Court orders ASA Gold to rescind December 2024 shareholder rights plan for violating 120-day expiration rule

ASA Gold & Precious Metals Ltd

SDNY grants summary judgment to Saba Capital; ASA's December 2024 rights plan violated ICA Section 18(d).
Court found successive substantively identical rights plans never expired, breaching the 120-day limit.
ASA's rights plan, adopted Dec 2024, was set to expire Apr 2025; now rescinded immediately.
Saba had accumulated 16.87% of ASA shares; court noted rights plan targeted Saba's creeping control.
Remedy: rescission of the plan; ASA may not adopt similar plans that circumvent 120-day rule.

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