ASA Gold and Precious Metals Limited Announces Distribution Declaration and Adviser Voluntary Fee Waiver
November 09 2020 - 9:44AM
Business Wire
ASA Gold and Precious Metals Limited (the “Company”) (NYSE: ASA)
declared a distribution of $0.01 per common share of the Company.
The distribution is payable on November 25, 2020 to shareholders of
record as of the close of business on November 16, 2020. Due to a
continued low level of dividends received by the portfolio, this
distribution will be paid from accumulated undistributed net
investment income. Should current market conditions persist, future
distributions, if any, from this source may be unsustainable. The
Company has paid uninterrupted distributions since 1959.
In addition, Merk Investments LLC (“Merk”), the investment
adviser for the Company, announced that it has voluntarily agreed
to waive a portion of its advisory fee, equal to an annual rate of
0.05% of the Company’s managed net assets exceeding $300 million,
and an additional 0.10% of the Company’s managed net assets
exceeding $500 million, effective at the beginning of the Company’s
upcoming fiscal year, starting December 1, 2020.
The Company 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 of precious metals and minerals.
It is a fundamental policy of the Company that at least 80% of
its total assets must be (i) invested in common shares or
securities convertible into common shares of companies engaged,
directly or indirectly, in the exploration, mining or processing of
gold, silver, platinum, diamonds or other precious minerals, (ii)
held as bullion or other direct forms of gold, silver, platinum or
other precious minerals, (iii) invested in instruments representing
interests in gold, silver, platinum or other precious minerals such
as certificates of deposit therefor, and/or (iv) invested in
securities of investment companies, including exchange traded
funds, or other securities that seek to replicate the price
movement of gold, silver or platinum bullion.
The Company 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 making its investment decisions.
Investors are encouraged to visit the Company’s website for
additional information, including historical and current share
prices, news releases, financial statements, tax and supplemental
information. The site may be found at www.asaltd.com or you may
contact ASA directly at (800) 432-3378.
Investment advisory services for the Company are provided by
Merk, an SEC registered investment adviser. Merk provides
investment advice on liquid global markets, including domestic and
international equities, fixed income, commodities and currencies
and their respective derivative markets.
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 Company’s common shares.
Forward-Looking Statement
This press release includes forward-looking statements within
the meaning of U.S. federal securities laws that are intended to be
covered by the safe harbors created thereunder. The Company’s
actual performance or results may differ from its beliefs,
expectations, estimates, goals and projections, and consequently,
investors should not rely on these forward-looking statements as
predictions of future events.
This press release does not constitute an offer to sell or
solicitation of an offer to buy any securities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201109005690/en/
Axel Merk Chief Operating Officer (650)
376-3135 or (800) 432-3378 info@asaltd.com
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