ASA tender offer oversubscribed

By Lisa Kerner

Charlotte, N.C., July 28 - ASA Ltd. said approximately 6,274,538 of the company's common shares, or about 65% of its issued and outstanding shares, were tendered in its offer that ended July 25.

The total includes 1,107,153 shares tendered pursuant to notices of guaranteed delivery, according to an ASA news release.

No more than a total of 2.4 million, or 25% of the company's shares, will be accepted for payment at a price of $79.92 per share, ASA said.

The per-share price is 98% of $81.55, the net asset value per share as determined by ASA at the close of regular trading on the New York Stock Exchange on July 25.

ASA said it will announce the final number of shares tendered and accepted once the information is available.

It was previously reported that ASA extended the offer to July 25 from July 11.

Depositary for the offer is Computershare Trust Co., NA. Information agent is D.F. King & Co., Inc. (800 549-6746).

ASA was opposed to a major tender offer proposed by a group of dissident shareholders managed or advised by Laxey Partners Ltd. The plan called for unlimited semiannual tender offers regardless of discount levels, it was previously reported.

Buffalo-based ASA is an employee-owned investment management company.

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