Saba’s 3.25M-Share Position Triggers ASA Board Shake-Up

Rhea-AI Filing Summary

Amendment No. 11 to Schedule 13D reveals that activist investor Saba Capital Management, L.P., its GP and founder Boaz R. Weinstein together hold 3,253,837 ASA common shares, equal to 17.24 % of the 18.9 m shares outstanding. All voting and dispositive power is shared; none is held solely.

On 6 Aug 2025 directors Mary Joan Hoene and William Donovan resigned and signed a standstill agreement with Saba entities that limits their future actions regarding the company and includes mutual non-disparagement and release clauses (filed as Exhibit 6). The reporting persons executed no ASA share transactions in the 60 days prior to the event. Economic benefits from the shares accrue to funds and accounts advised by Saba. The filing underscores continued activist pressure and sets the stage for possible governance or strategic changes at the precious-metals closed-end fund.

Positive

• 17.24 % ownership gives Saba sufficient leverage to drive strategic or structural changes that could unlock value.
• Director resignations and standstill indicate early activist success and clearer path to governance reforms.

Negative

• High concentration of influence in one shareholder can introduce strategic uncertainty for long-term holders.
• No recent share purchases may signal a pause in accumulation, limiting near-term buying support.

Insights

Activist Fund Analyst

TL;DR: Saba lifts ASA stake to 17 %, secures director resignations; signals stronger activist influence and potential value-unlocking actions.

The 13D/A confirms Saba’s meaningful 17.24 % position, giving it the leverage to influence corporate actions. Two director resignations coupled with a standstill pact suggest negotiations already yielded governance concessions. Historically, Saba’s activism in closed-end funds aims at narrowing NAV discounts via tender offers or structural changes. The absence of recent share purchases implies the firm may be shifting from accumulation to engagement. Overall impact is positive for minority holders looking for discount-compression catalysts.

Corporate Governance Specialist

TL;DR: Board turnover and standstill elevate governance debate; concentrated ownership raises both opportunity and oversight concerns.

Director resignations under a standstill agreement hand Saba de facto influence while limiting potential opposition from outgoing members. Mutual non-disparagement clauses reduce litigation risk, but the concentration of 17 % voting power in one activist heightens governance balancing needs. Investors should watch for future board appointments, policy shifts or buy-back proposals that could reshape ASA’s strategy and capital allocation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

ASA Gold and Precious Metals Limited

(Name of Issuer)

Common Shares, $1 par value

(Title of Class of Securities)

G3156P103

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/06/2025

(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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

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).

SCHEDULE 13D

CUSIP No. G3156P103

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,253,837.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,253,837.00

11

Aggregate amount beneficially owned by each reporting person

3,253,837.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.24 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.

SCHEDULE 13D

CUSIP No. G3156P103

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,253,837.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,253,837.00

11

Aggregate amount beneficially owned by each reporting person

3,253,837.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.24 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.

SCHEDULE 13D

CUSIP No. G3156P103

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,253,837.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,253,837.00

11

Aggregate amount beneficially owned by each reporting person

3,253,837.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.24 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $1 par value
(b)	Name of Issuer: ASA Gold and Precious Metals Limited
(c)	Address of Issuer's Principal Executive Offices: Three Canal Plaza, Suite 600, Portland, MAINE , 04101.
Item 1 Comment: This Amendment No. 11 amends Items 4, 5, 6, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is 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)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented as follows: On August 6, 2025, Mary Joan Hoene and William Donovan (the "Former Directors") submitted binding and irrevocable resignations to the Issuer, resigning from the Board. On the same day, the Former Directors entered into an agreement (the "Agreement") with Saba Capital Management, L.P. and Saba Capital Master Fund, Ltd. (together, "Saba") whereby the Former Directors agreed to a standstill restricting them from taking various actions with respect to the Issuer, as further described in the attached Agreement, which also includes customary mutual non-disparagement and release provisions. The foregoing summary of the Agreement shall not be deemed complete and is qualified in its entirety by reference to the full text of the Agreement, which is attached hereto as Exhibit 6 to this Schedule 13D/A and incorporated by reference herein.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	No transactions in the Common Shares within the past sixty days prior to 8/6/25, the date of the event which required filing of this Schedule 13D/A.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The Reporting Persons' response to Item 4 is incorporated by reference into this Item 6.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 6 - Standstill Agreement

SIGNATURE

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.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	08/07/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/07/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/07/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many ASA shares does Saba Capital own after Amendment No. 11?

Saba Capital reports ownership of 3,253,837 common shares.

What percentage of ASA’s outstanding shares does 3,253,837 represent?

The stake equals 17.24 % of the 18,872,332 shares outstanding as of 31 May 2025.

Why did ASA directors Mary Joan Hoene and William Donovan resign?

They resigned on 6 Aug 2025 and entered a standstill agreement with Saba restricting future actions toward the company.

What is the triggering event date for this Schedule 13D/A?

The event requiring the filing occurred on 08 / 06 / 2025.

Did Saba Capital trade ASA shares in the 60 days before the filing?

No. The filing states there were no transactions in that period.

What voting and dispositive power does Saba Capital have over ASA shares?

Saba holds shared voting and dispositive power over 3,253,837 shares; it has no sole power.