The New Ireland Fund, Inc. Announces Results of Special Meeting of Stockholders: Proposal to Liquidate and Dissolve the Fund is Approved

Rhea-AI Summary

The New Ireland Fund, Inc. (NYSE: IRL) announced the approval of its liquidation and dissolution plan at a special stockholder meeting on January 5, 2023. The close of business on February 28, 2023, will determine stockholders eligible for liquidating distributions. The Fund's last trading day on the NYSE is anticipated to be around February 27, 2023, after which there will be no secondary market for its shares.

Until the Valuation Date, the Fund's portfolio will be liquidated, and no future dividends will be declared.

Positive

• Approval of liquidation plan by stockholders.

Negative

• No future dividends will be declared during liquidation.
• Anticipated end of trading on NYSE around February 27, 2023, limiting liquidity.

BOSTON, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (NYSE: IRL) (the "Fund") announced today the results of the votes cast at the special meeting of stockholders held on January 5, 2023, where stockholders approved the liquidation and dissolution of the Fund pursuant to a Plan of Liquidation.

The Fund has fixed the close of business on February 28, 2023 as the date for determining the stockholders of the Fund that will be entitled to receive liquidating distributions (the “Valuation Date”). The proportionate interests of stockholders in the assets of the Fund will be fixed on the basis of their respective holdings at the close of business on the Valuation Date. It is anticipated that one or more liquidating distributions will begin being paid after the Valuation Date. The Fund expects its last trading day on the New York Stock Exchange (“NYSE”) to be on or about February 27, 2023, after which time there will be no secondary market for the Fund’s shares.

Until the Valuation Date, the Fund is expected to deviate from its investment objective and investment policies as the Fund’s portfolio will be managed in anticipation of the liquidation and the Fund’s portfolio securities will be sold. In addition, the Fund will not declare any future dividends as a result of the pending liquidation.

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 was decided in the New Ireland Fund's special meeting on January 5, 2023?

Stockholders approved the liquidation and dissolution of the New Ireland Fund.

When will the New Ireland Fund stop trading on the NYSE?

The Fund's last trading day on the NYSE is expected to be around February 27, 2023.

What is the Valuation Date for the New Ireland Fund's liquidation?

The Valuation Date is set for February 28, 2023.

Will the New Ireland Fund declare dividends during the liquidation process?

No future dividends will be declared during the pending liquidation.

What happens to stockholders' interests in the New Ireland Fund's assets?

Stockholders' interests will be determined based on their holdings as of the Valuation Date.