UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file Number: 811-00833
ASA LIMITED
-----------
(Exact name of Registrant as Specified in Charter)
36 Wierda Road West
Sandton 2196
South Africa
(Address of Principal Executive Office) (Zip Code)
Registrant's Telephone Number, including Area Code: (716) 883-2427
Lawrence G. Nardolillo, CPA
LGN Associates
P.O. Box 269
Florham Park, NJ 07932
(Name and Address of Agent for Service)
Copy to:
R. DARRELL MOUNTS, ESQ.
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, NW
Washington, D.C. 20036
Date of fiscal year end: November 30, 2003
Date of reporting period: May 31, 2003
ITEM 1. REPORTS TO SHAREHOLDERS
ASA LIMITED
INTERIM
REPORT
FOR THE
SIX MONTHS
ENDED
MAY 31, 2003
ASA LIMITED 36 WIERDA ROAD WEST
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA) WIERDA VALLEY, SANDTON
SOUTH AFRICA
TO THE SHAREHOLDERS:
At May 31, 2003 the Company's net assets were equivalent to $36.22 per
share. This compares with $33.48 per share at November 30, 2002, the end of the
Company's previous fiscal year. The most recent net asset value similarly
calculated was $37.89 per share at June 26, 2003 at which date our shares sold
at a market price of $36.85 per share, a discount of 2.8% to the net asset
value.
Net investment income for the six months ended May 31, 2003 was equivalent
to $.52 per share vs. $.30 for the same period last year. The Board of Directors
declared a second quarter dividend of $.15 per share on May 9, 2003 payable May
30, 2003 to shareholders of record on May 23, 2003.
On May 27, 2003 we issued a press release stating that the Company had
filed an application for an exemptive order with the U.S. Securities and
Exchange Commission to permit it to move from the Republic of South Africa to
the Commonwealth of Bermuda by reorganizing itself into a newly formed company
incorporated in Bermuda, with its principal executive offices in the United
States. The Company is seeking this change primarily because of certain South
African taxes it is currently subject to (including the tax on interest income),
or will be subject to following the intended revocation of its tax exemption at
the end of this calendar year. As we previously reported to you, the Company has
sought clarification of its tax position from officials of the South African
Revenue Service and the Treasury Department with regard to the scope of its
income tax exemption and the effects of amendments to the South African Income
Tax Act. The exemption was designed to encourage U.S. investment in South Africa
through a South African entity such as the Company and we have been operating
under the exemption since the Company's inception in 1958. However, in his
budget speech on February 26, 2003, the South African Minister of Finance
indicated that the Company's exemption would be revoked at the end of this year.
Note 2 to the accompanying financial statements provides additional information
regarding the tax status of the Company.
The Company's relocation to Bermuda would likely not occur until the end of
the calendar year at the earliest and is subject to a number of conditions
including:
o receiving the requested relief from the Securities and Exchange
Commission;
o receiving approval to list the shares of the new Bermuda company on the
New York Stock Exchange;
o obtaining any necessary regulatory approvals in South Africa; and
o satisfying shareholder approval requirements.
No assurance can be given that these conditions will be satisfied.
Further information regarding the proposed relocation will be provided to
shareholders at a later date.
Since the beginning of 2002 the U.S. dollar price of gold has increased by
over 25%. It now is trading in a range between $345 and $370 per ounce. The weak
dollar, low interest rates and the prospect of this condition continuing should
benefit the price of gold. In addition, gold producers have been unwinding
hedges by buying back gold option and forward contracts and this tends to boost
prices. Finally, Mr. Wayne Murphy, Chief Executive of Newmont Mining, the
world's largest gold producer, commented at the London Bullion Market
Association Annual Conference in Lisbon that he feels gold production will
decline over the next few years from the current world total of about 2,600 tons
annually, because many mines developed after the gold boom of the early 1980's
will be closed.
The gold price is traditionally negatively correlated to the equity market
which has been producing disappointing returns for the last few years. As a
result, gold and gold related securities are beginning to play a role in
investors' asset allocation. Gold prices should be helped by new investment
vehicles designed to make the purchase and holding of gold bullion easier. A
registration statement has recently been filed with the SEC for an initial
public offering by the proposed Equity Gold Trust. This new investment vehicle,
which is being sponsored by the World Gold Council, would enable investors to
buy, sell and hold gold bullion at an unprecedented low cost. It would trade on
the New York Stock Exchange.
1
As many investors have noticed, gold stocks do not seem to be responding
with their usual exuberance to the rising gold price and as a result the gold
stock indexes are currently selling at close to a historically low ratio to the
gold price. One reason for this disparity may be related to the decline of the
dollar, particularly against the currencies of the gold producing countries.
This has been especially evident in the case of the South African rand, which
has appreciated about 40% against the dollar since the end of 2001. The
appreciation has negatively affected the rand gold price South African mines
have been receiving, while local inflation has resulted in increased production
costs. During previous years, South African gold producers enjoyed a windfall as
the rand weakened. At least for the time being this windfall may be a thing of
the past.
Secondly, investors have become concerned and somewhat confused over recent
government efforts to promote social objectives by mandating empowerment
measures designed to give blacks a more important role in ownership and
management in the mining industry. Furthermore, recent legislation will impose
royalty payments on the mines based on gross revenues. The likely impact on
profits of these measures, at least over the short term, may be of concern to
investors.
These new empowerment initiatives are being aggressively implemented by the
leading South African mining companies. Harmony, for example, has recently
announced its intention to merge with ARMgold, a black managed mining company.
This merger will create the world's fifth largest gold producer with annual
production of 4.1 million ounces. Gold Fields Limited has recently announced
that an agreement in principle had been reached in terms of which a broad based
black economic empowerment consortium led by Mvelaphanda Resources will, for a
consideration of 4.1 billion rand, acquire a beneficial interest of fifteen
percent in the South African gold mining assets of Gold Fields Limited.
Jay Taylor is the Chief Executive of Placer Dome, a Canadian gold mining
company with a high percentage of its reserves in South Africa. The company has
been partnering in that country in one of the world's most important new gold
mining projects. Mr. Taylor comments regarding these developments in his
company's annual report as follows, "We view South Africa as one of the most
prospective areas in the world for gold mining but we will monitor the effects
of the government of South Africa's legislative efforts at social reform. We
will remain actively engaged in the consultation process to help insure the
future stability of our investments."
The platinum price should remain firm for the rest of 2003 having reached a
20 year high of $705 per ounce in March. Demand is up about 5% year over year
but now appears to be leveling off with jewelry demand restrained by the firm
price. Supply should increase from the South African mines but not enough to
close the gap with demand. The price of palladium, a metal closely tied to the
automotive industry, remains weak. The new royalty payments and the strong rand
should exert pressure on the profits of the South African platinum metals
producers.
At our annual meeting held on February 27, 2003 shareholders reelected the
ten incumbent directors and ratified the selection of Ernst & Young LLP and
Ernst & Young Johannesburg, South Africa to serve as auditors for the fiscal
year ending November 30, 2003. See page 14 of this report for details regarding
the results of the voting.
Copies of financial reports of the Company, including the latest valuation
of net assets per share may be requested from LGN Associates, P.O. Box 269,
Florham Park, NJ 07932 (973) 377-3535 or may be found on the Company's website
(www.asaltd.com).
I would also like to call to your attention the availability of the
Dividend Reinvestment Plan. See page 13 of this report for information.
Equiserve, the agent for the Plan, is able to communicate with shareholders
through the Internet. The only requirement for shareholder participation is use
of a personal computer and access to an electronic mail package. The Equiserve
address is equiserve@equiserve.com and access is available 24-hours a day. In
addition, Equiserve has established a Response Center to respond to
shareholders' questions in a timely manner. The telephone number is
781-575-2723. The Response Center is available Monday through Friday between
8:30 a.m. and 7 p.m. (Eastern Standard Time).
Robert J.A. Irwin
June 30, 2003 CHAIRMAN OF THE BOARD
2
SCHEDULE OF INVESTMENTS
(NOTE 1)
May 31, 2003
--------------------------------------------------------------------------------
Percent
Number of of Net
Name of Company Shares Market Value Assets
--------------------------------------------------------------------------------
ORDINARY SHARES OF GOLD MINING COMPANIES
AUSTRALIAN GOLD MINES
Newcrest Mining Limited - ADRs 3 000 000 $14 700 000 4.2%
--------------------------------------------------------------------------------
UNITED STATES GOLD MINES
Newmont Mining Corporation 520 368 15 434 115 4.4
--------------------------------------------------------------------------------
SOUTH AFRICAN GOLD MINES
Anglogold Limited 2 389 894 67 143 033 19.3
Gold Fields Limited 10 344 977 115 179 939 33.2
Harmony Gold Mining Company Limited 1 336 17 418 --
Harmony Gold Mining Company Limited - ADRs 2 166 400 28 379 840 8.2
--------------------------------------------------------------------------------
210 720 230 60.7
--------------------------------------------------------------------------------
CANADIAN GOLD MINES
Barrick Gold Corporation 730 000 12 760 400 3.7
Placer Dome Incorporated 1 065 312 11 643 860 3.3
--------------------------------------------------------------------------------
24 404 260 7.0
--------------------------------------------------------------------------------
SOUTH AMERICAN GOLD MINES
Compania de Minas Buenaventura - ADRs 450 000 13 252 500 3.8
--------------------------------------------------------------------------------
278 511 105 80.1
--------------------------------------------------------------------------------
ORDINARY SHARES OF OTHER COMPANIES
SOUTH AFRICAN MINING
Anglo American PLC 1 280 000 19 872 774 5.7
Anglo American Platinum Corporation Limited 820 500 27 609 103 7.9
Impala Platinum Holdings Limited 262 700 15 924 322 4.6
--------------------------------------------------------------------------------
63 406 199 18.2
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Total investments 341 917 304 98.3
--------------------------------------------------------------------------------
CASH AND OTHER ASSETS LESS LIABILITIES 5 837 651 1.7
--------------------------------------------------------------------------------
Net assets $347 754 955 100.0%
--------------------------------------------------------------------------------
There is no assurance that the valuations at which the Company's investments are
carried could be realized upon sale.
The notes to the financial statements form an integral part of these statements.
3
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
(Unaudited)
ASSETS May 31, 2003 May 31, 2002
--------------------------------------------------------------------------------
Investments, at market value (Note 1)
Gold mining companies -
Cost $121 354 720 in 2003
$121 393 946 in 2002 $278 511 105 $318 105 882
Other companies
Cost $26 678 003 in 2003 and 2002 63 406 199 80 090 828
--------------------------------------------------------------------------------
341 917 304 398 196 710
--------------------------------------------------------------------------------
Cash 9 537 910 754 729
Bank time deposits -- 6 000 000
Dividends and interest receivable 146 103 140 435
Other assets 86 588 124 839
--------------------------------------------------------------------------------
Total assets $351 687 905 $405 216 713
--------------------------------------------------------------------------------
LIABILITIES
--------------------------------------------------------------------------------
Accounts payable and accrued liabilities 403 136 256 075
Current South African tax liability 76 576 68 222
Deferred South African tax liability 3 453 238 6 422 581
--------------------------------------------------------------------------------
Total liabilities 3 932 950 6 746 878
--------------------------------------------------------------------------------
NET ASSETS (SHAREHOLDERS' INVESTMENT) 347 754 955 398 469 835
--------------------------------------------------------------------------------
Ordinary (common) shares R0.25 nominal (par) value
Authorized: 24,000,000 shares
Issued & Outstanding: 9,600,000 shares 3 360 000 3 360 000
Share premium (capital surplus) 27 489 156 27 489 156
Undistributed net investment income 60 737 729 58 210 402
Undistributed net realized (loss) from
foreign currency transactions (49 874 418) (41 611 118)
Undistributed net realized gains on investments 115 112 525 108 262 527
Net unrealized appreciation on investments 190 431 343 243 702 180
Net unrealized appreciation (depreciation)
on translation of assets and liabilities
in foreign currency 498 620 (943 312)
--------------------------------------------------------------------------------
Net assets $347 754 955 $398 469 835
--------------------------------------------------------------------------------
Net assets per share $36.22 $41.51
================================================================================
The closing price of the Company's shares on the New York Stock Exchange was
$35.90 and $37.50 on May 31, 2003 and 2002, respectively.
The notes to the financial statements form an integral part of these statements.
4
STATEMENTS OF OPERATIONS
Six months ended
--------------------------------------------------------------------------------
(Unaudited)
May 31, 2003 May 31, 2002
--------------------------------------------------------------------------------
Investment income
Dividend income $ 6 133 508 $ 4 102 819
Interest income 337 327 273 591
--------------------------------------------------------------------------------
6 470 835 4 376 410
--------------------------------------------------------------------------------
Expenses
Shareholder reports and proxy expenses 111 199 85 506
Directors' fees and expenses 281 447 197 627
Salaries and benefits 246 871 132 471
Other administrative expenses 217 500 188 035
Transfer agent, registrar and custodian 75 118 68 087
Professional fees and expenses 319 679 304 847
Insurance 76 127 51 133
Other 188 300 193 087
--------------------------------------------------------------------------------
Total expenses 1 516 241 1 220 793
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Net investment income before South African tax 4 954 594 3 155 617
South African tax -- 290 573
--------------------------------------------------------------------------------
Net investment income 4 954 594 2 865 044
--------------------------------------------------------------------------------
Net realized and unrealized gain (loss) from
investments and foreign currency transactions
Net realized (loss) from investments
Proceeds from sales -- 7 396 211
Cost of securities sold -- 9 308 278
--------------------------------------------------------------------------------
Net realized (loss) from investments -- (1 912 067)
--------------------------------------------------------------------------------
Net realized gain (loss) from foreign
currency transactions
Investments -- (1 563 550)
Foreign currency transactions 1 346 451 330 589
--------------------------------------------------------------------------------
Net realized gain (loss) from foreign
currency transactions 1 346 451 (1 232 961)
--------------------------------------------------------------------------------
Net increase in unrealized appreciation
on investments
Balance, beginning of period 170 170 266 53 028 160
Balance, end of period 193 884 581 250 124 761
--------------------------------------------------------------------------------
Increase 23 714 315 197 096 601
Change in deferred South African tax liability 7 937 (6 422 581)
--------------------------------------------------------------------------------
Net increase in unrealized appreciation
on investments 23 722 252 190 674 020
--------------------------------------------------------------------------------
Net increase (decrease) in unrealized appreciation
(depreciation) on translation of assets and
liabilities in foreign currency (811 569) 11 276
--------------------------------------------------------------------------------
Net realized and unrealized gain from
investments and foreign currency transactions 24 257 134 187 540 268
--------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 29 211 728 $190 405 312
================================================================================
The notes to the financial statements form an integral part of these statements.
5
STATEMENTS OF SURPLUS AND STATEMENTS OF CHANGES IN NET ASSETS
Six months ended
--------------------------------------------------------------------------------
(Unaudited)
STATEMENTS OF SURPLUS May 31, 2003 May 31, 2002
--------------------------------------------------------------------------------
Share premium (capital surplus)
Balance, beginning and end of period $ 27 489 156 $ 27 489 156
================================================================================
Undistributed net investment income
Balance, beginning of period $ 58 663 135 $ 58 225 358
Net investment income for the period 4 954 594 2 865 044
Dividends paid (2 880 000) (2 880 000)
--------------------------------------------------------------------------------
Balance, end of period $ 60 737 729 $ 58 210 402
================================================================================
Undistributed net realized gain (loss) from
foreign currency transactions
Balance, beginning of period $ (51 220 869) $ (40 378 157)
Net realized gain (loss) for the period 1 346 451 (1 232 961)
--------------------------------------------------------------------------------
Balance, end of period $ (49 874 418) $ (41 611 118)
================================================================================
Undistributed net realized gain (loss)
from investments
(Computed on identified cost basis)
Balance, beginning of period $115 112 525 $110 174 594
Net realized (loss) for the period -- (1 912 067)
--------------------------------------------------------------------------------
Balance, end of period $115 112 525 $108 262 527
================================================================================
Net unrealized appreciation on investments
Balance, beginning of period $166 709 091 $ 53 028 160
Net increase for the period 23 722 252 190 674 020
--------------------------------------------------------------------------------
Balance, end of period $190 431 343 $243 702 180
================================================================================
Net increase (decrease) in unrealized appreciation
(depreciation) on translation of assets and
liabilities in foreign currency
Balance, beginning of period $ 1 310 189 $ (954 588)
Net unrealized appreciation (depreciation)
for the period (811 569 11 276
--------------------------------------------------------------------------------
Balance, end of period $ 498 620 $ (943 312)
================================================================================
Six months ended
--------------------------------------------------------------------------------
(Unaudited)
STATEMENTS OF CHANGES IN NET ASSETS May 31, 2003 May 31, 2002
--------------------------------------------------------------------------------
Net investment income $ 4 954 594 $ 2 865 044
Net realized (loss) from investments -- (1 912 067)
Net realized gain (loss) from foreign
currency transactions 1 346 451 (1 232 961)
Net increase in unrealized appreciation
on investments 23 722 252 190 674 020
Net increase (decrease) in unrealized appreciation
(depreciation) on translation of assets and
liabilities in foreign currency (811 569) 11 276
--------------------------------------------------------------------------------
Net increase in net assets resulting
from operations 29 211 728 190 405 312
Dividends paid (2 880 000) (2 880 000)
--------------------------------------------------------------------------------
Net increase in net assets 26 331 728 187 525 312
Net assets, beginning of period 321 423 227 210 944 523
--------------------------------------------------------------------------------
Net assets, end of period $347 754 955 $398 469 835
================================================================================
The notes to the financial statements form an integral part of these statements.
6
NOTES TO FINANCIAL STATEMENTS
PERIODS ENDED MAY 31, 2003 AND 2002
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of
the Company's significant accounting policies:
A. INVESTMENTS
Security transactions are recorded on the respective trade dates. Securities
owned are reflected in the accompanying financial statements at quoted market
value. The difference between cost and current market value is reflected
separately as net unrealized appreciation (depreciation) on investments. The net
realized gain or loss from the sale of securities is determined for accounting
purposes on the identified cost basis.
Quoted market value of those shares traded represents the last recorded
sales price on the last business day of the period, or the mean between the
closing bid and asked prices of those securities not traded on that date. In the
event that a mean price cannot be computed due to the absence of either a bid or
an asked price, then the bid price plus 1% or the ask price less 1%, as
applicable, is used.
There is no assurance that the valuation at which the Company's investments
are carried could be realized upon sale.
B. EXCHANGE GAINS AND LOSSES
The Company records exchange gains and losses in accordance with the provisions
of the American Institute of Certified Public Accountants Statement of Position
93-4, Foreign Currency Accounting and Financial Statement Presentation for
Investment Companies ("SOP"). The SOP requires separate disclosure in the
accompanying financial statements of net realized gain (loss) from foreign
currency transactions, and inclusion of unrealized gain (loss) on the
translation of currency as part of net unrealized appreciation (depreciation) on
translation of assets and liabilities in foreign currency.
C. SECURITY TRANSACTIONS AND INVESTMENT INCOME
During the six months ended May 31, 2003 there were no sales of securities and
purchases of securities amounted to $1,205,799. During the six months ended May
31, 2002 sales of securities amounted to $7,396,211 (unaudited) and purchases of
securities amounted to $13,028,044 (unaudited).
Dividend income is recorded on the ex-dividend date (the date on which the
securities would be sold ex-dividend) net of withholding taxes, if any. Interest
income is recognized on the accrual basis.
D. DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders are recorded on the ex-dividend date.
E. USE OF ESTIMATES
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses for the period. Actual results could differ from those estimates.
2 TAX STATUS OF THE COMPANY Pursuant to the South African Income Tax Act, as
amended, the Company is subject to tax on dividends received from sources other
than South Africa as well as foreign exchange gains. In addition, in terms of
the residence based system of taxation, beginning with the fiscal year ended
November 30, 2002, the Company became subject to tax on interest earned on cash
deposits. A provision for South African taxes for these items of $-0- and
$290,573 (unaudited) has been included in the accompanying financial statements
for the six months ended May 31, 2003 and May 31, 2002, respectively.
7
On October 1, 2001, a Capital Gains Tax was introduced on the disposal of
South African and foreign securities. The tax on capital gains will only be
levied on the appreciation in value of securities since October 1, 2001 or a
taxable gain determined based on a time apportionment method. Under the
apportionment method, only that portion of the total appreciation (gain)
allocated to the period after October 1, 2001 will be taxable. There were no
realized gains on securities during the six months ended May 31, 2003 and
realized losses of $1,912,067 (unaudited) for the six months ended May 31, 2002.
A deferred tax liability of $3,453,238 and $6,422,581 (unaudited) has been
recorded as of May 31, 2003 and May 31, 2002, respectively, for the tax on the
unrealized capital gains on securities.
The Company has initiated the process of obtaining approval to move from
South Africa to the Commonwealth of Bermuda by reorganizing itself into a newly
formed company incorporated in Bermuda, with its principal executive offices
located in the United States. (See Chairman's letter to shareholders at the
beginning of this report.) The Company is seeking this change primarily because
of certain South African taxes it is currently subject to, or will be subject to
following the intended revocation of its tax exemption at the end of the
calendar year 2003. The Company has sought clarification of its tax position
from officials of the South African Revenue Service ("SARS") and the Treasury
Department with regard to the scope of its income tax exemption and the effects
of the amendments to the South African Income Tax Act mentioned above. However,
in his budget speech on February 26, 2003, the South African Minister of Finance
announced the intended revocation of the Company's exemption at the end of 2003,
but indicated that appropriate transition relief would be provided. The details
of such relief are still under discussion.
The reporting for financial statement purposes of distributions made during
the periods from net investment income or net realized gains may differ from
their ultimate reporting for U.S. federal income tax purposes. The differences
are caused primarily by the separate line item reporting for financial statement
purposes of foreign exchange gains or losses. See pages 10 through 12 for
additional tax information for United States shareholders.
3 CURRENCY EXCHANGE There are exchange control regulations restricting the
transfer of funds from South Africa. In 1958 the South African Reserve Bank, in
the exercise of its powers under such regulations, advised the Company that the
exchange control authorities would permit the Company to transfer to the United
States in dollars both the Company's capital and its gross income, whether
received as dividends or as profits on the sale of investments, at the current
official exchange rate prevailing from time to time. Future implementation of
exchange control policies could be influenced by national monetary
considerations that may prevail at any given time.
4 RETIREMENT PLAN Effective April 1, 1989, the Company established a defined
contribution plan (the "Plan") to replace its previous pension plan. The Plan
covers all eligible full-time employees. The Company will contribute 15% of each
covered employee's salary to the Plan. The Plan provides for immediate vesting
by the employee without regard to length of service. During the six months ended
May 31, 2003 and 2002 there were no eligible employees under the plan and,
consequently, no retirement expense was incurred.
In 1994, the Company entered into a supplemental non-qualified pension
agreement with its Chairman. Under the terms of the agreement, the Company
agreed to credit $25,000 per year for five years, beginning December 1, 1993, to
a Supplemental Pension Account with interest credited at an annual rate of 3.5%.
The Board of Directors approved increases in the amount of the annual
credit as follows: $28,125 in May 1999; $31,250 in February 2002 and $45,000 in
March 2003. As a result, the Company has recorded expense amounts of $19,051 and
$14,063 (unaudited) for the six months ended May 31, 2003 and May 31, 2002,
respectively.
5 COMMITMENTS The Company's lease for office space in Johannesburg expired in
February 2003. The Company is negotiating to renew the lease for a period of two
years at an annual cost of approximately $45,000. Currently, the Company is on a
month-to-month arrangement at a monthly cost of approximately $3,750.
8
FINANCIAL HIGHLIGHTS
Six Months Ended Year Ended November 30
------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
May 31, May 31,
2003 2002 2002 2001 2000 1999 1998
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 33.48 $ 21.97 $ 21.97 $ 17.58 $ 22.51 $ 19.01 $ 20.45
------------------------------------------------------------------------------------------------------------------------------------
Net investment income .52 .30 .85 1.00 .61 .58 .66
Net realized gain (loss) from investments -- (.20) .51 3.05 1.00 .62 .32
Net realized gain (loss) from foreign
currency transactions .14 (.13) (1.13) (.24) (1.02) (.95) (.11)
Net increase (decrease) in unrealized
appreciation on investments 2.46 19.87 11.84 1.40 (4.88) 3.84 (1.49)
Net increase (decrease) in unrealized
appreciation (depreciation) on
translation of assets and liabilities
in foreign currency (.08) -- .24 (.02) (.04) .01 (.02)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 3.04 19.84 12.31 5.19 (4.33) 4.10 (.64)
Less dividends (.30) (.30) (.80) (.80) (.60) (.60) (.80)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 36.22 $ 41.51 $ 33.48 $ 21.97 $ 17.58 $ 22.51 $ 19.01
------------------------------------------------------------------------------------------------------------------------------------
Market value per share, end of period $ 35.90 $ 37.50 $30.06 $19.83 $ 14.56 $ 19.125 $ 19.125
TOTAL INVESTMENT RETURN(1)
Based on market value per share 20.39% 90.97% 55.72% 41.76% (21.06%) 3.44% (3.30%)
RATIOS TO AVERAGE NET ASSETS(1)(2)
Expenses .86% 1.03% .91% 1.10% 1.15% 1.13% 1.15%
Net investment income 2.82% 1.96% 2.63% 4.61% 3.06% 3.02% 3.34%
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $347 755 $398 470 $321 423 $210 944 $168 726 $216 051 $182 530
Portfolio turnover rate (2) -- 5.15% 4.41% 11.18% 7.43% 6.66% 1.06%
Per share calculations are based on the 9,600,000 shares outstanding.
(1) Determined in U.S. dollar terms.
(2) Annualized for the six months ended May 31, 2003 and May 31, 2002 (Unaudited).
SUPPLEMENTARY INFORMATION
Six months ended May 31, 2003 and 2002
------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
CERTAIN FEES INCURRED BY THE COMPANY 2003 2002
------------------------------------------------------------------------------------------------------------------------------------
Directors' fees $149 500 $110 000
Officers' remuneration 249,125 172,112
Ranquin Associates (a company of which an officer is an affiliated person) 18,800 17,500
Auditors 70 000 15 000
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The notes to the financial statements form an integral part of these
statements.
9
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and the Board of
Directors of ASA Limited:
We have audited the accompanying statement of assets and liabilities of ASA
Limited (incorporated in the Republic of South Africa), including the schedule
of investments, as of May 31, 2003, and the related statement of operations,
surplus and changes in net assets and supplementary information for the six
months ended May 31, 2003 and the financial highlights for the six months ended
May 31, 2003 and the year ended November 30, 2002. These financial statements,
financial highlights and supplementary information are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements, financial highlights and supplementary information based
on our audit. The financial statements, financial highlights and supplementary
information for years presented prior to November 30, 2002 were audited by other
auditors who have ceased operations and whose report dated December 18, 2001
expressed an unqualified opinion on those statements, financial highlights and
supplementary information.
We conducted our audit in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements,
financial highlights and supplementary information are free of material mis
statement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, financial highlights and
supplementary information. Our procedures included the confirmation of
securities owned as of May 31, 2003, by correspondence with the custodian. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements, financial highlights and
supplementary information referred to above present fairly, in all material
respects, the financial position of ASA Limited as of May 31, 2003, the results
of its operations, its surplus, the changes in its net assets, and supplementary
information for the six months then ended and the financial highlights for the
six months ended May 31, 2003 and the year ended November 30, 2002, in
conformity with accounting principles generally accepted in the United States.
Ernst & Young LLP
New York, N.Y., U.S.A
Ernst & Young
Johannesburg, SA
July 1, 2003
--------------------------------------------------------------------------------
CERTAIN TAX INFORMATION FOR
UNITED STATES SHAREHOLDERS (UNAUDITED)
From December 1, 1963 through November 30, 1987, the Company was treated as a
"foreign investment company" for United States federal income tax purposes
pursuant to Section 1246 of the Internal Revenue Code. Under that section, a
United States shareholder who has held his shares in the Company for more than
one year is subject to tax at ordinary income tax rates on his profit (if any)
on a sale of his shares to the extent of his "ratable share" of the Company's
earnings and profits accumulated for the period during which he held those
shares between December 1, 1963 and November 30, 1987. If such shareholder's
profit on the sale of his shares exceeds such ratable share and he held his
shares for more than one year, then, subject to the discussion below regarding
the United States federal income tax rules applicable to taxable years of the
Company beginning after November 30, 1987, he is subject to tax at long-term
capital gain rates on the excess.
The Company's per share earnings and profits accumulated (undistributed) in
each of the taxable years from 1964 through 1987 is given below in United States
currency. All the per share amounts give effect to the two-for-one stock splits
that became effective on May 10, 1966, May 10, 1973 and May 9, 1975. All the per
share amounts reflect distributions through November 30, 2002.
10
Year ended November 30 Per year Per day
--------------------------------------------------------------------------------
1964 $ .042 $.00012
--------------------------------------------------------------------------------
1965 .067 .00019
--------------------------------------------------------------------------------
1966 .105 .00029
--------------------------------------------------------------------------------
1967 .277 .00076
--------------------------------------------------------------------------------
1968 .241 .00066
--------------------------------------------------------------------------------
1969 .461 .00126
--------------------------------------------------------------------------------
1970 .218 .00060
--------------------------------------------------------------------------------
1971 .203 .00056
--------------------------------------------------------------------------------
1972 .445 .00122
--------------------------------------------------------------------------------
1973 .497 .00136
--------------------------------------------------------------------------------
1974 1.151 .00316
--------------------------------------------------------------------------------
1975 .851 .00233
--------------------------------------------------------------------------------
1976 .370 .00101
--------------------------------------------------------------------------------
1977 .083 .00023
--------------------------------------------------------------------------------
1978 .357 .00098
--------------------------------------------------------------------------------
1979 .219 .00060
--------------------------------------------------------------------------------
1980 1.962 .00538
--------------------------------------------------------------------------------
1981 .954 .00261
--------------------------------------------------------------------------------
1982 .102 .00028
--------------------------------------------------------------------------------
1983 -0- -0-
--------------------------------------------------------------------------------
1984 -0- -0-
--------------------------------------------------------------------------------
1985 (.151) (.00041)
--------------------------------------------------------------------------------
1986 -0- -0-
--------------------------------------------------------------------------------
1987 -0- -0-
--------------------------------------------------------------------------------
Under rules enacted by the Tax Reform Act of 1986, the Company became a
"passive foreign investment company" (a "PFIC") on December 1, 1987.* The manner
in which these rules apply depends on whether a United States shareholder (1)
elects to treat the Company as a qualified electing fund ("QEF") with respect to
his Company shares, (2) for taxable years of such United States shareholder
beginning after December 31, 1997, elects to "mark-to-market" his Company shares
as of the close of each taxable year, or (3) makes neither election.
In general, if a United States shareholder of the Company does NOT make
either such election, any gain realized on the direct or indirect disposition of
his Company shares will be treated as ordinary income. In addition, such
shareholder will be subject to an "interest charge" on part of his tax liability
with respect to such gain, as well as with respect to certain "excess
distributions" made by the Company. Furthermore, shares held by such shareholder
may be denied the benefit of any otherwise applicable increase in tax basis at
death. Under proposed regulations, a "disposition" would include a U.S.
taxpayer's becoming a nonresident alien.
As noted, the general tax consequences described in the preceding paragraph
apply to an "excess distribution" on Company shares, which is defined as a
distribution by the Company for a taxable year that is more than 125% of the
average amount it distributed for the three preceding taxable years.** If the
Company makes an excess distribution in a taxable year, a United States
shareholder who has not made a QEF or mark-to-market election would be required
to allocate the excess amount ratably over the ENTIRE holding period for his
shares. That allocation would result in tax being payable at the highest
applicable rate in the prior years to which the distribution is allocated and
interest charges being imposed on the resulting "underpayment" of taxes made in
those years. In contrast, a distribution that is not an excess distribution
would be taxable to a United States shareholder as a normal dividend (see
above), with no interest charge.
If a United States shareholder elects to treat the Company as a QEF with
respect to his shares therein for the first year he holds his shares during
which the Company is a PFIC (or who later makes the QEF election and also elects
to treat his shares generally as if they were sold for their fair market value
on the first day of the first taxable year of the Company for which the QEF
election is effective), the rules described in the preceding paragraphs
generally will not apply. Instead, the electing United States shareholder will
include annually in his gross income his PRO RATA share of the Company's
ordinary earnings and net capital gain (his "QEF" inclusion) regardless of
whether such income or gain was actually distributed. A United States
shareholder who makes a valid QEF election will recognize capital gain on any
profit from the actual sale of his shares if those shares were held as capital
assets, except to the extent of the shareholder's ratable share of the earnings
and profits of the Company accumulated for the period during which he held those
shares between December 1, 1963 and November 30, 1987, as described above.
Alternatively, if a United States shareholder makes the mark-to-market
election with respect to Company shares for taxable years beginning on or after
January 1, 1998, such shareholder will be required annually to report any
unrealized
----------
* Because the Company is a PFIC, dividends it pays will not qualify for the
recently enacted 15% maximum U.S. federal income tax rate on dividends that
individuals receive.
** For example, the Company made annual distributions of $.80, $.80 and $.60 per
share during the taxable years ended November 30, 2002, 2001 and 2000,
respectively, an average per year of $.733 per share. Accordingly, any
distribution in excess of $.917 per share (125% of $.733) would be treated as an
excess distribution for the taxable year ending November 30, 2003. (All amounts
in U.S. currency.)
11
gain with respect to his shares as ordinary income, and any unrealized loss
would be permitted as an ordinary loss, but only to the extent of previous
inclusions of ordinary income. Any gain subsequently realized by the electing
United States shareholder on a sale or other disposition of his Company shares
also would be treated as ordinary income, but such shareholder would not be
subject to an interest charge on his resulting tax liability. Special rules
apply to a United States shareholder that held his PFIC stock prior to the first
taxable year for which the mark-to-market election was effective.
A United States shareholder with a valid QEF election in effect would not
be taxed on any distributions paid by the Company to the extent of any QEF
inclusions, but any distributions out of accumulated earnings and profits in
excess thereof would be treated as taxable dividends. Such a shareholder would
increase the tax basis in his Company shares by the amount of any QEF inclusions
and reduce such tax basis by any distributions to him that are not taxable as
described in the preceding sentence. Special rules apply to United States
shareholders who make the QEF election and wish to defer the payment of tax on
their annual QEF inclusions.
Each shareholder who desires QEF treatment must individually elect such
treatment. The QEF election must be made for the taxable year of the shareholder
in which or with which the taxable year of the Company ends. A QEF election is
effective for the shareholder's taxable year for which it is made and all
subsequent taxable years of the shareholder and may not be revoked without the
consent of the Internal Revenue Service. A shareholder of the Company who first
held his Company shares after November 30, 2002 and who files his tax return on
the basis of a calendar year may make a QEF election on his 2003 tax return. A
shareholder of the Company who first held his Company shares on or before
November 30, 2002 may also make the QEF election on his 2003 tax return, but
should consult his tax advisor concerning the tax consequences and special rules
that apply where a QEF election could have been made with respect to such shares
for an earlier taxable year.
The QEF election must be made by the due date, with extensions, of the
federal income tax return for the taxable year for which the election is to
apply. Under Treasury regulations, the QEF election is made on Internal Revenue
Service Form 8621, which must be completed and attached to a timely filed income
tax return in which the shareholder reports his QEF inclusion for the year to
which the election applies. In order to allow United States shareholders to make
the QEF elections and to comply with the applicable annual reporting
requirements, the Company annually will provide to them a "PFIC Annual
Information Statement" containing certain information required by Treasury
regulations.
In early 2004 the Company will send to United States shareholders the PFIC
Annual Information Statement for the Company's 2003 taxable year. Such annual
information statement may be used for purposes of completing Form 8621. A
shareholder who either is subject to a prior QEF election or is making a QEF
election for the first time must attach a completed Form 8621 to his income tax
return each year. Other United States shareholders also must attach completed
Forms 8621 to their tax returns each year, but shareholders not electing QEF
treatment will not need to report QEF inclusions thereon.
Special rules apply to United States persons who hold Company shares
through intermediate entities or persons and to United States shareholders who
directly or indirectly pledge their shares, including those in a margin account.
Ordinarily, the tax basis that is obtained by a transferee of property on
the death of the owner of that property is adjusted to the property's fair
market value on the date of death (or alternate valuation date). If a United
States shareholder dies owning shares with respect to which he did not elect QEF
treatment (or elected such treatment after the first year in which he owned
shares in which the Company was a PFIC and did not elect to recognize gain as
described above), the transferee of those shares will not be entitled to adjust
the tax basis in such shares to the fair market value on the date of death (or
alternate valuation date). In that case, in general, the transferee of such
shares will take a basis in the shares equal to the shareholder's basis therein
immediately before his death. If a United States shareholder dies owning Company
shares for which a valid QEF election was in effect for all taxable years in
such shareholder's holding period during which the Company was a PFIC (or the
shareholder elected to treat the shares as if sold on the first day of the first
taxable year of the Company for which the QEF election was effective), then the
basis increase generally will be available unless the holding period for his
shares began on or prior to November 30, 1987. In the latter case, in general,
any otherwise applicable basis increase will be reduced to the extent of the
shareholder's ratable share of the earnings and profits of the Company
accumulated for the period during which he held those shares between December 1,
1963 and November 30, 1987.
DUE TO THE COMPLEXITY OF THE APPLICABLE TAX RULES, UNITED STATES
SHAREHOLDERS OF THE COMPANY ARE STRONGLY URGED TO CONSULT THEIR OWN TAX ADVISORS
CONCERNING THE IMPACT OF THESE RULES ON THEIR INVESTMENT IN THE COMPANY AND ON
THEIR INDIVIDUAL SITUATIONS.
12
DIVIDEND REINVESTMENT PLAN
EquiServe Trust Company, N.A. ("EquiServe") has been engaged to offer a
dividend reinvestment plan (the "Plan") to shareholders. Shareholders must elect
to participate in the Plan by signing an authorization. The authorization
appoints EquiServe as agent to apply to the purchase of common shares of the
Company in the open market (i) all cash dividends (after deduction of the
service charge described below) which become payable to such participant on the
Company's shares (including shares registered in his or her name and shares
accumulated under the Plan) and (ii) any voluntary cash payments ($50 minimum,
$3,000 maximum per dividend period) received from such participant within 30
days prior to such dividend payment date.
For the purpose of making purchases, EquiServe will commingle each
participant's funds with those of all other participants in the Plan. The price
per share of shares purchased for each participant's account shall be the
average price (including brokerage commissions and any other costs of purchase)
of all shares purchased in the open market with the net funds available from a
cash dividend and any voluntary cash payments being concurrently invested. Any
stock dividends or split shares distributed on shares held in the Plan will be
credited to the participant's account.
For each participant, a service charge of 5% of the combined amount of the
participant's dividend and any voluntary payment being concurrently invested, up
to a maximum charge of $2.50 per participant, will be deducted (and paid to
EquiServe) prior to each purchase of shares. Shareholder sales of shares held by
EquiServe in the Plan are subject to a fee of $10.00 plus applic able brokerage
commissions deducted from the proceeds of the sale. Additional nominal fees are
charged by EquiServe for specific shareholder requests such as requests for
information regarding share cost basis detail in excess of two prior years and
for replacement 1099 reports older than three years.
Participation in the Plan may be terminated by a participant at any time by
written instructions to EquiServe. Upon termination, a participant will receive
a certificate for the full number of shares credited to his or her account,
unless he or she requests the sale of all or part of such shares.
Dividends reinvested by a shareholder under the Plan will generally be
treated for U.S. federal income tax purposes in the same manner as dividends
paid to such shareholder in cash. See "Certain tax information for United States
shareholders" for more information regarding tax consequences to U.S. investors
of an investment in shares of the Company, including the effect of the Company's
status as a PFIC. The amount of the service charge is deductible for U.S.
federal income tax purposes, subject to limitations.
To participate in the Plan an investor may not hold his or her shares in a
"street name" brokerage account.
Additional information regarding the Plan may be obtained from EquiServe
Dividend Reinvestment Plan, 150 Royall St., Canton, MA 02021. Information may
also be obtained by calling EquiServe's Telephone Response Center at
800-446-2617 between 8:30 a.m. and 5 p.m., Eastern time, Monday through Friday.
--------------------------------------------------------------------------------
PRIVACY NOTICE
ASA Limited (the "Company") is committed to protecting the financial
privacy of its shareholders.
We do not share any nonpublic, personal information that we may collect
about shareholders with anyone, including our affiliates, except to service and
administer shareholders' share accounts, to process transactions, to comply with
shareholders' requests or legal requirements or for other limited purposes
permitted by law. For example, the Company may disclose a shareholder's name,
address, social security number and the number of shares owned to its
administrator, transfer agent or other service providers in order to provide the
shareholder with proxy statements, tax reporting forms, annual reports or other
information about the Company. This policy applies to all of the Company's
shareholders and former shareholders.
We keep nonpublic personal information in a secure environment. We restrict
access to nonpublic personal information to Company officers, agents and service
providers who have a need to know the information based on their role in
servicing or administering shareholders' accounts. The Company also maintains
physical, electronic and procedural safeguards that comply with federal
regulations and established security standards to protect the confidentiality of
nonpublic personal information.
13
RESULTS OF PROPOSALS PRESENTED AT THE ANNUAL MEETING
OF SHAREHOLDERS
The following votes were cast at the Annual Meeting of Shareholders held on
February 27, 2003:
--------------------------------------------------------------------------------
ELECTION OF DIRECTORS
For Against Abstain
--------------------------------------------------------------------------------
Robert J.A. Irwin 7,525,555 12,146 43,920
Henry R. Breck 7,527,021 12,146 42,454
Harry M. Conger 7,526,459 12,146 43,016
Chester A. Crocker 7,527,058 12,146 42,417
Joseph C. Farrell 7,527,021 12,146 42,454
James G. Inglis 7,528,058 12,146 41,417
Malcolm W. MacNaught 7,527,052 12,146 42,423
Ronald L. McCarthy 7,527,374 12,146 42,101
Robert A. Pilkington 7,528,225 12,146 41,250
A. Michael Rosholt 7,522,737 12,146 46,738
--------------------------------------------------------------------------------
RATIFICATION OF SELECTION OF AUDITORS
For Against Abstain
--------------------------------------------------------------------------------
Ernst & Young LLP 7,488,710 33,691 59,220
Ernst & Young Johannesburg, South Africa 7,488,676 33,990 58,955
--------------------------------------------------------------------------------
FORWARD-LOOKING STATEMENTS
This report contains "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Act of 1934. By their nature all
forward-looking statements involve risks, uncertainties and other factors which
may cause actual results, performance or achievements of management's plans to
be materially different from those contemplated by the forward-looking
statements. Such factors include, but are not limited to, the performance of the
companies whose securities comprise the Company's portfolio, the conditions in
the U.S., South African and other international securities and foreign exchange
markets, the price of gold, platinum and other precious metals, changes in tax
law and the Company's efforts to move from South Africa to Bermuda.
14
ASA LIMITED
Incorporated in the
Republic of South Africa
(Registration No. 58/01920/06)
DIRECTORS
HENRY R. BRECK ROBERT J.A. IRWIN
(U.S.A.) (U.S.A.)
HARRY M. CONGER MALCOLM W. MACNAUGHT
(U.S.A.) (U.S.A.)
CHESTER A. CROCKER RONALD L. MCCARTHY
(U.S.A.) (South Africa)
JOSEPH C. FARRELL ROBERT A. PILKINGTON
(U.S.A.) (U.S.A.)
JAMES G. INGLIS A. MICHAEL ROSHOLT
(South Africa) (South Africa)
OFFICERS
ROBERT J.A. IRWIN, CHAIRMAN OF THE BOARD AND TREASURER
RONALD L. MCCARTHY, MANAGING DIRECTOR AND
SOUTH AFRICAN SECRETARY
CHESTER A. CROCKER, UNITED STATES SECRETARY
PAUL K. WUSTRACK, JR., ASSISTANT UNITED STATES SECRETARY
DOROTHY FAITH KENNY, ASSISTANT SOUTH AFRICAN SECRETARY
AUDITORS
ERNST & YOUNG LLP, NEW YORK, NY, U.S.A
ERNST & YOUNG, JOHANNESBURG, SOUTH AFRICA
COUNSEL
WERKSMANS, JOHANNESBURG, SOUTH AFRICA
KIRKPATRICK & LOCKHART LLP, WASHINGTON, DC, U.S.A.
CUSTODIAN
J.P. MORGAN CHASE, BROOKLYN, NY, U.S.A.
SUBCUSTODIAN
STANDARD BANK OF SOUTH AFRICA LIMITED
JOHANNESBURG, SOUTH AFRICA
FUND ACCOUNTANTS
KAUFMAN ROSSIN & CO., PA, MIAMI, FL, U.S.A.
REGISTERED OFFICE
36 WIERDA ROAD WEST, SANDTON 2196, SOUTH AFRICA
Website--http://www.asaltd.com
SHAREHOLDER SERVICES
LGN ASSOCIATES, FLORHAM PARK, NJ, U.S.A.
(973) 377-3535
TRANSFER AGENT
EQUISERVE TRUST COMPANY, N.A.,
525 WASHINGTON BOULEVARD, JERSEY CITY, NJ 07310, U.S.A.
ITEM 2. CODE OF ETHICS
Form N-CSR disclosure requirement not applicable to registrant's semi-annual
report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Form N-CSR disclosure requirement not applicable to registrant's semi-annual
report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Form N-CSR disclosure requirement not applicable to registrant's semi-annual
report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Form N-CSR disclosure requirement not applicable to registrant's semi-annual
report.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement not applicable to registrant's semi-annual
report.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES
(a) Based on an evaluation of the disclosure controls and procedures (as
defined in Rule 30a-2(c) under the Act), the Chairman of the Board and
Treasurer of the Company has concluded that such disclosure controls and
procedures are effectively designed to ensure that information required
to be disclosed by the Company is accumulated and communicated to the
Company's management to allow timely decisions regarding required
disclosure.
(b) There were no significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls
subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS
(a) Form N-CSR disclosure requirement not yet effective with respect to
registrant.
(b) The certifications required by Rule 30a-2 of the Investment Company Act
of 1940, as amended, and Sections 302 and 906 of the Sarbanes-Oxley Act
of 2002 are attached hereto. The certification provided pursuant to
Section 906 of the Sarbanes-Oxley Act is not deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange
Act"), or otherwise subject to the liability of that section. Such
certifications will not be deemed to be incorporated by reference into
any filing under the Securities Act of 1933 or the Exchange Act, except
to the extent that the registrant specifically incorporates them by
reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
ASA LIMITED
Date: July 29, 2003
By: /s/ Robert J.A. Irwin
---------------------------
Robert J.A. Irwin
Chairman of the Board and
Treasurer
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following person on behalf of the registrant and in the capacities and on the
date indicated.
Date: July 29, 2003
By: /s/ Robert J.A. Irwin
---------------------------
Robert J.A. Irwin
Chairman of the Board and
Treasurer