ASA Gold Unanimously Adopts Limited-duration Shareholder Rights Plan
Portfolio Pulse from Benzinga Newsdesk
ASA Gold has adopted a limited-duration shareholder rights plan in response to Saba Capital Management's significant accumulation of ASA shares and a proxy contest to gain board control. The plan is effective until December 20, 2024.
August 23, 2024 | 11:28 am
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ASA Gold has implemented a shareholder rights plan to counteract Saba Capital Management's significant share accumulation and proxy contest. This plan aims to protect the company's board control and is effective until December 20, 2024.
The adoption of a shareholder rights plan is a defensive measure by ASA Gold to prevent Saba Capital from gaining control of the board. This move is significant as it directly addresses the potential change in control, but the immediate impact on stock price is neutral as it primarily affects governance rather than financial performance.
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