Saba updates ASA stake and BDC proposal details

Saba Capital Management and affiliates filed Amendment No. 25 to their Schedule 13D on ASA Gold and Precious Metals Limited, updating both their ownership and their strategic proposal.

Rhea-AI Filing Summary

Saba Capital Management and affiliates filed Amendment No. 25 to their Schedule 13D on ASA Gold and Precious Metals Limited, updating both their ownership and their strategic proposal. The group reports beneficial ownership of 5,903,701 common shares, or 31.91% of ASA’s outstanding common stock, based on 18,499,850 shares outstanding.

The amendment describes a revised non-binding proposal delivered on May 27, 2026 to ASA’s Special Committee. Saba’s proposal contemplates transitioning ASA into a business development company structure and offering shareholders both a limited cash tender offer and a limited tender offer for a proportional share of the remaining portfolio assets, with exact tender sizes and prices not specified.

Insights

Activist investing analyst

Saba reiterates a large ASA stake and refines its BDC transition proposal.

Saba Capital, its general partner, and Boaz Weinstein report beneficial ownership of 5,903,701 ASA common shares, equal to 31.91% of the 18,499,850 shares outstanding. They state that approximately $173,266,631 was paid to acquire this position via investor funds and margin borrowings.

The filing highlights a revised, non-binding proposal delivered on May 27, 2026 to ASA’s Special Committee. It outlines a potential transition of ASA into a business development company with both a limited cash tender and a limited in-kind tender for proportional portfolio assets, without specifying tender size or pricing.

The update signals continued engagement between Saba and ASA’s board but does not itself change control or capital structure. Actual outcomes depend on the board’s response, regulatory and tax considerations related to a BDC conversion, and final terms of any tender offers that may be negotiated and implemented.

Key Figures

Beneficial ownership: 5,903,701 shares Ownership percentage: 31.91% Shares outstanding: 18,499,850 shares +3 more

6 metrics

Beneficial ownership 5,903,701 shares Common shares of ASA beneficially owned by each reporting person

Ownership percentage 31.91% Percent of ASA common shares outstanding represented by Saba’s stake

Shares outstanding 18,499,850 shares ASA common shares outstanding as disclosed in Form 144 filed 4/17/26

Total cost of stake $173,266,631 Approximate amount paid to acquire the ASA common shares reported

Event date May 27, 2026 Date of event requiring this Schedule 13D/A amendment

Amendment number Amendment No. 25 Amendment to Schedule 13D on ASA common shares

Key Terms

beneficial owner, Schedule 13D, tender offer, business development company, +1 more

5 terms

beneficial owner regulatory

"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."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this , and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g)..."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

tender offer financial

"shareholders would be offered by the Issuer both a limited cash tender offer and a limited tender offer for a proportional share of the portfolio's remaining assets."

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

business development company financial

"This update provided additional details on the transition to a BDC, including tax and liquidity considerations."

A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.

margin account borrowings financial

"Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of ASA (ASA) does Saba Capital report owning in this Schedule 13D/A?

Saba Capital and related reporting persons report beneficial ownership of 5,903,701 ASA common shares, representing 31.91% of the company’s outstanding common stock. This percentage is calculated using 18,499,850 shares outstanding as disclosed in ASA’s Form 144 filed on April 17, 2026.

How much did Saba Capital pay to acquire its ASA (ASA) position?

The reporting persons state they paid a total of approximately $173,266,631 to acquire the ASA common shares reported. Funds came from investor subscription proceeds, capital appreciation, and margin borrowings, with ASA shares and other securities in margin accounts pledged as collateral for any debit balances.

What strategic proposal did Saba Capital outline for ASA (ASA) in this amendment?

On May 27, 2026, Saba Capital provided ASA’s Special Committee with an updated, non-binding proposal to transition ASA into a business development company (BDC). The proposal includes a limited cash tender offer and a limited tender for proportional portfolio assets, without specified sizes or prices.

Did Saba Capital trade ASA (ASA) shares between May 14, 2026 and May 27, 2026?

The reporting persons disclose they made no transactions in ASA common shares between their prior amendment filed on May 14, 2026 and May 27, 2026, the date of the event requiring this amended Schedule 13D filing, indicating their reported stake remained unchanged in that interval.

How is share voting and dispositive power over ASA (ASA) stock allocated among the reporting persons?

Each reporting person—Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein—reports 0 shares with sole voting or dispositive power and 5,903,701 shares with shared voting and shared dispositive power, reflecting coordinated control over the same block of ASA shares.

What type of filing is this ASA (ASA) document and who are the reporting persons?

This document is Amendment No. 25 to a Schedule 13D relating to ASA’s common shares. It is jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, who together are referred to as the Reporting Persons in the filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/28/2026 - 12:26 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 25)

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)

05/27/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 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 5,903,701.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,903,701.00

11

Aggregate amount beneficially owned by each reporting person

5,903,701.00

12

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

13

Percent of class represented by amount in Row (11)

31.91 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,499,850 shares of common stock outstanding, as disclosed in the company's Form 144 filed 4/17/26.

SCHEDULE 13D

CUSIP Number(s): 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 5,903,701.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,903,701.00

11

Aggregate amount beneficially owned by each reporting person

5,903,701.00

12

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

13

Percent of class represented by amount in Row (11)

31.91 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,499,850 shares of common stock outstanding, as disclosed in the company's Form 144 filed 4/17/26.

SCHEDULE 13D

CUSIP Number(s): 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 5,903,701.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,903,701.00

11

Aggregate amount beneficially owned by each reporting person

5,903,701.00

12

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

13

Percent of class represented by amount in Row (11)

31.91 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,499,850 shares of common stock outstanding, as disclosed in the company's Form 144 filed 4/17/26.

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. 25 amends Items 4 and 5.
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 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $173,266,631 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	On May 27, 2026, Saba Capital provided an update to the Special Committee of the Board, revising its earlier non-binding proposal. This update provided additional details on the transition to a BDC, including tax and liquidity considerations. As part of the proposed transaction, shareholders would be offered by the Issuer both a limited cash tender offer and a limited tender offer for a proportional share of the portfolio's remaining assets. The proposal did not specify the exact size or price for either offer.
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 18,499,850 shares of common stock outstanding, as disclosed in the company's Form 144 filed 4/17/26.
(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 from the filing of the Schedule 13D/A on 5/14/26 by the Reporting Persons to 5/27/26, 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.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Not Applicable.

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:	05/28/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	05/28/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	05/28/2026

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