In a recent transaction, Merk Alexander, the Chief Operating Officer of ASA Gold & Precious Metals Ltd (NYSE:ASA), acquired a significant number of shares in the company. According to a filing with the Securities and Exchange Commission, Alexander purchased a total of 28,860 shares over two transactions. The purchases, which took place on January 8 and January 10, 2025, were executed at a weighted average price ranging from $21.66 to $22.09 per share, amounting to an investment of approximately $634,719.
The transactions increased Alexander's (NYSE:ALX) direct ownership to 243,357 shares. Additionally, Alexander holds 13,355 shares indirectly, under the ownership of a spouse. This move reflects a strategic investment in ASA Gold & Precious Metals, a company known for its focus on gold and precious metal investments.
In other recent news, ASA Gold & Precious Metals Ltd has been in the spotlight due to a series of developments. The company adopted a shareholder rights plan to prevent unilateral control and protect shareholder interests. This move comes as Saba Capital Management currently holds about 17.18% of ASA's outstanding shares. The plan aims to prevent any entity, specifically Saba Capital, from gaining control without an appropriate premium as determined by the Board or the Committee.
Moreover, the company is facing a governance dispute among its board members. The contention involves two sets of directors, the New Directors and the Legacy Directors, both elected in April 2024. The specifics of the disagreement remain undisclosed, however, both groups have engaged separate legal counsel and sought reimbursement for their legal expenses as per the company's bye-laws.
Lastly, ASA Gold has demonstrated a strong performance with a 29% year-to-date return and has maintained consistent dividend payments for 18 consecutive years. Despite these recent developments, ASA continues to emphasize its openness to constructive engagement with Saba Capital and its commitment to shareholder value.
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