BOSTON, MA--(Marketwire - Aug 13, 2012) - The Board of Directors of The New Ireland Fund, Inc. (NYSE: IRL) (the "Fund") announced today that the Directors are giving further consideration as to what actions the Fund could take to enhance shareholder value and address the discount at which shares have recently traded.
Subsequent to the recently completed Tender Offer, the discount has widened and to proactively address this, the Board has reinstituted its share repurchase program, which had been suspended during the tender offer period. Subject to market conditions, and regular review by the Board, the Fund intends to repurchase shares whenever the discount is above 10%. In addition, the Board continues to evaluate other appropriate steps as part of the Fund's Discount Management Program including recommendations made by its consultant Thomas J. Herzfeld Advisors, Inc.
Kleinwort Benson Investors International ("KBI"), the Fund's Investment Adviser, commented that "the Irish economy has made good progress over the past 12 months and, although the Eurozone is still in a difficult situation, as a result of the Irish Government's positive actions, it is believed that further progress will continue to be made. The Government has successfully re-entered the bond market, consumer confidence is at its highest level since 2010, fiscal targets are being surpassed, and GDP growth matched the Eurozone average in 2011 and is expected to significantly exceed it this year.
"KBI also believes that the Irish Stock Market will continue to recover and, in line with recovery of economic growth that this should happen over the next 12 to 24 months. On the presumption that this does happen, we would also expect the Fund's portfolio holdings to benefit."
Investment Objective; The New Ireland Fund, Inc., (NYSE: IRL) a closed-end diversified investment company, seeks long-term capital appreciation through investment of at least 80% of its assets in a portfolio of Irish securities.
IRL is the only U.S. listed closed-end fund that invests primarily in equity and fixed income securities of Irish companies. The Fund is managed by Kleinwort Benson Investors International Ltd., a subsidiary of Kleinwort Benson Investors Dublin Ltd. Up-to-date information, as well as monthly portfolio updates, are available on the Fund's website -- www.newirelandfund.com