Saba Capital Updates BDC Transition Proposal for ASA Gold and Precious Metals Limited

Saba Capital Management, L.P., led by Boaz R. Weinstein, has filed Amendment No. 25 to its Schedule 13D regarding its investment in ASA Gold and Precious Metals Limited (ASA). As of May 27, 2026, the reporting persons maintain a significant stake of 5,903,701 shares, representing approximately 31.91% of the company. The primary purpose of this amendment was to provide an update on Saba's ongoing activist efforts. Specifically, Saba Capital submitted a revised non-binding proposal to the Special Committee of the Board. This updated proposal details a potential transition of the issuer into a Business Development Company (BDC), addressing critical tax and liquidity considerations. A key component of the proposed transaction involves the issuer conducting two types of tender offers for shareholders: a limited cash tender offer and a limited tender offer for a proportional share of the remaining portfolio assets. While the filing indicates no new share transactions occurred between May 14 and May 27, 2026, the continued push for structural changes underscores Saba's active role in seeking to unlock shareholder value.