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      "text": "In 2020, in a virtually identical set of circumstances, a fund with ~$250 million in assets – making up a meaningful percentage of its investment advisor’s revenue – faced off with an activist at its annual meeting. Advised by Skadden, this manager thwarted the activist, and the board and manager were left intact. Three months later, the fund de-listed from its exchange for the reasons listed below, and currently trades at a -39% discount to NAV.",
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      "text": "The Board of Trustees (the \"Board\") of the Fund, with the recommendation of the Governance Committee of the Board, unanimously approved the delisting for reasons based on many factors. These factors include, but are not limited to: the expenses, both direct and indirect, associated with being listed on the NYSE; the extent to which the Fund has taken advantage of its NYSE listing, including raising capital; trading, liquidity, spreads, and discount to net asset value of the Fund's Shares on the NYSE; and the burden of governance, shareholder meeting, and reporting requirements of the NYSE.",
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      "text": "ASA Shareholders Should Be Concerned That This May Be Their Last Chance for Change",
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