BOSTON, MA--(Marketwire - Dec 28, 2012) - The Board of Directors of The New Ireland Fund, Inc. (
The New Ireland Fund, Inc.
BNY Mellon Center
One Boston Place
201 Washington Street, 34th Floor
Boston, MA 02109
At the Fund's December Board meeting, the Directors again considered its Discount Management Program and, subject to market conditions and regular review, it was decided that it will continue to be in the market repurchasing shares whenever the discount is above 10%. For the Fund's fiscal year ended October 31, 2012, the Fund repurchased 316,714 shares (4.95% of the shares outstanding at October 31, 2011) at an average discount of 12.52% of net asset value. In addition, in June, the Fund completed a tender offer, which involved the repurchase of 924,000 of the Fund's shares (14.4% of the shares outstanding at October 31, 2011) at an average discount of 2.06% of net assets.
The Board will continue to review its Discount Management Program on a regular basis and, as part of this, they will review what other actions, if any, might be taken to enhance shareholder value and address the discount at which shares have tended to trade.
The New Ireland Fund, Inc. is a closed-end diversified investment company, listed on the New York Stock Exchange under the trading symbol "IRL". The Fund, which seeks long-term capital appreciation through investment of at least 80% of its assets in a portfolio of Irish securities, invests primarily in equity and fixed income securities of Irish companies. The Fund is managed by Kleinwort Benson Investors International Ltd. Up to-date information, as well as monthly portfolio updates, are available on the Fund's website - www.newirelandfund.com