On September 4, 2026, ASA Gold and Precious Metals Limited (NYSE: ASA) announced that its Board of Directors has approved a proposal to convert the company from a registered closed-end investment company focused on the gold and precious-metals sector into a business development company (BDC).
The company stated that the conversion, referred to as the BDC Conversion, will shift the investment strategy to a yield-oriented, credit-focused model. As part of the restructuring, the Board has voted to redomicile the company from Bermuda to Delaware and has selected Saba Capital Management, L.P. to serve as the new investment manager.
The Board indicated that the conversion is intended to address the company's persistent trading discount to net asset value. The proposed changes include shifting the investment mandate toward recurring income generation to support shareholder distributions and broadening the investment opportunity set beyond the gold sector.
The BDC Conversion is subject to shareholder approval of a new investment advisory agreement with Saba and the elimination of the company's current fundamental gold-focused investment policy. Shareholders will be asked to vote on these proposals at the 2026 Annual General Meeting, with the conversion expected to occur by year-end if approved.
