Boaz Weinstein

ASA Gold and Precious Metals Limited Announces Results of Vote at Annual General Meeting

Retrieved on: 
Wednesday, May 1, 2024
Mining, Minerals, Natural Resources, Remuneration, Silver, Mineral, Policy, Merk, Gold, Ethics, Boaz Weinstein, Platinum, Movement, Bank statement, ASA, Annual general meeting, Security (finance)

ASA Gold and Precious Metals Limited (the “Company”) (NYSE: ASA) announced that, based on the final results of the Company’s annual general meeting of shareholders held on April 26, 2024 (the “Annual Meeting”), shareholders elected Ketu Desai and Paul Kazarian, and re-elected William Donovan and Mary Joan Hoene, as directors of the Company.

Key Points: 
  • ASA Gold and Precious Metals Limited (the “Company”) (NYSE: ASA) announced that, based on the final results of the Company’s annual general meeting of shareholders held on April 26, 2024 (the “Annual Meeting”), shareholders elected Ketu Desai and Paul Kazarian, and re-elected William Donovan and Mary Joan Hoene, as directors of the Company.
  • Messrs. Desai and Kazarian were proposed as directors by Saba Capital Management, L.P. (“Saba Capital”), which holds 16.87% of ASA’s outstanding common shares.
  • They each serve on the boards of registered, closed-end fixed income funds advised by Saba Capital.
  • At the Annual Meeting, shareholders voted not to approve the proposal to increase the shareholder vote required to change the Company’s fundamental investment policies.

ASA Gold and Precious Metals Board Shareholders Elect Saba Capital Nominees to the Fund’s Board of Directors

Retrieved on: 
Wednesday, May 1, 2024
Banking, Asset Management, Professional Services, Finance, General counsel, Annual general meeting, NAV, Boaz Weinstein, Fund, Gold, ASA

Saba Capital Management, L.P. (“Saba” or “we”), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSE: ASA) (“ASA” or the “Fund”), today commented on the outcome of the Fund’s 2024 Annual Meeting of Shareholders (the “Annual Meeting”).

Key Points: 
  • Saba Capital Management, L.P. (“Saba” or “we”), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSE: ASA) (“ASA” or the “Fund”), today commented on the outcome of the Fund’s 2024 Annual Meeting of Shareholders (the “Annual Meeting”).
  • Based on preliminary results of the Annual Meeting, shareholders voted to elect Saba nominees Ketu Desai and Paul Kazarian to ASA’s Board of Directors (the “Board”).
  • No other nominee, including the incumbent directors sitting for reelection, received a majority of votes cast required under the bylaws.
  • Saba’s directors will take action to improve shareholder returns, rebuild trust and protect shareholders’ rights.”

ASA Gold and Precious Metals Fund Adopts Limited-Duration Shareholder Rights Plan

Retrieved on: 
Monday, April 29, 2024
Professional Services, Natural Resources, Mining, Minerals, Finance, Boaz Weinstein, ASA, Gold, Security (finance)

The Board of Directors (the “Board”) of ASA Gold and Precious Metals Limited (“ASA” or the “Company”) (NYSE:ASA) has unanimously adopted a limited-duration shareholder rights plan (“Rights Plan”) to protect the interests of the Company and all of its shareholders.

Key Points: 
  • The Board of Directors (the “Board”) of ASA Gold and Precious Metals Limited (“ASA” or the “Company”) (NYSE:ASA) has unanimously adopted a limited-duration shareholder rights plan (“Rights Plan”) to protect the interests of the Company and all of its shareholders.
  • The Rights Plan is currently effective and will expire at the close of business on August 23, 2024.
  • The terms of the Rights Plan are substantially identical to the terms of the shareholder rights plan that was adopted by the Board on December 31, 2023.
  • The limited-duration Rights Plan was adopted in response to the rapid and significant accumulation of ASA shares by Saba Capital Management, LP (“Saba”).

ASA Gold and Precious Metals Limited Announces Adoption of Discount Management Program

Retrieved on: 
Thursday, April 18, 2024
Finance, Natural Resources, Professional Services, Other Professional Services, Mining, Minerals, NAV, Security (finance), Communication, Boaz Weinstein, Net asset value, Gold, ASA, Glass

ASA Gold and Precious Metals Limited (the “Company”) (NYSE: ASA) announced today that its Board of Directors (the “Board”) authorized the purchase of up to 5% of Company stock under the Company’s stock repurchase program.

Key Points: 
  • ASA Gold and Precious Metals Limited (the “Company”) (NYSE: ASA) announced today that its Board of Directors (the “Board”) authorized the purchase of up to 5% of Company stock under the Company’s stock repurchase program.
  • The authorization to repurchase shares will be effective on May 1, 2024 and expire on April 30, 2025, unless terminated sooner.
  • The timing and actual number of shares repurchased will depend on a variety of factors.
  • The Board actively monitors the Company’s trading discount and considers possible actions that may enhance shareholder value and potentially decrease the discount.

ISS Supports Saba Capital’s Case for Change at ASA Gold and Precious Metals Limited

Retrieved on: 
Monday, April 15, 2024
Asset Management, Professional Services, Finance, ISS, Investment, Annual general meeting, NAV, Boaz Weinstein, Gold, GOLD, ASA, CEF

“In adopting the poison pill, the board positioned itself on the leading edge of disenfranchising shareholders…”

Key Points: 
  • “In adopting the poison pill, the board positioned itself on the leading edge of disenfranchising shareholders…”
    “…ASA has stated that it does not have a duty to manage the discount.
  • ISS shares our concerns with ASA’s long-term underperformance, the Board’s inability to oversee advisor Merk Investments and the incumbents’ entrenchment maneuvers, including the adoption of a poison pill.
  • Shareholders deserve a Board that will protect their rights and take action to enhance shareholder value.
  • To support shareholder-driven change, vote on the GOLD Proxy Card for all four of Saba’s highly qualified director candidates.

ASA Gold and Precious Metals Limited Announces Increase To Semi-Annual Distribution and Additional Voluntary Fee Waiver by its Adviser

Retrieved on: 
Wednesday, April 3, 2024
Mining, Minerals, Natural Resources, Silver, Merk, Gold, Policy, Mineral, Bank statement, ASA, Platinum, Movement, Boaz Weinstein, Cryptocurrency

This distribution represents a $0.01 per common share increase in the Company’s distribution, doubling the rate per share that has been paid on a semi-annual basis since November 2018.

Key Points: 
  • This distribution represents a $0.01 per common share increase in the Company’s distribution, doubling the rate per share that has been paid on a semi-annual basis since November 2018.
  • The Company has paid periodic distributions on an uninterrupted basis since 1959.
  • This voluntary waiver is separate from, and in addition to, Merk’s ongoing waiver arrangement.
  • Investment advisory services for the Company are provided by Merk Investments LLC (Merk), an SEC registered investment adviser.

Saba Launches Campaign to Improve the Boards of 10 Poorly Governed and Underperforming Closed-End Funds Managed by BlackRock

Retrieved on: 
Wednesday, March 6, 2024
Asset Management, Professional Services, Finance, Investment, BFZ, Dais, Boaz Weinstein, KIPP, District court, Shavar Jeffries, Hunter College, BlackRock, Pzena Investment Management, Royal Bank, Chief of staff, Retirement, Royal Bank of Scotland, United Nations Security Council, Indian Sugar Mills Association, ECAT, Goldman Sachs, Comment, Lazard, Deutsche Bank, BNY, Risk management, NAV, MPA, MHN, Duke University, Investment company, Joint Chiefs of Staff

Last year, a leading independent proxy advisory firm chastised BlackRock for its ‘ abusive’ governance.

Key Points: 
  • Last year, a leading independent proxy advisory firm chastised BlackRock for its ‘ abusive’ governance.
  • Saba also won a lawsuit against BlackRock that should have ended its illegal efforts to deprive shareholders of their right to vote all of their shares.
  • BlackRock acts as if federal law does not apply to its CEFs by blatantly ignoring the Investment Company Act.
  • Under the Entrenchment Bylaw, any share not voted in a contested election is counted as a vote for BlackRock.

Saba Capital Files Lawsuit Against ASA Gold and Precious Metals and its Board of Directors Over Unlawful Shareholder Rights Plan

Retrieved on: 
Wednesday, January 31, 2024
Asset Management, Professional Services, Finance, Nuveen, General counsel, Boaz Weinstein, Eaton Vance, BlackRock, District court, Gold, ASA, Security (finance)

Saba is seeking to invalidate the Company’s discriminatory and unlawful shareholder rights plan, which is also known as a poison pill.

Key Points: 
  • Saba is seeking to invalidate the Company’s discriminatory and unlawful shareholder rights plan, which is also known as a poison pill.
  • ASA designed the poison pill in a sly and self-serving manner to guarantee that all shareholders will have the potential to suffer greatly, not just Saba.
  • If the poison pill is executed, there will inevitably be massive casualties across the Company’s shareholder base.
  • If ASA’s directors truly cared about creating value for shareholders, they would proactively rescind the poison pill and transition their positions to qualified fiduciaries.”

Early Warning Report Issued Pursuant to National Instrument 62‐103

Retrieved on: 
Tuesday, January 16, 2024
Legislation, Conversion, Trust, Boaz Weinstein, Settlement, Fund, Lexington Avenue, Early warning, Suite, Unit, News, Bank

As of the date hereof, funds managed by Saba hold 239,431 Units, representing approximately 7.68% of Citadel’s issued and outstanding Units.

Key Points: 
  • As of the date hereof, funds managed by Saba hold 239,431 Units, representing approximately 7.68% of Citadel’s issued and outstanding Units.
  • Saba has also agreed to certain standstill restrictions if the Special Redemption occurred prior to December 7, 2023.
  • This news release is being issued under the early warning provisions of Canadian securities legislation.
  • A copy of the Early Warning Report to be filed by Saba in connection with the transactions described above will be available on the Fund’s SEDAR profile at www.sedar.com.

ASA Gold and Precious Metals Fund Adopts Limited-Duration Shareholder Rights Plan

Retrieved on: 
Tuesday, January 2, 2024
Professional Services, Finance, Boaz Weinstein, ASA, Gold, Security (finance)

The Board of Directors (the “Board”) of ASA Gold and Precious Metals Limited (“ASA” or the “Company”) (NYSE:ASA) has unanimously adopted a limited-duration shareholder rights plan (“Rights Plan”) to protect the interests of the Company and all of its shareholders.

Key Points: 
  • The Board of Directors (the “Board”) of ASA Gold and Precious Metals Limited (“ASA” or the “Company”) (NYSE:ASA) has unanimously adopted a limited-duration shareholder rights plan (“Rights Plan”) to protect the interests of the Company and all of its shareholders.
  • The Rights Plan is currently effective and will expire on April 29, 2024.
  • The limited-duration Rights Plan was adopted in response to the rapid and significant accumulation of ASA shares by Saba Capital Management, LP (“Saba”).
  • ASA will issue one right for each ASA common share outstanding as of the close of business on January 12, 2024.