PALO ALTO, Calif., July  01, 2026  (GLOBE NEWSWIRE) -- Axel Merk, an ASA Gold and Precious Metals Limited (NYSE:ASA) shareholder, today called on the Securities and Exchange Commission to scrutinize the actions of ASA’s

Axel Merk calls on SEC to intervene at ASA Gold and Precious Metals Limited as Saba-controlled Board terminates advisory agreement

SEC scrutiny urged as ASA governance dispute with Saba intensifies

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    <h3>Information</h3>
    <p>PALO ALTO, Calif., July  01, 2026  (GLOBE NEWSWIRE) -- Axel Merk, an ASA Gold and Precious Metals Limited (NYSE:ASA) shareholder, today called on the Securities and Exchange Commission to scrutinize the actions of ASA’s</p>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Axel Merk, a substantial ASA shareholder, contends the board replaced Merk Investments with a Saba-led committee lacking precious metals mining experience. With Saba owning over 32% of ASA, activist pressure for shareholder input persists, while an SEC review is urged. The outcome could reshape the fund’s mandate, risk controls, and future performance trajectory.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>ASA board moved portfolio management from Merk Investments to a Saba-linked committee.</li><li>Axel Merk urges SEC scrutiny of governance and potential shareholder misalignment.</li><li>Saba controls &gt;32% of ASA; Merk cites activist influence.</li><li>Merk&#039;s 533% return since 2019 contrasts with governance upheaval.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>ASA Gold and Precious Metals Limited (ASA)</strong>: Center of governance debate; board and mandate risk amid activist pressure.</li><li><strong>Merk Investments LLC</strong>: Former adviser; termination prompted governance restructuring concerns.</li><li><strong>Axel Merk (N/A)</strong>: Sizable ASA shareholder; vocal on SEC scrutiny and governance concerns.</li><li><strong>Saba Capital Management (SABA)</strong>: Activist investor; &gt;32% ASA stake; influential in governance changes.</li><li><strong>Paul Kazarian (N/A)</strong>: Head of internal investment committee; Saba partner; potential conflicts noted.</li></ul>
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  <section data-block="category">
    <h3>Legal</h3>
    <p>This is a Corporate Developments/Legal governance story, driven by activist involvement and regulatory scrutiny concerns that could alter ASA&#039;s management and mandate.</p>
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    <h3>Market-Moving</h3>
    <ul><li>Potential SEC inquiry could induce near-term ASA volatility.</li><li>Saba&#039;s 32% stake signals sustained activist influence on strategy.</li><li>Possible leadership or adviser changes may affect fees and performance.</li><li>Merk&#039;s performance history frames risk around governance shifts.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Date of release: July 1, 2026</li><li>Ticker: ASA</li><li>Merk Investments LLC terminated as ASA adviser; internal committee now manages portfolio</li><li>Head of internal committee: Paul Kazarian (Saba Capital Management partner)</li><li>Saba ownership: &gt;32% of ASA shares</li><li>Merk tenure: began April 2019; 533.68% total return through May 31, 2026</li><li>Advisory review process questioned for rigor and objectivity</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bearish near-term risk as SEC scrutiny unfolds; monitor for governance changes within 1-3 quarters.</p>
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<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="left">PALO ALTO, Calif., July  01, 2026  (GLOBE NEWSWIRE) -- Axel Merk, an ASA Gold and Precious Metals Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ASA">ASA</a>) shareholder, today called on the Securities and Exchange Commission to scrutinize the actions of ASA’s Board after the Board terminated Merk Investments LLC as the Fund’s investment adviser and moved portfolio management to an internal investment committee made up of Saba-controlled Board members.</p>  <p align="left">"ASA’s Board has taken over management of a precious metals mining fund through an investment committee with zero precious metals mining experience," said Mr. Merk, who owns more than 300,000 (or 1.7%) ASA shares.</p>  <p align="left">The head of ASA’s internal investment committee is Paul Kazarian, who is also a partner of Saba Capital Management.</p>  <p align="left">"Saba is an activist investor that hedges its investment in ASA. Saba’s interests are not aligned with those of ASA shareholders," Mr. Merk said.</p>  <p align="left">Mr. Merk added: "Shareholders are upset. Based on calls I have received, retail investors are furious because they invested in ASA for its best-in-class investment performance in the precious metals mining sector. Other activist investors have also called me, to express serious concern that the only party that appears to benefit from the path ASA appears to be on is Saba - not ASA shareholders."</p>  <p align="left">Since delivering a 533% total return during Merk&#39;s tenure - outperforming its benchmark and all peers - ASA now faces a fundamental change to its mandate at the hands of a Board controlled by Saba. (1)</p>  <p align="left">Saba has accumulated more than 32% of ASA’s shares during a period in which shareholders were not given a meaningful opportunity to determine the Fund’s direction. Mr. Merk believes efforts to solicit shareholder input were actively opposed, including through litigation, pressure on service providers, and the blocking of shareholder nominations.</p>  <p align="left">Further, Mr. Merk believes efforts to give shareholders a real choice were blocked despite substantial shareholder support. The advisory review process also raises serious questions about whether Merk’s performance, risk controls, and investment process were evaluated with the rigor and objectivity shareholders deserved.</p>  <p align="left">These actions raise serious governance and regulatory concerns that warrant immediate SEC scrutiny.</p>  <p align="left">Shareholders can file a complaint with the SEC at <a href="https://www.globenewswire.com/Tracker?data=c4FYlRc5cQIhSHlYYKdJ0r7344ei1yZt44gIrCT2BgAfrQglW_aWw8DvbTrpRtMZPh5haiBaxJIPCE22Zjkia5FB01AYugDvcPCDQs0hZSI=" rel="nofollow" target="_blank">www.saveasa.com/sec</a>.</p>  <p align="left">For more details, visit <a href="https://www.globenewswire.com/Tracker?data=c4FYlRc5cQIhSHlYYKdJ0jpvG5a5yrdSYCedYc0ymLRe7R6iHwqMJ4MeRUenrUofBC_ET4dGSPehEYb5S3sPzcmz49W9-4cqhbYvsXWedlI=" rel="nofollow" target="_blank">www.saveasa.com</a></p>  <p>Media Contact:</p>  <p>Axel Merk<br></br>(408) 475-0186<br></br><a href="https://www.globenewswire.com/Tracker?data=c4FYlRc5cQIhSHlYYKdJ0lE4xife07yEx-kMEVlQVtwFOTxZFlsuYLfEsa7vQ72nqPgzAUOdouXBmI_baKoWsh085AO9aNThPG3ypNmApUA=" rel="nofollow" target="_blank">www.saveasa.com</a></p>  <p align="left">(1) Performance as of May 31, 2026. Since Merk&#39;s Peter Maletis began managing ASA in April 2019, ASA delivered a 533.68% total return to shareholders, materially outperforming its benchmark and peer group. ASA also outperformed its benchmark and nearly all peers on a risk-adjusted basis. For more details on ASA’s performance, visit www.saveasa.com/performance.</p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTc1NTI3OCM3Njg2MDM5IzIzMjI4MjQ="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/NzQ2YWNjMzgtMzllZC00NDU2LTgwYzUtNmQyOTNmZGRkZjAwLTEzMzQzNzQtMjAyNi0wNy0wMS1lbg==/tiny/Merk-Investments-LLC.png" referrerpolicy="no-referrer-when-downgrade"></img>

Axel Merk, a substantial ASA shareholder, contends the board replaced Merk Investments with a Saba-led committee lacking precious metals mining experience. With Saba owning over 32% of ASA, activist pressure for shareholder input persists, while an SEC review is urged. The outcome could reshape the fund’s mandate, risk controls, and future performance trajectory.

Axel Merk calls on SEC to intervene at ASA Gold and Precious Metals Limited as Saba-controlled Board terminates advisory agreement

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Legal

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