ASA Gold proposes becoming a credit-focused BDC and names Saba as manager
ASA Gold and Precious Metals Limited's board approved a proposal to turn the gold-focused closed-end fund into a business development company built around credit and income.
The plan is a replacement, not an addition. ASA would remove its fundamental gold investment policy, appoint Saba Capital Management as investment manager and redomicile from Bermuda to Delaware. It also expects to move from passive foreign investment company status to regulated investment company status for federal tax purposes.
Shareholders have the next decision. They must approve the Saba advisory agreement and the end of the gold mandate, while proxy materials describing the costs and risks have not yet been filed.
If those votes and other conditions are satisfied, ASA expects the conversion by year-end.

