ASA offer oversubscribed; 41.868% of tendered shares accepted for payment

By Lisa Kerner

Charlotte, N.C., Aug. 1 - ASA Ltd. said that according to Computershare Trust Co., NA, a total of 5,732,297 shares were tendered and not withdrawn in ASA's offer ended July 25.

In March, ASA's board authorized a tender offer for up to 25%, or 2.4 million, of the company's shares.

Because the offer was oversubscribed, ASA purchased shares duly tendered on a pro rata basis, a company news release said.

Approximately 41.868% of the shares properly tendered have been accepted for payment at a purchase price of $79.92 per share, or 98% of $81.55, the net asset value per share as determined by ASA at the close of regular trading on July 25.

D.F. King & Co., Inc. (800 549-6746) was the information agent for the offer.

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

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