The New Ireland Fund Announces Renewal of Share Repurchase Program

Rhea-AI Summary

The New Ireland Fund, Inc. (NYSE: IRL) has announced a renewal of its share repurchase program, allowing for the buyback of up to 5% of outstanding shares until October 31, 2022. This initiative aims to enhance shareholder value by potentially increasing the net asset value per remaining share. The timing and amount of repurchases will depend on market conditions, and there is no guarantee of a price increase as a result. The Fund, managed by KBI Global Investors, focuses on long-term capital appreciation through investments in Irish securities.

Positive

• Renewed share repurchase program aims to enhance shareholder value.
• The buyback could increase net asset value per share if shares are purchased at a discount.

Negative

• No assurance that repurchases will increase the market price of shares.
• Buyback program may be suspended without prior notice.

BOSTON, Nov. 12, 2021 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (the “Fund”) (NYSE: IRL) today announced that its Board of Directors has authorized the renewal of the Fund’s share repurchase program. Pursuant to the Board’s renewal of the share repurchase program, the Fund may repurchase up to 5% of its outstanding shares of common stock as of November 1, 2021, in the open market, until the Fund’s fiscal year ending October 31, 2022. 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 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.

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

FAQ

What is the purpose of the share repurchase program for IRL?

The program aims to enhance shareholder value by increasing the net asset value per remaining share.

How much of its shares can The New Ireland Fund repurchase?

The Fund may repurchase up to 5% of its outstanding shares as of November 1, 2021.

When does the renewed buyback program for IRL end?

The buyback program is set to last until the Fund's fiscal year ending October 31, 2022.

Are there guarantees that the buyback will increase the stock price of IRL?

No, there is no assurance that the market price of the Fund’s shares will increase as a result of share repurchases.