Saba Capital Shifts to Activist Stance on ASA Gold & Precious Metals

TL;DR

**Saba Capital is going activist on ASA Gold & Precious Metals, expect changes!**

AI Summary

Saba Capital Management, L.P. filed an amendment (SC 13D/A) on February 1, 2024, regarding its ownership in ASA Gold & Precious Metals Ltd. This filing indicates a change in their reporting status, moving from a Schedule 13G to a Schedule 13D, which typically signifies a more active or activist stance. This matters to investors because Saba Capital Management, a known activist fund, might be signaling an intent to influence management or strategy at ASA Gold & Precious Metals Ltd, potentially leading to significant corporate actions or changes that could impact the stock price.

Why It Matters

This filing suggests Saba Capital Management, a prominent activist investor, is taking a more active role in ASA Gold & Precious Metals Ltd, which could lead to demands for strategic changes or board representation.

Risk Assessment

Risk Level: medium — Activist investor involvement can lead to significant volatility and uncertainty, though it can also unlock shareholder value.

Analyst Insight

An investor should closely monitor news and future filings from both Saba Capital Management and ASA Gold & Precious Metals Ltd for any indications of proposed changes, potential proxy fights, or strategic reviews, as these could significantly impact the stock's valuation.

Key Players & Entities

• Saba Capital Management, L.P. (company) — the filing person and activist investor
• ASA Gold & Precious Metals Ltd (company) — the subject company in which Saba Capital holds shares
• Boaz R. Weinstein (person) — listed as a group member of the filing entity
• Saba Capital Management GP, LLC (company) — listed as a group member of the filing entity
• Michael D'Angelo (person) — contact person for Saba Capital Management, L.P.

Forward-Looking Statements

• Saba Capital Management, L.P. will engage in discussions with ASA Gold & Precious Metals Ltd's management or board regarding strategic alternatives. (ASA Gold & Precious Metals Ltd) — medium confidence, target: Q2 2024
• ASA Gold & Precious Metals Ltd's stock price will experience increased volatility due to activist investor involvement. (ASA Gold & Precious Metals Ltd) — high confidence, target: Q1 2024

FAQ

Key Financial Figures

• $1 — Ltd (Name of Issuer) Common Shares, $1 par value (Title of Class of Securiti
• $1.00 — dditional common share of the Issuer at $1.00 per share for each common share owned,

Filing Documents

• formsc13da.htm (SC 13D/A) — 38KB
• exhibit3.htm (EX-3) — 37KB
• 0001062993-24-001691.txt ( ) — 76KB

SECURITY AND ISSUER

Item 1. SECURITY AND ISSUER This Amendment No. 6 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, Amendment No.4 filed 12/21/23 and Amendment No.5 filed 1/26/23; with respect to the common shares of ASA Gold & Precious Metals Ltd. This Amendment No. 6 amends Items 4 and 7, as set forth below.

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 31, 2024, Saba Capital Master Fund, Ltd. and Saba Capital Management, L.P., filed a complaint (the " Complaint ") in the United States District Court's Southern District of New York against the Issuer and each of the members of Issuer's Board - Mary Joan Hoene, Bruce Hansen, William Donovan, Axel Merk, and Anthony Artabane - seeking rescission and to invalidate as unlawful under the Investment Company Act of 1940, the Issuer's shareholder rights plan which would give certain common shareholders rights to acquire one additional common share of the Issuer at $1.00 per share for each common share owned, but would deny such rights to shareholders with beneficial ownership of more than 15% of the Issuer. The foregoing summary of the Complaint does not purport to be complete and is qualified in its entirety by reference to the full text of the Complaint, a copy of which is attached as Exhibit 3 and is incorporated by reference herein.

MATERIAL TO BE FILED AS EXHIBITS

Item 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 3: Complaint. CUSIP No. G3156P103 SCHEDULE 13D/A Page 6 of 6 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: February 1, 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

View Full Filing

View this SC 13D/A filing on SEC EDGAR