Saba Capital Amends 13D on ASA Gold & Precious Metals Stake

TL;DR

**Saba Capital is still a major player in ASA Gold & Precious Metals, keep an eye on their moves!**

AI Summary

Saba Capital Management, L.P. filed an amendment to their Schedule 13D on January 24, 2024, indicating their continued significant ownership in ASA Gold & Precious Metals Ltd. This filing, Amendment No. 5, updates previous disclosures about their stake in the company's Common Shares, $1 par value. This matters to investors because Saba Capital is an activist investor, and their ongoing large position suggests they continue to have influence over the company's strategic direction, potentially impacting future share performance or corporate actions.

Why It Matters

This filing signals Saba Capital's continued activist interest in ASA Gold & Precious Metals, which could lead to future corporate governance changes or strategic initiatives that impact shareholder value.

Risk Assessment

Risk Level: medium — The risk is medium because an activist investor's involvement can lead to both positive and negative outcomes for the stock, depending on the nature of their influence.

Analyst Insight

An investor should monitor future filings from Saba Capital Management, L.P. for any changes in their ownership percentage or stated intentions, as these could signal upcoming strategic shifts for ASA Gold & Precious Metals Ltd.

Key Players & Entities

• Saba Capital Management, L.P. (company) — the entity filing the SC 13D/A, reporting its ownership in ASA Gold & Precious Metals Ltd.
• ASA Gold & Precious Metals Ltd (company) — the subject company in which Saba Capital Management, L.P. holds a significant stake.
• Boaz R. Weinstein (person) — a group member associated with Saba Capital Management, L.P.
• Saba Capital Management GP, LLC (company) — a group member associated with Saba Capital Management, L.P.
• Michael D'Angelo (person) — the contact person for Saba Capital Management, L.P. for notices and communications.
• $1 (dollar_amount) — the par value of the Common Shares of ASA Gold & Precious Metals Ltd.

Forward-Looking Statements

• Saba Capital Management, L.P. will continue to maintain a significant stake in ASA Gold & Precious Metals Ltd. (Saba Capital Management, L.P.) — high confidence, target: 2025-01-24
• Saba Capital Management, L.P. may propose further corporate governance changes or strategic initiatives for ASA Gold & Precious Metals Ltd. (ASA Gold & Precious Metals Ltd) — medium confidence, target: 2024-12-31

FAQ

Key Financial Figures

• $1 — Ltd (Name of Issuer) Common Shares, $1 par value (Title of Class of Securiti
• $48,888,694 — ported herein. A total of approximately $48,888,694 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 44KB
• 0001062993-24-001392.txt ( ) — 45KB

SECURITY AND ISSUER

Item 1. SECURITY AND ISSUER This Amendment No. 5 amends and supplements the statement on Schedule 13D filed with the SEC on 10/13/23, as amended by Amendment No.1 filed 11/16/23, Amendment No.2 filed 11/24/23, Amendment No.3 filed 12/5/23 and Amendment No.4 filed 12/21/23; with respect to the common shares of ASA Gold & Precious Metals Ltd. This Amendment No. 5 amends Items 3, 4 and 5, as set forth below.

SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

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 $48,888,694 was paid to acquire the Common Shares reported herein.

PURPOSE OF TRANSACTION

Item 4. PURPOSE OF TRANSACTION

is hereby amended and supplemented as follows

Item 4 is hereby amended and supplemented as follows: On January 24, 2024, Saba Capital filed a preliminary proxy statement (the "Preliminary Proxy Statement") with the Securities and Exchange Commission seeking shareholder support for the election of the Nominees (not including, as explained below, Pierre Weinstein) as well as stating its belief that, due to the Issuer's persistent trading discount to NAV, the Board should terminate the Investment Advisory Agreement between the Issuer and Merk Investments LLC (the "Merk Advisory Agreement") and seek a new investment advisor, at which point Saba Capital believes the Issuer will have at its disposal a variety of stellar manager replacement options to choose from. The Board will have the ability to appoint an interim manager and/or long-term manager of its choosing-the latter being subject to shareholder approval-and should it do so, Saba Capital would stand ready to assist the Board to ensure that a capable manager is installed, and may at such time offer its services to the Board to act as an interim or long-term manager to the Issuer and/or recommend to the Board various third-party manager candidates for the Board to consider at its discretion. For the avoidance of doubt, the Board's termination of the Merk Advisory Agreement alone (should it choose to do so) will not require the Issuer to pursue any agreement with Saba relating to the appointment of a new manager, be it Saba Capital or any other potential manager replacement, and shareholders will have the final say on the appointment of any long-term manager. The Issuer has informed Saba that there will only be four seats up for election at the Annual Meeting. In light of this, Saba does not intend to nominate Pierre Weinstein at the Annual Meeting. The foregoing summary of the Preliminary Proxy Statement is not complete and is qualified in its entirety by reference to the PREC14A filing made by Saba Capital on the Issuer's EDGAR page on January 24, 2024, whi

INTEREST IN SECURITIES OF THE ISSUER

Item 5. INTEREST IN SECURITIES OF THE ISSUER (a) See rows (11) and (13) of the cover pages to 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 19,289,905 shares of common stock outstanding as of 5/31/23, as disclosed in the company's N-CSRS filed 7/27/23 (b) See rows (7) through (10) of the cover pages to 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) The transactions in the Common Shares effected since the Schedule 13D/A filing on 12/21/23 by the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference. (d) The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares. (e) Not applicable. CUSIP No. G3156P103 SCHEDULE 13D/A Page 7 of 7 Pages

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: January 26, 2024 SABA CAPITAL MANAGEMENT, L.P. By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Chief Compliance Officer SABA CAPITAL MANAGEMENT GP, LLC By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Authorized Signatory BOAZ R. WEINSTEIN By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Attorney-in-fact* * 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 Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital since the filing of the Schedule 13D/A on 12/21/23. All transactions were effectuated in the open market through a broker Trade Date Buy/Sell Shares Price 12/26/2023 Buy 3,297 15.97

View Full Filing

View this SC 13D/A filing on SEC EDGAR