BOSTON, Dec. 11, 2018 (GLOBE NEWSWIRE) — The New Ireland Fund, Inc. (the “Fund”) (NYSE: IRL), today announced that its Board of Directors has approved a share repurchase program. Under the share repurchase program, the Fund may purchase up to 5% of its outstanding shares of common stock as of December 11, 2018, in the open market, until the Fund’s fiscal year ending October 31, 2019. The share repurchase program seeks to enhance shareholder value, as repurchases made at a discount will have the effect of increasing the net asset value per share of the Fund’s remaining shares.
The amount and timing of the repurchases will be at the discretion of the Fund’s management, subject to market conditions and other factors. There is no assurance that the Fund will purchase shares at any particular discount levels or in any particular amounts. Any repurchases made under this program would be made on a national securities exchange at the prevailing market price, subject to exchange requirements and volume, timing and other limitations under federal securities laws.
There is no assurance that the market price of the Fund’s shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases. The repurchases may be commenced or suspended at any time or from time to time without prior notice. The Fund’s repurchase activity will be disclosed in its stockholder reports for the relevant fiscal periods.
The Fund is also pleased to announce the appointment of Eleanor Hoagland as a new independent Director, effective today. Ms. Hoagland has over 40 years of experience in the asset management industry, is a Principal, VCS Advisory, LLC and currently serves as Chief Compliance Officer for Magni Global Asset Management LLC. She is a former independent Trustee of the Alpine Funds. Earlier she served as Chief Compliance Officer, for the asset management businesses of Ameriprise and RiverSource Funds. She also was Head of Risk Management, Managing Director and Partner, at J. & W. Seligman & Co. and CCO of Seligman Funds.
The New Ireland Fund is a closed-end diversified investment company that seeks long-term capital appreciation through investing at least 80% of its assets in a portfolio of Irish securities.
The Fund is managed by KBI Global Investors (North America) Ltd. (“KBIGI”), a wholly owned subsidiary of KBI Global Investors Ltd. (based in Dublin, Ireland). KBI Global Investors Ltd. is majority owned by Amundi Asset Management, Europe’s largest asset manager by assets under management.
KBI Global Investors Ltd. is regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority in the UK. Details about the extent of our regulation by the Financial Conduct Authority are available from KBI Global Investors Ltd. on request. KBIGI is registered as an investment adviser with the Securities and Exchange Commission and regulated by the Central Bank of Ireland.
The Fund is listed on the New York Stock Exchange under the ticker symbol – IRL. For further information, please contact the Fund at (800) 468-6475 or investor.query@newirelandfund.com.