PORTLAND, ME—Mary Joan Hoene, a director at ASA Gold & Precious Metals Ltd (NYSE:ASA), recently acquired 380 shares of the company, according to a filing with the Securities and Exchange Commission. The shares were purchased at a price of $19.68 each, amounting to a total transaction value of approximately $7,478. Following this acquisition, Hoene's direct ownership in the company stands at 7,478.4 shares. This transaction was reported on November 14, 2024, as part of the company's regulatory disclosures.
In other recent news, ASA Gold & Precious Metals Ltd has been navigating a board dispute. The disagreement, as disclosed in a recent SEC filing, involves two sets of directors: the New Directors, elected in April 2024 by shareholder nomination, and the Legacy Directors, reelected the same month by the then-constituted board. Both parties have sought legal counsel and reimbursement for their legal expenses as per the company's bye-laws. The specifics of the disagreements, however, were not disclosed in the report.
In a separate development, ASA Gold & Precious Metals Ltd has adopted a limited-duration shareholder rights plan, set to expire on December 20, 2024. This move is a defensive strategy against Saba Capital Management, LP's significant accumulation of ASA shares and its subsequent proxy contest to influence the company's board composition. The plan aims to prevent Saba Capital from gaining further control without offering a premium to shareholders.
The rights plan and the board dispute are recent developments that have potential implications for the company's operations. Investors are advised to follow the company's filings and announcements for further updates.
InvestingPro Insights
The recent insider purchase by Mary Joan Hoene aligns with several interesting metrics and trends for ASA Gold & Precious Metals Ltd. According to InvestingPro data, the company's stock has seen a significant year-to-date price total return of 30.36%, indicating strong performance in 2024. This positive trend is further supported by a 47.27% price total return over the past year, suggesting sustained investor confidence.
However, it's worth noting that ASA's stock has experienced a 9.51% decline in the past week, which may have presented a buying opportunity for insiders like Hoene. This recent dip is reflected in an InvestingPro Tip, which indicates that the stock's RSI suggests it is in oversold territory, potentially signaling a value proposition for investors.
Despite the recent volatility, ASA boasts a remarkably low P/E ratio of 4.3, which could be attractive to value investors. Additionally, an InvestingPro Tip highlights that the company has maintained dividend payments for 18 consecutive years, demonstrating a commitment to shareholder returns even as it navigates market fluctuations.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide deeper insights into ASA's financial health and market position.
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