Key Updates
Ongoing developments related to ASA’s governance and shareholder rights.
June 2 - 2025 - Bermuda Court extends injunction
On June 4, 2025, the Supreme Court of Bermuda published its decision to extend its injunction. Please read the full decision for important context. Note:
- "Very serious allegations have been made by the Plaintiff against the Second and Third
Defendants, and equally serious allegations have been made by those Defendants
against the Plaintiff (and indirectly against Mr. Desai)." - "On this application for interlocutory relief the Court cannot and does not attempt to
resolve any of the factual disputes between the parties, nor can the Court come to any
conclusions in relation to the legal issues that have been raised for or against the rival
contentions. That will be for the trial, when fully pleaded cases have been developed,
after disclosure and the cross examination of witnesses and legal arguments presented
by the parties."
April 30, 2025 – Saba-Backed Director Files Legal Action in Bermuda
Paul Kazarian, a director of ASA and partner at Saba Capital, filed a petition in the Supreme Court of Bermuda seeking to challenge shareholder efforts to advance competing director nominations. The filing also requests court oversight of ASA’s upcoming shareholder meetings. If granted, the action could delay shareholder-driven efforts and result in Saba’s nominees advancing without opposition.
April 29, 2025 – Saba Calls Special Meeting
After the Board did not set a date for the special meeting within the 21-day response period, Saba exercised its right as the requisitioning shareholder and set a meeting for June 13, 2025.
📎 Special Meeting Filing
April 9, 2025 – Shareholder Requisition for Competing Slates
Shareholders representing more than 5% of ASA’s outstanding shares submitted a requisition to place four additional director nominees on the ballot for the 2025 Annual General Meeting.
📎 Requisition Filing
April 7, 2025 – Saba Requisition for Special Meeting
Saba Capital submitted a requisition seeking to convene a special meeting of ASA shareholders to expand the Board from four to five directors, adding a new Saba-backed nominee.
📎 Requisition Filing (April 8, 2025)
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.
