ASA Gold & Precious Metals Ltd. Proxy Fight Heats Up

TL;DR

ASA Gold & Precious Metals Ltd. says activist Saba's claims are BS, vote WHITE proxy to protect your investment!

AI Summary

ASA Gold & Precious Metals Ltd. is holding its Annual General Meeting of Shareholders on April 26, 2024. The company's Board and management are urging shareholders to vote using the WHITE proxy card. They are refuting claims made by Saba, a dissident shareholder group, stating that Saba's promises to narrow the discount to net asset value and increase shareholder value are false and misleading, and that replacing the current board with Saba's nominees would negatively impact investment performance.

Why It Matters

This filing is important as it details a proxy contest where a dissident shareholder group, Saba, is attempting to replace the board of ASA Gold & Precious Metals Ltd., potentially impacting the company's strategy and shareholder value.

Risk Assessment

Risk Level: medium — The filing indicates an ongoing proxy contest with a dissident shareholder group, which introduces uncertainty and potential changes in company strategy and leadership.

Key Players & Entities

• ASA Gold & Precious Metals Ltd. (company) — Filer of the DEFA14A
• Saba (company) — Dissident shareholder group making claims
• April 26, 2024 (date) — Date of the Annual General Meeting of Shareholders
• March 13, 2024 (date) — Date Saba sent a letter to shareholders

FAQ

Filing Documents

• asa-defa14a_032624.htm (DEFA14A) — 8KB
• asa-defa14a_img001.jpg (GRAPHIC) — 7KB
• asa-defa14a_img002.jpg (GRAPHIC) — 96KB
• 0001839882-24-008942.txt ( ) — 151KB

From the Filing

DEFINITIVE PROXY SOLICITING MATERIALS ASA GOLD AND PRECIOUS METALS, LIMITED (NYSE: ASA, the “Fund”) March 26, 2024 Dear Fellow Shareholder : The Annual General Meeting of Shareholders of ASA is only a month away on April 26, 2024. ASA’s Board and management team appreciate your feedback and support. If you have not voted the WHITE proxy card, please cast your vote today. SABA’S FALSE PROMISES CONTINUE Saba sent a letter to shareholders on March 13, 2024, claiming that replacing the current ASA Board with its director nominees will vastly narrow the discount to net asset value (“NAV”) and increase overall shareholder value. It’s crucial for you to understand that Saba’s claims are both FALSE and MISLEADING . REALITY If Saba prevails, we believe shareholders will suffer due to the lack of experience of Saba’s nominees, and it will have the opposite effect on investment performance from what Saba has promised. In the past three years, Saba has taken control of two other closed-end funds — Voya Prime Rate Trust (“BRW”) and Templeton Global Income (“GIM”). In both instances, the new Saba-controlled Board fired the existing investment adviser, replaced them with Saba, and then commenced partial tender offers that benefited Saba while reducing the fund’s capital stock. It is important to repeat that Saba replaced both investment advisers. Below are the actual results versus Saba’s promises to enhance shareholder value in both funds. (Over) The facts on the previous page reinforce what I have been telling you regarding Saba’s empty promises. The tender offers initiated by Saba caused the AUM in BRW and GIM to decline, thereby increasing the total fund costs to all shareholders. Who knows what will happen next to these funds? PLEASE VOTE THE WHITE PROXY CARD TODAY If you have not had a chance to vote the ASA WHITE proxy card, please take a few minutes to sign, date and mail the WHITE proxy card in the pre-paid returned envelope or vote by internet following the instructions on the WHITE proxy card. Please do NOT send back the Saba GOLD proxy card. Casting a vote on Saba’s GOLD card will cancel your vote on the WHITE proxy card. Our proxy solicitor, Morrow Sodali Fund Solutions, is available to help you with voting or answer any questions you may have. You can reach them at 1-888-339-9243 . I will also be glad to personally speak to you if you send me a message at www.asaltd.com/contact . Sincerely, /s/ Axel Merk Axel Merk Chief Operating Officer

View Full Filing

View this DEFA14A filing on SEC EDGAR