders
holding shares in taxable accounts are encouraged to consult their tax
advisors regarding the tax consequences of their investment in the
common shares of the Company.
Forward-Looking Statement
Certain statements in this press release are "forward-looking
statements" within the meaning of U.S. federal securities laws and are
intended to be covered by the safe harbors created thereby. By their
nature all forward-looking statements involve risks, uncertainties and
other factors which may cause actual results, performance or
achievements of management's plans to be materially different from those
contemplated by the forward-looking statements. Such factors include,
but are not limited to, the performance of companies whose securities
comprise the Company's portfolio, the conditions in the United States,
South Africa, and other international securities and foreign exchange
markets, the price of gold, platinum and other precious metals and
changes in tax law.
A service of YellowBrix, Inc.
