Help Save ASA
Giving Shareholders a Real Choice at ASA
ASA is under siege. Activist investor Saba Capital Management L.P. (“Saba”) has installed two directors who have obstructed board function, escalated legal costs, and denied shareholders a real choice.
Their actions now threaten ASA’s mission as a mining-focused fund. Shareholders deserve transparency—and a voice in what comes next.
These directors were elected after Saba misled investors into believing they would bring "fresh ideas". They have not. Since then, their actions—and inaction—have told a different story. See the full story of Saba’s actions and what’s at stake. Read more.
What’s Happened—and What Comes Next
Two directors supported by Saba have consistently opposed efforts to let shareholders decide ASA’s future direction.
Saba is pushing to add a fifth director through a special meeting—bypassing the annual meeting where shareholders would normally choose the board and shape ASA’s future. Saba has now formally set a special meeting for June 13, 2025.
If successful, Saba could entrench control, dismantle oversight, and abandon ASA’s precious metals mandate—potentially taking steps to convert the fund into a fixed income vehicle under its own management. Shareholders must have the ability to provide meaningful input.
Learn more about Saba's conduct and the board's internal challenges.
The Threat to ASA’s Future
Escalating legal costs (even as most litigation cost is covered by fund insurance) are draining shareholder value, while Saba moves to take control—by default, and without shareholder choice.
1
Runaway Legal Costs
Legal costs have mounted since internal claims disrupted board functioning.
2
No Shareholder Choice
Saba’s nominees could prevail unopposed.
3
Loss of Focus on Mining?
ASA could be redirected away from its mining mandate—fundamentally changing the fund’s purpose.
A Plan to Strengthen ASA
ASA’s board should be accountable to all shareholders—not concentrated under any single influence. Restoring a balanced and effective board is essential to resolving dysfunction and ensuring ASA’s strategic direction remains aligned with its mission.
Unified, Independent Governance
ASA needs a functioning board—independent, aligned, and committed to all shareholders’ interests.
Protecting Shareholder Choice
Shareholders deserve a clear, competitive vote—not a default outcome dictated by one party.
Defining ASA’s Future
Shareholders must decide ASA’s future, including whether it remains focused on mining or takes a different path.
Your Voice Matters
ASA’s future is being decided—make sure you have a voice. Sign up for updates and get involved.
Get Involved
Shareholders deserve a say in ASA’s future.
Make a difference by contacting us, subscribing for updates, or sharing your insights.
Have questions? Visit the FAQ to learn more about ASA’s governance process and shareholder rights.
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Saba is seeking board control through a special meeting to add a fifth director. Shareholders are encouraged to vote NO to protect ASA’s mandate.
This is a proxy solicitation by shareholder Axel Merk, made solely in his individual capacity. It is not part of a solicitation by ASA Gold and Precious Metals Limited, or any other shareholder, or group.
SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the documents free of charge at the SEC's website, http://www.sec.gov.
PLEASE READ THE PROXY STATEMENT CAREFULLY BEFORE MAKING A DECISION CONCERNING THE PROPOSALS.
The information presented on this website reflects the views and opinions of Axel Merk and is provided solely for educational and informational purposes. It does not constitute investment, legal, financial, or tax advice. You should consult your own advisors for guidance specific to your circumstances.
This site and its content have not been approved by ASA Gold & Precious Metals Ltd. (the “Company”). The Company concentrates its investments in the gold and precious minerals sector, which may be more volatile than other industries and influenced by changes in commodity prices driven by international economic and political developments. The Company is a non-diversified fund, which may result in higher risk through reduced portfolio diversification. It may also invest in smaller-sized and foreign companies, which may be more volatile, less liquid, and subject to additional risks, including currency fluctuations. Shares of closed-end funds like ASA frequently trade at a discount to net asset value.
This website may include forward-looking statements that reflect the current expectations, estimates, beliefs, and projections of Axel Merk. These statements are inherently subject to risks and uncertainties, many of which are beyond the control of the author. Actual outcomes may differ materially from those discussed. Forward-looking statements can often be identified by words such as “believe,” “expect,” “intend,” “may,” “will,” “should,” or similar expressions. These statements speak only as of the date made, and there is no obligation to update or revise them in light of future developments.
Nothing on this website constitutes an offer to sell, or a solicitation of an offer to buy, any securities.
Certain links may direct users to third-party websites or filings with the U.S. Securities and Exchange Commission (SEC). These materials are provided solely for convenience and informational purposes and are not incorporated by reference into any proxy materials. No responsibility is taken for the accuracy or content of third-party sources.
