The New Ireland Fund Announces Renewal of Share Repurchase Program

Rhea-AI Summary

The New Ireland Fund (NYSE: IRL) announced the renewal of its share repurchase program, allowing the buyback of up to 5% of outstanding shares from November 1, 2020, until October 31, 2021. This move aims to enhance shareholder value by potentially increasing the net asset value per share through repurchases made at discounts. The timing and amount of repurchases will depend on market conditions, but there is no guarantee of share price increments as a result of this program.

Positive

• Authorization of a share repurchase program up to 5% of outstanding shares.
• Potential increase in net asset value per share, enhancing shareholder value.

Negative

• No assurance of market price increases as a result of share repurchases.
• Repurchases may be suspended at any time without prior notice.

BOSTON, Oct. 13, 2020 (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, 2020, in the open market, until the Fund’s fiscal year ending October 31, 2021. 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.

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

FAQ

What is the share repurchase program announced by New Ireland Fund (IRL)?

The New Ireland Fund has authorized a share repurchase program allowing the buyback of up to 5% of its outstanding shares from November 1, 2020, until October 31, 2021.

How will the share buybacks affect the net asset value of New Ireland Fund (IRL)?

The share buybacks may enhance the net asset value per share by repurchasing shares at a discount, thereby increasing shareholder value.

Are there any guarantees on the effect of share repurchases on the stock price of IRL?

There is no assurance that the market price of the Fund's shares will increase as a result of any share repurchases.

When does the New Ireland Fund plan to conduct these share repurchases?

The repurchases will be made at the discretion of the Fund's management until October 31, 2021, based on market conditions.