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Merk Alexander, Chief Operating Officer of ASA Gold & Precious Metals Ltd (NYSE:ASA), recently acquired a significant number of shares in the company. On January 16, 2025, Alexander purchased 31,248 shares at a weighted average price of approximately $21.99 per share, totaling $687,127. This transaction increased his direct ownership to 304,305 shares. Additionally, Alexander holds 13,355 shares indirectly through his spouse. The shares were bought in multiple transactions at prices ranging from $21.83 to $22.03 per share. Notably, ASA has maintained dividend payments for 18 consecutive years, demonstrating consistent shareholder returns. For deeper insights into insider trading patterns and additional ProTips, visit InvestingPro.
In other recent news, ASA Gold and Precious Metals Limited has adopted a shareholder rights plan to prevent unilateral control, in response to Saba Capital Management, LP holding roughly 17.18% of ASA's outstanding common shares. This plan is set to expire on December 20, 2024, and aims to protect against any entity, particularly Saba Capital, from gaining control without offering a premium deemed appropriate by the Board or the Committee. The company has also been involved in a governance dispute between two sets of directors, the New Directors and the Legacy Directors. The dispute has led to the engagement of separate legal counsel and requests for reimbursement for legal expenses. The company has maintained consistent dividend payments for 18 consecutive years, demonstrating its commitment to shareholder value. Tensions have escalated due to Saba's proxy contest in early 2024 to influence the company's Board composition, resulting in legal action against the company and certain directors. The rights plan grants one right per ASA common share, exercisable if an individual or group acquires 15% or more of the outstanding shares.
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