BOSTON, April 05, 2021 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (NYSE: IRL) (the “Fund”), a closed-end fund, announced today that the Fund’s Board of Directors has approved a cash tender offer for up to 25% of the Fund’s outstanding shares of common stock (“Shares”) at a price equal to 98% the Fund’s net asset value (“NAV”) per Share, as determined by the Fund as of the close of the regular trading session on the New York Stock Exchange on the business day immediately following the expiration date of the tender offer. The commencement of the tender offer will be announced at a later date, but will be no later than Tuesday, April 20th, 2021. The Fund will repurchase Shares tendered and accepted in the tender offer in exchange for cash. In the event the tender offer is oversubscribed, Shares will be repurchased on a pro rata basis.
The commencement of the tender offer is pursuant to a Compromise and Standstill Agreement (the “Standstill Agreement”) between the Fund and Bulldog Investors LLP and certain of its associated parties (collectively “Bulldog”). During the effective period of the Standstill Agreement, Bulldog has agreed to be bound by certain standstill covenants and vote its Shares on proposals submitted to shareholders in accordance with the recommendation of the Fund’s Board of Directors. The Fund has been advised that Bulldog will file a copy of the Standstill Agreement with the U.S. Securities and Exchange Commission as an exhibit to its Schedule 13D.
This announcement is not a recommendation, an offer to purchase or a solicitation to sell any securities of the Fund and the above statements are not intended to constitute an offer to participate in any tender offer. Information about the tender offer will be provided by future public announcements. The tender offer will only be made by, and subject to the terms and conditions set forth in, an Offer to Repurchase and related Letter of Transmittal, which will be mailed to record holders in connection with the tender offer. Stockholders should read these documents carefully when they receive them.
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.