- Supreme Court of Bermuda extends interim injunction against ASA Gold and Precious Metals Limited (ASA, Financial) and two directors.
- Directors Mary Joan Hoene and William Donovan prohibited from using company resources to interfere with upcoming shareholder meetings.
- The court emphasized the lack of authority of the Litigation Committee to conduct proxy solicitation.
The Supreme Court of Bermuda has extended an interim injunction against ASA Gold and Precious Metals Limited (ASA) and its directors Mary Joan Hoene and William Donovan. The court order, originally issued on May 8, 2025, prevents the directors from utilizing company resources to interfere with the June 13th Special General Meeting and the 2025 Annual General Meeting of Shareholders.
This development follows claims by Paul Kazarian, a member of ASA's Board of Directors, who has challenged the actions of the Litigation Committee. The Bermuda Court ruled that it is highly likely that the committee, led by Ms. Hoene and Mr. Donovan, lacked the authority to solicit proxies in opposition to shareholder resolutions scheduled for the upcoming Special Meeting. The court also identified a serious issue requiring further investigation regarding the committee's actions, which could potentially exclude Mr. Kazarian from exercising his rights as a director.
Paul Kazarian emphasized his commitment to acting as a guardian for shareholders, expressing concern over the expenses incurred by actions taken by Ms. Hoene and Mr. Donovan. As an independent director, he seeks to protect shareholder interests against unauthorized use of company resources.
ASA Gold and Precious Metals Limited (ASA, Financial) operates within the asset management industry, with a market capitalization of $596.65 million. The company has a shareholder base comprising 1.76% insider ownership and 59.72% institutional ownership, reflecting significant interest from institutional investors.
