The New Ireland Fund, Inc. Issues Liquidating Distribution

Rhea-AI Summary

The New Ireland Fund (NYSE: IRL) has successfully completed its liquidation process as of March 31, 2023, in accordance with its previously approved Plan of Liquidation.

The Fund returned a liquidating distribution of $10.43 per share to its stockholders. This distribution is based on the net asset value determined as of the close of business on February 28, 2023. Stockholders are advised to consult a tax professional to understand any potential gains or losses resulting from this liquidation.

KBI Global Investors, based in Dublin, manages the Fund, which is majority-owned by Amundi Asset Management.

Positive

• Liquidation completed successfully, returning cash to shareholders.
• Each shareholder received a distribution of $10.43 per share.

Negative

• Stockholders may incur tax implications from the liquidation.
• No further business activity or asset growth is expected post-liquidation.

BOSTON, March 31, 2023 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (NYSE: IRL) (the "Fund") completed its liquidation today consistent with its Plan of Liquidation previously approved by the Fund’s stockholders on January 5, 2023. Accordingly, on March 31, 2023, the Fund returned to its stockholders as a liquidating distribution in cash the Fund’s net asset value per share of $10.43. As previously announced, the Fund had fixed the close of business on February 28, 2023 as the date for determining the stockholders of the Fund entitled to receive liquidating distributions.

Stockholders may recognize gain or loss for U.S. tax purposes as a result of the Fund’s liquidation. Stockholders should consult a professional tax advisor regarding their specific tax situation.

KBI Global Investors (North America) Ltd is 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.

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 distribution amount for IRL stockholders in the liquidation process?

IRL stockholders received a distribution of $10.43 per share.

When was the liquidation of The New Ireland Fund completed?

The liquidation was completed on March 31, 2023.

What date was set for determining eligible stockholders for the liquidation distribution?

The date was fixed as February 28, 2023.

Who manages The New Ireland Fund?

The Fund is managed by KBI Global Investors, majority-owned by Amundi Asset Management.

Do stockholders need to consider taxes after the liquidation of IRL?

Yes, stockholders should consult a tax advisor regarding potential gains or losses from the liquidation.