The New Ireland Fund, Inc. - Tender Offer Update

Rhea-AI Summary

The New Ireland Fund (NYSE: IRL) announced the preliminary results of its recent tender offer that concluded on May 13, 2021. The purchase price for shares tendered is set at 98% of the net asset value (NAV), amounting to $14.78 per share as of May 14, 2021. Out of the 4,853,202 outstanding shares, approximately 3,060,731 shares were validly tendered. Due to the high number of tenders, shares will be accepted on a pro-rata basis, with an acceptance ratio of about 88.39%. The Fund aims for long-term capital appreciation through investments in Irish equity and fixed income securities.

Positive

• Tender offer received strong participation with approximately 3,060,731 shares validly tendered.
• Tender price at 98% of NAV indicates shareholder value at $14.78 per share.
• Pro-rata acceptance boosts effective liquidity for existing shareholders.

Negative

• Only 1,213,300 out of 3,060,731 tendered shares can be accepted, indicating high demand exceeding supply.

BOSTON, May 14, 2021 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (NYSE: IRL) announced today the preliminary results of its tender offer, which expired at 11:59 p.m. Eastern Time on Thursday, May 13, 2021. The purchase price of properly tendered shares is 98% of the net asset value per share determined as of the close of the regular trading session of the New York Stock Exchange on May 14, 2021, which is equal to $14.78 per share.

As of Thursday, May 13, 2021, there were 4,853,202 outstanding shares of the Fund, and the amount of shares to be purchased under the terms of the offer amounts to approximately 1,213,300 shares.

The preliminary count by American Stock Transfer & Trust Company LLC, the Fund's depositary agent, indicated that approximately 3,060,731 shares were validly tendered prior to the expiration of the Fund's offer. This count is subject to final confirmation and the proper delivery of all shares tendered and not withdrawn. Because the number of shares tendered exceeds the number of shares that the Fund is offering to repurchase, those Fund shares tendered will be accepted on a pro-rata basis. The preliminary ratio of shares tendered to be accepted for payment is approximately 88.391 percent.

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 were the results of The New Ireland Fund's tender offer on May 13, 2021?

The tender offer saw approximately 3,060,731 shares tendered, with an acceptance ratio of about 88.39%. The purchase price was set at $14.78 per share.

What is the purchase price per share for The New Ireland Fund's tender offer?

The purchase price for tendered shares is 98% of the net asset value, equal to $14.78 per share.

How many shares were available for purchase in The New Ireland Fund's tender offer?

The Fund offered to repurchase approximately 1,213,300 shares out of 4,853,202 outstanding shares.

What does the pro-rata acceptance mean for The New Ireland Fund's tender offer?

Pro-rata acceptance means that only a portion of the tendered shares can be accepted due to overwhelming demand, specifically, about 88.39% of the shares tendered.