The New Ireland Fund, Inc. Announces Board Approval of Liquidation of the Fund

Rhea-AI Summary

The New Ireland Fund (NYSE: IRL) announced a proposal to liquidate its assets and dissolve the Fund, pending stockholder approval at a special meeting in January 2023. The decision is based on the Fund's current asset level, expenses, and discount to net asset value. If approved, the Fund will distribute net proceeds to stockholders after selling its assets. Stockholders are encouraged to read the definitive proxy materials that will be filed with the SEC, as they will provide important details regarding the liquidation process.

Positive

• Proposal to liquidate allows for potential return of capital to stockholders through asset distributions.

Negative

• The need for liquidation indicates underlying issues with the Fund's asset performance and expense management.
• The Fund's current discount to net asset value suggests it has not been performing optimally in the market.

BOSTON, Oct. 26, 2022 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (NYSE: IRL) (the “Fund”) announced today that the Board of Directors of the Fund adopted a proposal to liquidate the Fund. Subject to stockholder approval of the plan of liquidation (the “Plan”) adopted by the Board, the Fund plans to sell its assets, discharge its liabilities and distribute the net proceeds to stockholders.

The determination to seek the liquidation and dissolution of the Fund was based on an assessment of a variety of factors, including the Fund’s current level of assets and expenses, the Fund’s current discount to net asset value, as well as a review of potential alternatives. Ultimately, it was determined by the Board of Directors that it was in the best interest of stockholders to liquidate the Fund.

The Board plans to submit a proposal to stockholders to approve the Plan at a special meeting of stockholders (the “Meeting”) to be held in January 2023. If the proposal is approved by stockholders, the Fund will commence the orderly liquidation of its assets in accordance with the Plan. Following the liquidation of the Fund’s assets, the Fund will pay one or more liquidating distributions to stockholders of record.

Any solicitation of proxies by the Fund in connection with the Meeting will be made only pursuant to separate proxy materials filed with the U.S. Securities and Exchange Commission (the “SEC”) under applicable federal securities laws. Because the proxy materials will contain important information, including a more detailed description of the Plan, stockholders are urged to read them carefully when they become available.

Promptly after filing its definitive proxy statement for the Meeting with the SEC, the Fund will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the Meeting. We urge stockholders to read the proxy statement (including any supplements thereto) and any other relevant documents that the Fund will file with the SEC when they become available because they will contain important information. Stockholders will be able to obtain, free of charge, copies of the proxy statement and any other documents filed by the Fund with the SEC in connection with the Meeting at the SEC’s website at www.sec.gov, or by contacting the Fund at 1-800-468- 6475 or investor.query@newirelandfund.com.

Investment Objective: The New Ireland Fund, Inc., a closed-end, non-diversified investment company seeks long-term capital appreciation through investment primarily in equity securities of Irish securities.

The Fund is managed by KBI Global Investors (North America) Ltd, 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 1-800-468-6475 or investor.query@newirelandfund.com.

Website: www.newirelandfund.com

FAQ

What is the New Ireland Fund's plan for liquidation?

The New Ireland Fund plans to liquidate its assets and distribute the net proceeds to stockholders, pending their approval in January 2023.

When will stockholders vote on the liquidation plan for IRL?

Stockholders will vote on the liquidation plan at a special meeting scheduled for January 2023.

Why is the New Ireland Fund considering liquidation?

The Fund's Board of Directors believes liquidation is in the best interest of stockholders due to current asset levels, expenses, and a discount to net asset value.

How will stockholders receive their distributions after the Fund's liquidation?

After liquidation, stockholders will receive one or more liquidating distributions based on the net proceeds from asset sales.

Where can stockholders find more information about the liquidation plan?

Stockholders can find more information in the definitive proxy statement to be filed with the SEC, which will detail the liquidation plan.