The New Ireland Fund, Inc. Announces Final Results of Tender Offer

Rhea-AI Summary

The New Ireland Fund (NYSE: IRL) has completed a tender offer to purchase 25% of its outstanding shares, which expired on May 13, 2021. The Fund accepted 1,213,300 shares at a price of $14.78 each, reflecting 98% of its net asset value as of May 14, 2021. Approximately 3,043,351 shares, or 62.71% of the issued shares, were tendered. Consequently, approximately 39.87% of each stockholder's tendered shares will be accepted for payment, marking an update from the previous announcement on May 14, 2021.

Positive

• Completion of the tender offer reflects strong shareholder interest with 62.71% of shares tendered.
• The purchase price of $14.78 per share indicates strong asset value alignment at 98% of net asset value.

Negative

• Only 39.87% of shares tendered by each stockholder were accepted, potentially causing dissatisfaction among investors.

BOSTON, May 18, 2021 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (NYSE: IRL) announced today that, in accordance with its offer to purchase 25% of its issued and outstanding shares of common stock, an offer which expired on May 13, 2021, the Fund has accepted 1,213,300 shares for payment on or about May 19, 2021 at $14.78 per share, which is equal to 98% of the Fund's net asset value per share as of the close of regular trading on the New York Stock Exchange on May 14, 2021. The Fund will make prompt payment to participating stockholders of the purchase price for shares accepted in the tender offer. A total of approximately 3,043,351 shares or approximately 62.71% of the Fund’s issued and outstanding shares of common stock were properly tendered and not withdrawn prior to the expiration of the offer. Consistent with the terms of the offer, on a pro rated basis, approximately 39.87% of the shares properly tendered by each stockholder have been accepted for payment. This percentage has been updated from the Fund’s press release dated May 14, 2021, which incorrectly noted the preliminary ratio of shares tendered by each stockholder.

The New Ireland Fund, Inc. is a non-diversified, closed-end management investment company that seeks long-term capital appreciation through investing at least 80% of its assets in Irish equity and fixed income securities. The Fund, which is managed by KBI Global Investors (North America) Ltd, is listed on the New York Stock Exchange under the trading symbol "IRL." For further information, please contact the Fund at 1-800-468-6475.

 

FAQ

What was the outcome of the New Ireland Fund's tender offer on May 13, 2021?

The New Ireland Fund accepted 1,213,300 shares for payment at $14.78 each, representing 39.87% of shares tendered.

How much of the New Ireland Fund's shares were tendered in the offer?

Approximately 3,043,351 shares, or 62.71% of the Fund’s issued shares, were tendered.

What is the price per share accepted in the New Ireland Fund tender offer?

The shares were accepted for payment at a price of $14.78 per share.

What percentage of the shares tendered by stockholders were accepted?

Approximately 39.87% of shares properly tendered by each stockholder were accepted for payment.

When will payments be made to participating stockholders in the tender offer?

Payments will be made on or about May 19, 2021.