ASA Gold & Precious Metals Ltd (ASA) is the subject of an exempt solicitation by shareholder Axel Merk, who reports owning more than 300,000 ASA shares. Merk urges ASA’s board to offer existing shareholders a liquidity option at or near net asset value (NAV), such as a tender offer, before proceeding with the board’s previously announced plan to convert ASA from a precious-metals closed-end fund into a credit-focused business development company (BDC) to be managed by Saba.
Merk highlights that ASA traded at a –18.11% discount to NAV as of September 4, 2026, and notes that Saba reportedly controls more than 32% of ASA’s shares and would become investment manager of the proposed BDC. He raises concerns about portfolio transaction and tax costs tied to repositioning ASA’s precious-metals portfolio, especially for taxable shareholders without a Qualified Electing Fund (QEF) election, and about governance dynamics given Saba’s role. Merk asks shareholders to press the board for a NAV-based liquidity event before any conversion vote or portfolio transformation.
ASA Gold & Precious Metals Ltd (ASA) plans a major strategic shift after its board approved a proposal to convert the company from a gold- and precious-metals-focused closed-end fund into a business development company (BDC) with a yield-oriented, credit-focused strategy. The plan also includes redomiciling from Bermuda to Delaware, changing U.S. tax status from a passive foreign investment company (PFIC) to a regulated investment company (RIC), and appointing Saba Capital Management, L.P. as investment manager.
The BDC conversion and related changes will only proceed if shareholders approve a new advisory agreement with Saba and the elimination of ASA’s fundamental gold-focused and other fundamental investment policies at the 2026 Annual General Meeting. If approved and conditions are met, the conversion is expected to occur by year-end, with detailed terms and risks to be provided in a Form N-14 proxy statement/prospectus.
ASA Gold & Precious Metals Ltd (ASA) filed an initial statement of beneficial ownership (Form 3) for Troy M. Statczar, who is identified as the company’s Principal Financial Officer. The filing reports no transactions or derivative positions and does not list any specific share holdings in the structured data provided.
ASA Gold and Precious Metals Limited is the focus of an exempt solicitation by shareholder Axel Merk, who provides governance-related commentary and monitoring of fund metrics following a change in management in mid-2026. Merk notes that ASA’s advisory agreement with Merk Investments LLC ended on June 30, 2026, after which certain fund directors assumed responsibility for managing the portfolio.
The materials describe Merk’s June 10, 2026 resignation as Chief Operating Officer of ASA, while he remains President and Chief Investment Officer of Merk Investments LLC. They also highlight that Merk owns over 300,000 ASA shares and outline general investment risks for ASA as a non-diversified, closed-end fund concentrated in the gold and precious minerals sector. In addition, the content references a June 11, 2026 U.S. Supreme Court decision interpreting the Investment Company Act of 1940 and includes standard disclaimers that the views expressed are Merk’s opinions and do not constitute investment advice or an offer to buy or sell securities.
ASA Gold and Precious Metals Limited is the subject of an exempt solicitation by Alexander (Axel) Merk, former adviser to the fund and holder of over 300,000 ASA shares, or about 1.7% of the fund. Merk describes that ASA’s Saba-controlled board terminated Merk Investments’ Investment Advisory Agreement effective June 30, 2026, after which certain directors, including a Saba partner, assumed management as an internal Investment Committee. Merk highlights that in the first month after this change ASA’s market discount to net asset value widened to about -17.26%. He states that public Saba filings outline a desire to liquidate ASA’s mining portfolio, repurpose the fund as a Saba-managed vehicle, potentially as a Business Development Company, and pursue limited cash and in-kind tender offers. Merk notes ASA’s 80% precious-metals mining mandate absent shareholder approval to change it, questions an apparent pause in share repurchases, and urges that any restructuring follow, not precede, a shareholder exit at NAV, while promoting potential future Merk-managed mining strategies.
ASA Gold and Precious Metals Limited is the subject of an updated ownership report from Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. The group reports beneficial ownership of 5,903,701 common shares, representing 32.16% of ASA’s 18,356,816 common shares outstanding as of May 31, 2026, with shared voting and dispositive power over all reported shares. Approximately $173,266,631 was paid to acquire these shares.
On July 30, 2026, Saba Capital enhanced its proposal for ASA’s restructuring into a Business Development Company to include the potential retention of a private credit manager as a subadviser to assist with portfolio management. The reporting persons state there were no transactions in ASA common shares during the 60 days prior to July 30, 2026.
ASA Gold and Precious Metals Limited is the subject of an exempt solicitation from shareholder Axel Merk, who opposes Saba’s control of the board and proposals described as liquidating ASA’s gold‑mining portfolio and repurposing it into a Saba‑managed vehicle.
Merk states his advisory agreement ended on June 30, 2026 and that ASA, now with over $1.1 billion in assets, is being overseen by directors without precious‑metals mining expertise. He notes the fund’s market discount to NAV has been greater than 15% on most days since the change, as of July 15, 2026, and urges the board to conduct a tender offer at or near NAV before any restructuring. Merk, who reports owning over 300,000 ASA shares, argues this sequence would better protect shareholders from costs, taxes, and strategy changes.