1. Saba Capital, ASA's largest shareholder, owns 17.2% stake. 2. Shareholders voted to expand Board to five members. 3. Maryann Bruce elected as the fifth independent director. 4. Saba aims for long-term value creation for ASA. 5. Strong shareholder support for recent governance changes.
The election of an independent director with fund management expertise may enhance strategic direction and shareholder trust, mirroring instances in other companies where director changes improved performance, like in financial services.
The governance changes allow for potential structural improvements, directly affecting ASA’s operational strategy and future earnings potential.
Changes in board composition typically take time to reflect in performance, similar to past outcomes seen in funds that added skilled governance.
NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, “Saba”), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSE: ASA) (“ASA” or the “Fund”) with 17.2% ownership of the Fund’s outstanding shares, today commented on the outcome of the Fund’s Special Meeting of Shareholders (the “Special Meeting”) held on June 13, 2025. Based on the preliminary results of the Special Meeting, shareholders voted to expand ASA’s Board of Directors (the “Board”) to five members and to elect independent candidate Maryann Bruce as the fifth director.
Once the results are certified, the five-member Board will be composed of Maryann Bruce, Ketu Desai, William Donovan, Mary Joan Hoene and Paul Kazarian. The Board will serve until the 2025 Annual Meeting of Shareholders, at which time shareholders will vote on the composition of the entire Board.
Boaz Weinstein, Founder and Chief Investment Officer of Saba, commented:
“ASA shareholders overwhelmingly voted to move ASA forward by returning the Board to five directors and electing independent candidate Maryann Bruce. Maryann’s extensive fund management background and deep governance expertise will be an exceptional value-add to the Fund and to all shareholders. We are grateful for shareholders’ support and look forward to building on this momentum at the Annual Meeting so that together, we can set ASA on a clear path toward meaningful, long-term value creation.”
About Saba Capital
Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.