Closed-end investment company ASA Gold & Precious Metals Ltd. can’t keep the shareholder rights plan it adopted to blunt Saba Capital Management LP’s quest for “creeping control,” a federal court ruled Friday.
The ruling requiring the unraveling of ASA’s “poison pill” plan is the latest win for activist investor Saba, which has targeted the closed-end fund industry and its biggest names, including BlackRock, Nuveen LLC, and Franklin Resources Inc. Judge Jessica G.L. Clarke of the US District Court for the Southern District of New York granted summary judgment for Saba, depriving ASA of the ability to defend itself at trial. ...
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