UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
SCHEDULE 13D
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. ________)*
ASA LIMITED
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(Name of Issuer)
Common Stock, par value $1.00 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
G3156P103
--------------------------------------------------------------------------------
(CUSIP Number)
Andrew Pegge
Laxey Partners Limited
The Old Chapel
Onchan
Isle of Man IM3 1NA
+44 1624 690900
With a copy to:
Marc Weingarten, Esq.
David Rosewater, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 12, 2007
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
(Continued on following pages)
(Page 1 of 24 PAGES)
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
--------------------------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page. The information required on the
remainder of this cover page shall not be deemed to be "filed" for the purpose
of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).
(Page 2 of 24 PAGES)
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CUSIP NO. G3156P103 SCHEDULE 13D PAGE 3 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LAXEY INVESTORS LIMITED
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 109,434
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
109,434
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
109,434
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 4 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THE VALUE CATALYST FUND LIMITED
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 14,650
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
14,650
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,650
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 5 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LAXEY UNIVERSAL VALUE, L.P.
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 89,640
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
89,640
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
89,640
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 6 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LAXC LIMITED
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 20,000
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
20,000
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,000
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 7 OF 24 PAGES
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--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LEAF LIMITED
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,422
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,422
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,422
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 8 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LP ALTERNATIVE, L.P.
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 40,675
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
40,675
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,675
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 9 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LEAF, L.P.
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 7,590
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,590
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,590
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 10 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ALTMA SICAV PLC IN RESPECT OF GARDINER SUB-FUND
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
MALTA
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 116,479
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
116,479
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
116,479
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 11 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SPRUGOS INVESTMENTS XII, L.L.C.
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 94,190
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
94,190
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
94,190
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 12 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LAXEY PARTNERS LIMITED
NO I.R.S. IDENTIFICATION NO.
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
ISLE OF MAN
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 498,080
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
498,080
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
498,080
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 13 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
COLIN KINGSNORTH
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED KINGDOM
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 498,080
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
498,080
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
498,080
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 14 OF 24 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ANDREW PEGGE
-----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
-----------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED KINGDOM
-----------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 498,080
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
498,080
-----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
498,080
-----------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
-----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
-----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-----------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 15 OF 24 PAGES
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ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Common Stock, par value $1.00
per share (the "Shares"), of ASA Limited (the "Issuer"). The principal executive
office of the Issuer is located at 11 Summer Street, 4th Floor, Buffalo, New
York 14209.
ITEM 2. IDENTITY AND BACKGROUND
(a)-(c) This statement is being filed jointly by (i) Laxey Investors
Limited, a British Virgin Islands company ("LIL"), (ii) The Value Catalyst Fund
Limited, a Cayman Islands company ("Catalyst"), (iii) Laxey Universal Value,
L.P., a Delaware limited partnership ("LUV"), (iv) LAXC Limited, a British
Virgin Islands company ("LAXC"), (v) Leaf Limited, a British Virgin Islands
company ("LEAF"), (vi) LP Alternative, L.P., a Delaware limited partnership
("LPALP"), (vii) Leaf, L.P., a Delaware limited partnership ("LEAFLP", and
collectively with LIL, Catalyst, LUV, LAXC, LEAF and LPALP, the "Funds"), (viii)
Altma Sicav Plc (in respect of Gardiner Sub-Fund), a Malta company ("Altma"),
(ix) Sprugos Investments XII, L.L.C., a Delaware limited liability company
("SPRUGOS", and collectively with Altma, the "Accounts"), (x) Laxey Partners
Limited, an Isle of Man company ("Laxey"), (xi) Colin Kingsnorth, a British
citizen ("Kingsnorth"), and (xii) Andrew Pegge, a British citizen ("Pegge", and,
collectively with the Funds, the Accounts, Laxey, and Kingsnorth, the "Reporting
Persons").
LIL is a British Virgin Islands company whose principal business is
investing in closed-end funds and similar investment entities. The address of
LIL's principal business and principal office is Akara Building, 24 De Castro
Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands.
Catalyst is a Cayman Islands company whose principal business is
investing in closed-end funds and similar investment entities. The address of
Catalyst's principal business and principal office is P.O. Box 309, Ugland
House, South Church Street, George Town, Grand Cayman, Cayman Islands, British
West Indies.
LUV is a Delaware limited partnership whose principal business is
investing in securities with an emphasis on structural arbitrage. The general
partner of LUV is Laxey Partners GP(2) Limited, a British Virgin Islands company
and wholly-owned subsidiary of Laxey, the investment manager of LUV. The address
of LUV's principal business and principal office is The Corporation Trust
Center, 1209 Orange Street, Wilmington, Delaware 19801, United States.
LAXC is a British Virgin Islands company whose principal business is
investing in closed-end funds and similar investment entities. The address of
LAXC's principal business and principal office is Craigmuir Chambers, P.O. Box
71, Road Town, Tortola, British Virgin Islands.
LEAF is a British Virgin Islands company whose principal business is
investing in closed-end funds and similar investment entities. The address of
LEAF's principal business and principal office is Craigmuir Chambers, P.O. Box
71, Road Town, Tortola, British Virgin Islands.
LPALP is a Delaware limited partnership whose principal business is
investing in closed-end funds and similar investment entities. The general
partner of LPALP is Laxey Partners GP(3) Limited, a British Virgin Islands
company and wholly-owned subsidiary of Laxey, the investment manager of LPALP.
The address of LPALP's principal business and principal office is 615 South
Dupont Highway, Kent County, Dover, Delaware 19901, United States.
LEAFLP is a Delaware limited partnership whose principal business is
investing in closed-end funds and similar investment entities. The general
partner of LEAFLP is
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 16 OF 24 PAGES
--------------------------------------------------------------------------------
Laxey Partners GP(4) LImted, a British Virgin Islands company and wholly-owned
subsidiary of Laxey, the investment manager of LEAFLP. The address of LEAFLP's
principal business and principal office is 615 South Dupont Highway, Kent
County, Dover, Delaware 19901,United States.
Altma and SPRUGOS are managed accounts which are managed on behalf of
unaffiliated third parties, and of which Laxey serves as the investment manager.
Altma's principal business address and principal office address is 171 Old
Bakery Street, Valeta, Malta. SPRUGOS' principal business address and principal
office address is 2711 Centerville Road, Suite 400, New Castle County,
Wilmington, Delaware 19808, United States.
Laxey is the investment manager for each of LIL, Catalyst, LUV, LAXC,
LEAF, LPALP, and LEAFLP, subject to the overall control of the general partner,
managing member, or directors of each of these entities, as applicable. Laxey is
also the investment manager of the Accounts (as defined in Item 3). The address
of Laxey's principal business and principal office is The Old Chapel, Onchan,
Isle of Man, IM3 1NA, United Kingdom.
Messrs. Kingsnorth and Pegge are the principals of Laxey. Kingsnorth's
principal occupation is that of portfolio manager and director of Laxey. His
business address is Princes House, 38 Jermyn Street, London, SW1Y 6DN. Pegge's
principal occupation is also that of portfolio manager and director of Laxey and
his business address is The Old Chapel, Onchan, Isle of Man, IM3 1NA, United
Kingdom.
(d) None of the Reporting Persons has, during the last five years, been
convicted in any criminal proceeding.
(e) None of the Reporting Persons has, during the last five years, been
a party to any civil proceeding commenced before a judicial or administrative
body of competent jurisdiction as a result of which it or he was or is now
subject to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
(f) Mr. Kingsnorth and Mr. Pegge are British citizens.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The funds used to purchase the Shares of Common Stock described in this
statement were acquired through open market purchases and were derived from the
Funds' investment capital and funds provided by the two discretionary Accounts
managed for unaffiliated third parties. A total of approximately $31,715,430 was
paid to acquire such Shares.
--------------------------------------------------------------------------------
CUSIP NO. G3156P103 SCHEDULE 13D PAGE 17 OF 24 PAGES
--------------------------------------------------------------------------------
ITEM 4. PURPOSE OF TRANSACTION
The Funds and Accounts originally acquired Shares for investment in the
ordinary course of business because the Reporting Persons believed that the
Shares, when purchased, were substantially undervalued and represented an
attractive investment opportunity.
On November 21, 2007, the record holder of the Shares beneficially owned
by Laxey, the Funds and Accounts ("Record Holder") sent a notice to the Issuer
listing the following two proposals to be presented to the shareholders at the
2008 annual general meeting of the Issuer. First, the Record Holder proposed a
recommendation to the Board of Directors ("Board") of the Issuer suggesting that
the Board immediately initiate a self tender offer to repurchase 30% of the
outstanding Shares of the Issuer at a price equivalent to 99% of the net asset
value of the Shares of the Issuer, and thereafter semi-annually initiate self
tender offers to repurchase 10% of the outstanding Shares of the Issuer at a
price equivalent to 99% of the net asset value of the Shares of the Issuer.
Second, the Record Holder nominated the following three persons for election to
the Board of Directors of the Issuer at the 2008 annual general meeting, whereby
each nominee will replace a current member of the Board of Directors of the
Issuer: (i) Mr. Andrew Pegge, to replace Mr. Chester A. Crocker; (ii) Mr.
Phillip Goldstein, to replace Mr. Joseph C. Farrell, and (iii) Mr. Julian Reid,
to replace Mr. Malcolm W. MacNaught. The purpose of the self tender offer
proposal is to urge the Board to take action that will enable shareholders to
realize value from a portion of their Shares at a price substantially closer to
the Shares' net asset value than their trading price reflects. The purpose of
the nomination proposal is to seek the election of shareholder-selected Board
members dedicated to closing the persistent discount at which the Issuer's
Shares trade relative to their net asset value.
The Reporting Persons and certain related parties expect that the Issuer
will include these proposals in the Issuer's proxy statement for its 2008 annual
general meeting. In addition, the Reporting Persons and certain related parties
intend to file a preliminary proxy statement with the Securities and Exchange
Commission relating to the solicitation of proxies in connection with the
Issuer's 2008 annual general meeting, in which they intend to seek support from
the shareholders to approve the two proposals listed in the preceding paragraph.
A supporting statement setting forth the Reporting Persons' arguments in favor
of the proposals is attached hereto as Exhibit 1.
The Reporting Persons intend to review the investment in the Issuer on a
continuing basis. Representatives of the Reporting Persons may engage in
discussions with representatives of the Issuer, management, the Board, other
shareholders of the Issuer and other relevant parties concerning, among other
things, the business, operations, board composition, management, strategy and
future plans of the Issuer, including various approaches that the Reporting
Persons believe will reduce the discount at which the Issuer's Shares trade
relative to their net asset value. Depending on various factors including,
without limitation, the Issuer's financial position and strategic direction, the
outcome of the discussions and actions referenced above, price levels of the
Shares, conditions in the securities market and general economic and industry
conditions, the Reporting Persons may in the future take such actions with
respect to the investment in the Issuer as they deem appropriate including,
without limitation, purchasing additional Shares or selling some or all of the
Shares, engaging in short selling of or any hedging or similar transactions
and/or otherwise changing its intention with respect to any and all matters
referred to in Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Reporting Persons beneficially own 498,080 Shares, constituting
approximately 5.2% of the Shares outstanding.
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CUSIP NO. G3156P103 SCHEDULE 13D PAGE 18 OF 24 PAGES
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The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 9,600,000 Shares outstanding, which is the total number of
Shares outstanding as reported in the Issuer's Interim Report for the Six Months
Ended May 31, 2007 on Form N-CSRS, filed with the Securities and Exchange
Commission on July 23, 2007.
(b) Laxey, Mr. Kingsnorth and Mr. Pegge share power to vote and direct
the disposition of all of the Shares held by the Funds and Accounts.
(c) The following transactions in the Shares were effected by the
Reporting Persons during the past 60 days, each of which was effected in open
market transactions.
LIL
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
09/26/2007 20,435.00 71.94
09/27/2007 12,024.00 72.92
Catalyst
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
09/25/2007 (98,500.00) 71.47
09/25/2007 14,700.00 71.40
09/26/2007 9,144.00 71.94
09/27/2007 (23,845.00) 72.65
09/28/2007 14,651.00 74.63
Altma
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
09/26/2007 20,445.00 71.94
09/27/2007 12,029.00 72.92
09/28/2007 17,680.00 74.63
LUV
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
09/26/2007 18,403.00 71.94
09/27/2007 10,827.00 72.92
09/28/2007 15,910.00 74.63
LAXC
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
11/13/2007 20,000.00 75.72
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CUSIP NO. G3156P103 SCHEDULE 13D PAGE 19 OF 24 PAGES
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SPRUGOS
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
09/26/2007 18,403.00 71.94
09/27/2007 10,827.00 72.92
09/28/2007 15,910.00 74.63
LEAF
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
09/25/2007 (4,800.00) 71.47
09/25/2007 1,900.00 71.40
09/27/2007 2,393.00 72.92
09/27/2007 (1,900.00) 72.65
09/28/2007 3,029.00 74.63
LPALP
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
09/25/2007 (17,635.00) 71.47
09/25/2007 6,900.00 71.40
09/27/2007 (6,900.00) 72.65
10/01/2007 16,830.00 74.82
10/08/2007 6,900.00 72.66
10/09/2007 12,745.00 73.27
10/10/2007 4,200.00 73.86
LEAFLP
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
09/26/2007 4,070.00 71.94
09/28/2007 3520.00 74.63
(d) No person other than the Reporting Persons is known to have the right
to receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, such Shares.
(e) Not applicable.
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CUSIP NO. G3156P103 SCHEDULE 13D PAGE 20 OF 24 PAGES
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
The Reporting Persons may, from time to time, enter into and dispose of
cash-settled equity swap or other similar derivative transactions with one or
more counterparties that are based upon the value of Shares, which transactions
may be significant in amount. The profit, loss and/or return on such contracts
may be wholly or partially dependent on the market value of the Shares, the
relative value of Shares in comparison to one or more other financial
instruments, indexes or securities, a basket or group of securities in which
Shares may be included, or a combination of any of the foregoing. In addition to
the Shares that they beneficially own without reference to these contracts, the
Reporting Persons currently have long economic exposure to 258,080 Shares
through such contracts, and no short economic exposure to any Shares through
such contracts. Aside from the Reporting Persons, two other funds for which
Laxey serves as investment adviser currently have long economic exposure to
Shares but do not beneficially own any Shares: LP Value Limited, a British
Virgin Islands company, and Laxey Investors L.P., a Delaware limited
partnership, collectively have long economic exposure to 220,000 Shares.
Such contracts do not give the Reporting Persons direct or indirect
voting, investment or dispositive control over any securities of the Issuer and
do not require the counterparties thereto to acquire, hold, vote or dispose of
any securities of the Issuer. Accordingly, the Reporting Persons disclaim any
beneficial ownership in any securities that may be referenced in such contracts
or that may be held from time to time by any counterparties to such contracts.
Except as otherwise set forth herein, the Reporting Persons do not have
any contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
EXHIBIT 1: SUPPORTING STATEMENT
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CUSIP NO. G3156P103 SCHEDULE 13D PAGE 21 OF 24 PAGES
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: November 23, 2007
/s/ Andrew Pegge
------------------------------
Andrew Pegge, in his capacity
as portfolio manager and director
of Laxey Partners Limited
/s/ Andrew Pegge
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Andrew Pegge
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CUSIP NO. G3156P103 SCHEDULE 13D PAGE 22 OF 24 PAGES
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EXHIBIT INDEX
1. SUPPORTING STATEMENT
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CUSIP NO. G3156P103 SCHEDULE 13D PAGE 23 OF 24 PAGES
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EXHIBIT 1: SUPPORTING STATEMENT
As of the date of this letter, Funds managed or advised by Laxey Partners
Limited ("Laxey") beneficially own 498,080 shares of ASA Limited ("ASA"),
representing approximately 5.19% of the outstanding common stock of ASA. Since
the 2006 Annual General Meeting held on March 8, 2006, where a shareholder
proposal to conduct a series of in-kind tender offers for shares at net asset
value (the "2006 Proposal") was defeated, the shares of ASA common stock have
continued to trade at a substantial discount to net asset value. According to
Bloomberg the average discount between March 8, 2006 and November 19, 2007 is
nearly 13%. Laxey believes that it is self evident that the presence of the
discount represents a very real loss of value for all shareholders and that it
is the responsibility of the management of ASA to take action to reduce this
discount.
Laxey believes that the best strategy for ASA to address the existing discount
would be to extend a series of in-kind tender offers for shares at net asset
value. The initial offer should be for 30% of shares outstanding, and subsequent
offers should be made semi-annually for 10% of shares outstanding. These
periodic offers should continue indefinitely, except for periods in which the
shares of ASA common stock trade at or above net asset value.
There are many precedents for this, but a good example is the Korea Fund, whose
Chairman is one of the Laxey nominees, and which conducts semi-annual tenders on
a very similar basis to that proposed for ASA. In this case, the discount has
averaged less than 7% over the last year. Laxey believes that such in-kind
tender offers would cause ASA to experience a similarly sharp decrease in
discount, to the benefit of all shareholders.
In the Company's proxy statement that presented the 2006 Proposal, the Company
stated that "[a]ny significant measures to eliminate or reduce the discount
would have material adverse tax consequences to many shareholders," including a
"major tender offer" if the 2006 Proposal, which is similar in concept to
Laxey's current proposal, was approved and acted upon. Of course, we believe
that this is not the full story. It may be the case that for SOME shareholders
the better course of action is to continue to hold their shares in the
expectation of benefiting from ASA trading at a tighter discount to NAV.
However, discouraging shareholders from voting for action that would benefit
them all indirectly if not directly is not, in our view, providing proper advice
to shareholders as to which course of action is likely to be best for different
kinds of holders!
Shareholders should understand clearly that our proposal is NOT tantamount to
abandoning ASA's closed-end structure and we do not believe it would prejudice
the future performance of ASA to engage in either the initial or subsequent
periodic tender offers. Firstly, what we are proposing is a means of retaining
the closed-end structure whilst dealing with the discount and without forcing
undesirable tax consequences on any shareholders. Secondly, due to the highly
liquid nature of ASA's assets, the low level of liquidity we are suggesting ASA
provide should have no discernible effect on ASA's performance. To back this
statement up, we should point out that, whilst it is not what we are suggesting,
our analysis suggests that the whole portfolio could be sold at market prices in
the course of a normal week's trading!
We are also seeking to reconstitute the composition of the Board of Directors of
ASA ("Board") as we believe the current Board has, by allowing the shares to
persistently trade at a significant discount to per share NAV without taking
definitive action to remedy the situation, demonstrated that they are very
resistant to change and that they are out of touch with the real desires of
shareholders. In addition, the fact that the Board members themselves own a
small amount of ASA, both as a percentage and as a dollar value, has caused a
further disconnect in what should be an alignment
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CUSIP NO. G3156P103 SCHEDULE 13D PAGE 24 OF 24 PAGES
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of interests between the Board and the shareholders. According to ASA's most
recent proxy materials the Board own 10,500 shares or less than 0.11% of the
shares in issue. Overall these shares are worth less than $800,000. Whilst this
might amount to a substantial sum in other contexts this amounts only to some
$87,000 per director, which must surely be a small part of the net worth of such
senior mining industry figures!
Sincerely,
Laxey Partners Limited
By: /s/ Andrew Pegge
-------------------------------
Name: Andrew Pegge
Title: Authorized Signatory