The New Ireland Fund Announces Final Results of Rights Offering
December 11 2017 - 6:45PM
The Board of Directors (the “Board”) of The New Ireland Fund
(NYSE:IRL) (the “Fund”), a closed-end investment company, is
pleased to announce the completion of the Fund’s transferable
rights offering (the “Offer”) in which 1,245,445 common shares will
be issued pursuant to subscriptions by rights holders through the
Offer.
The Offer, which commenced on November 3, 2017
and expired on December 6, 2017 (the “Expiration Date”), was
oversubscribed. The subscription price per share was $11.54
and was based upon a formula equal to 92.5% of the average of the
last reported sales price of the Fund’s shares of common stock on
the NYSE on the Expiration Date and each of the four preceding
trading days.
The total gross proceeds of the Offer raised
were $14,372,243 based on the subscription price of $11.54.
The Fund received total subscriptions for 5,677,717 common
shares which represented 456% of the 1,245,445 primary shares
available to be issued. The new shares of common stock will
be issued on or about December 12, 2017.
We thank all our subscribing shareholders as
well as the full service brokers and financial advisers who
assisted our shareholders throughout the Offer.
About The New Ireland Fund
The Fund’s investment objective is long-term
capital appreciation through investment primarily in equity
securities of Irish companies. Since 2011, Ireland has been among
the strongest growing economies in Europe, and its economic
performance has outpaced the broader Eurozone.
The Offer was intended to increase the assets of
the Fund available for investment, enabling the Fund to take
advantage of attractive investment opportunities consistent with
its investment objective and strategies without having to reduce
existing Fund holdings. In addition, increasing the assets of the
Fund is expected to result in certain economies of scale which may
lower the Fund’s expense ratio.
Information about the Fund’s performance,
holdings and distributions is available on the Fund’s website at
www.newirelandfund.com.
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. The
Information Agent for the Offer was AST Fund Solutions, LLC and the
Subscription Agent for the Offer was Computershare Inc.
Shares of closed-end investment companies
frequently trade at a discount from their net asset value. The
market price of the Fund’s shares is determined by a number of
factors, several of which are beyond the control of the Fund.
Therefore, the Fund cannot predict whether its shares will trade
at, below, or above their net asset value.
Before investing in the Fund, investors should
carefully consider the investment objective, risks and expenses of
the Fund. This information, including other information concerning
the Fund can be found on file with the U.S. Securities and Exchange
Commission. An investor should carefully read the registration
statement before investing.
A registration statement and a prospectus
supplement relating to these securities have been filed with the
U.S. Securities and Exchange Commission. This announcement is not
an offer to sell these securities and it is not soliciting an offer
to buy these securities in any state where the offer or sale is not
permitted.
Contact Information:
The New Ireland Fund, Inc.
1-800-468-6475
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