BOSTON, Dec. 12, 2019 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (NYSE: IRL) (the “Fund”), a closed-end fund, today announced that its Board of Directors (the “Board”) determined that it is in the best interest of the Fund and its stockholders to suspend the Fund’s managed distribution policy (the “Policy”). The suspension of the Policy does not impact the Fund’s investment objective of long-term capital appreciation through investment primarily in equity securities of Irish companies. The Fund will distribute to shareholders, at least annually, substantially all of its net income from dividends and interest payments and expects to distribute substantially all of its net realized capital gains annually.
During the regular review of the Policy by the Board, among other things, the Board considered the Policy’s potential to increase liquidity for common stockholders, and the potential such distributions would have, if any, on narrowing the discount to net asset value (“NAV”) at which the Fund’s shares trade. The Board remains committed to its oversight of the discount and intends to continue the Fund’s share repurchase program.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a fund will achieve its investment objective. Past performance does not guarantee future results.
The Fund is managed by KBI Global Investors (North America) Ltd. (“KBIGI”), 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. KBI Global Investors Ltd. is regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority in the UK. Details about the extent of our regulation by the Financial Conduct Authority are available from KBI Global Investors Ltd. on request. KBIGI is registered as an investment adviser with the Securities and Exchange Commission and regulated by the Central Bank of Ireland.
The Fund is listed on the New York Stock Exchange under the ticker symbol - IRL. For further information, please contact the Fund at (800) 468-6475 or email@example.com.