Saba Capital (NYSE: ASA) discloses 31.91% ASA stake and non-binding deal proposal

Rhea-AI Filing Summary

Saba Capital Management and related reporting persons report beneficial ownership of 5,903,701 common shares of ASA Gold and Precious Metals Limited, representing 31.91% of the outstanding shares, based on 18,499,850 shares disclosed in a recent Form 144.

Saba states that approximately $173,266,631 was paid to acquire these shares using investor capital, appreciation, and ordinary-course margin borrowings. On May 13, 2026, Saba submitted a non-binding proposal to ASA’s board, via its Special Committee and advisor Cantor Fitzgerald & Co., outlining terms for a potential transaction and a management and incentive fee structure, including significant initial fee waivers, and indicates it intends to continue engagement.

Insights

Activist & governance analyst

Saba now controls nearly a third of ASA and has floated a non-binding deal proposal.

Saba Capital and affiliates report beneficial ownership of 5,903,701 ASA shares, or 31.91% of outstanding common shares, acquired for about $173,266,631. This size makes Saba a highly influential shareholder in ASA Gold and Precious Metals Limited.

On May 13, 2026, Saba submitted a non-binding proposal to ASA’s board, through its Special Committee and advisor Cantor Fitzgerald & Co., for a potential transaction involving the issuer. The proposal includes a management and incentive fee structure broadly aligned with U.S.-listed BDCs and significant fee waivers during an initial period.

The filing notes no ASA share transactions in the past sixty days. The key factors now are how the Special Committee responds to Saba’s proposal and whether any negotiated transaction or management change emerges in future company communications and filings.

Key Figures

Beneficial ownership: 5,903,701 shares Ownership percentage: 31.91% Shares outstanding: 18,499,850 shares +2 more

5 metrics

Beneficial ownership 5,903,701 shares ASA common shares beneficially owned by reporting persons

Ownership percentage 31.91% Percent of ASA common shares represented by 5,903,701 shares

Shares outstanding 18,499,850 shares ASA common stock outstanding per Form 144 filed 4/17/26

Total acquisition cost $173,266,631 Approximate amount paid to acquire ASA common shares

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

Key Terms

Schedule 13D/A, beneficial owner, Special Committee, non-binding proposal, +2 more

6 terms

Schedule 13D/A regulatory

"This Amendment No. 24 amends Items 4 and 5."

A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.

beneficial owner financial

"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.

Special Committee regulatory

"in response to the process being conducted by the Special Committee of the Board"

A special committee is a group of people chosen by an organization to carefully examine a specific issue or problem, often when a decision could have significant consequences. Think of it as a task force brought together to investigate and recommend actions, ensuring that important matters are handled thoroughly and fairly. For investors, this means decisions are made with careful oversight, which can impact the organization's stability and future direction.

non-binding proposal financial

"Saba Capital submitted a non-binding proposal to the Board"

A non-binding proposal is an offer or plan presented by one party that outlines terms they would like to pursue but does not create a legally enforceable obligation. Think of it like a detailed handshake or a draft invitation to negotiate: it signals intent and frames possible outcomes, but either side can walk away or change terms without legal penalty. Investors watch these because they can move a stock’s price by suggesting a possible deal, yet they carry higher uncertainty than formal agreements.

management fee and incentive fee financial

"included a proposed management fee and incentive fee structure to be charged to the Issuer"

BDC financial

"fee structures to which various U.S.-listed BDCs are subject"

A business development company (BDC) is a publicly traded investment firm that lends to and takes ownership stakes in small- and mid-sized private companies that often can’t get traditional bank loans. Like a neighborhood lending pool or venture backer you can buy shares in, a BDC can offer higher dividend income but also carries greater credit and economic risk, so investors focus on the quality of its loans, portfolio companies and payout sustainability.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 24)

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)

05/13/2026

(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. 24 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 13, 2026, in response to the process being conducted by the Special Committee of the Board with the assistance of Cantor Fitzgerald & Co., Saba Capital submitted a non-binding proposal to the Board indicating its interest in a potential transaction involving the Issuer. Saba Capital's proposal outlined terms for a transaction that were materially consistent with the proposal Saba Capital previously submitted to the Board on February 19, 2026, which was filed as an exhibit to Saba Capital's Schedule 13D/A on February 19, 2026. The May 13, 2026 proposal also included a proposed management fee and incentive fee structure to be charged to the Issuer for Saba Capital's management, which fee structure is generally in line with the fee structures to which various U.S.-listed BDCs are subject. The proposal includes significant fee waivers during an initial period under new management following the commencement of Saba Capital's management. Saba Capital intends to continue to engage with the Special Committee and its advisors regarding a potential transaction.
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 within the past sixty days.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.

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:	05/14/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	05/14/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	05/14/2026

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