ASA Gold and Precious Metals Limited Announces Appointment of Director Alexander G. Merk and Distribution Declaration
September 26 2022 - 8:30AM
Business Wire
ASA Gold and Precious Metals Limited (the “Company”) (NYSE: ASA)
announced that Mr. Alexander (Axel) G. Merk has been appointed by
the Board, on the recommendation of the Company’s Nominating, Audit
and Ethics Committee, to serve as a Director until the 2023 Annual
General Meeting of Shareholders.
Mr. Merk, age 53, is the founder, President, and Chief
Investment Officer of Merk Investments LLC (“Merk Investments”),
which serves as the investment adviser to the Company under the
terms of an Investment Advisory Agreement. Mr. Merk founded Merk
Investments’ predecessor company in 1994 and has extensive
investment and asset management experience. Mr. Merk holds a BA in
economics and a Master of Science in computer science from Brown
University.
In addition, the Company declared a distribution of $0.01 per
common share of the Company. The distribution is payable on
November 23, 2022 to shareholders of record as of the close of
business on November 14, 2022. Due to a continued low level of
dividends received from portfolio holdings, this distribution will
be paid from undistributed realized gains. The Company has paid
uninterrupted distributions since 1959.
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 the Company directly at (800) 432-3378.
Investment advisory services for the Company are provided by
Merk Investments LLC (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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220926005524/en/
Axel Merk Chief Operating Officer (650)
376-3135 or (800) 432-3378 info@asaltd.com
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