Post by xray on Oct 28, 2022 20:31:43 GMT
GlobeNewswire
The New Ireland Fund, Inc. Announces Board Approval of Liquidation of the Fund
The New Ireland Fund, Inc.
Wed, October 26, 2022, 6:05 PM
In this article:
IRL
+0.59%
The New Ireland Fund, Inc.
BOSTON, Oct. 26, 2022 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (NYSE: IRL) (the “Fund”) announced today that the Board of Directors of the Fund adopted a proposal to liquidate the Fund. Subject to stockholder approval of the plan of liquidation (the “Plan”) adopted by the Board, the Fund plans to sell its assets, discharge its liabilities and distribute the net proceeds to stockholders.
The determination to seek the liquidation and dissolution of the Fund was based on an assessment of a variety of factors, including the Fund’s current level of assets and expenses, the Fund’s current discount to net asset value, as well as a review of potential alternatives. Ultimately, it was determined by the Board of Directors that it was in the best interest of stockholders to liquidate the Fund.
The Board plans to submit a proposal to stockholders to approve the Plan at a special meeting of stockholders (the “Meeting”) to be held in January 2023. If the proposal is approved by stockholders, the Fund will commence the orderly liquidation of its assets in accordance with the Plan. Following the liquidation of the Fund’s assets, the Fund will pay one or more liquidating distributions to stockholders of record.
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Comment: Guess we can take this one off our watch list for a EOY this year....
Live Long and Prosper....
The New Ireland Fund, Inc. Announces Board Approval of Liquidation of the Fund
The New Ireland Fund, Inc.
Wed, October 26, 2022, 6:05 PM
In this article:
IRL
+0.59%
The New Ireland Fund, Inc.
BOSTON, Oct. 26, 2022 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (NYSE: IRL) (the “Fund”) announced today that the Board of Directors of the Fund adopted a proposal to liquidate the Fund. Subject to stockholder approval of the plan of liquidation (the “Plan”) adopted by the Board, the Fund plans to sell its assets, discharge its liabilities and distribute the net proceeds to stockholders.
The determination to seek the liquidation and dissolution of the Fund was based on an assessment of a variety of factors, including the Fund’s current level of assets and expenses, the Fund’s current discount to net asset value, as well as a review of potential alternatives. Ultimately, it was determined by the Board of Directors that it was in the best interest of stockholders to liquidate the Fund.
The Board plans to submit a proposal to stockholders to approve the Plan at a special meeting of stockholders (the “Meeting”) to be held in January 2023. If the proposal is approved by stockholders, the Fund will commence the orderly liquidation of its assets in accordance with the Plan. Following the liquidation of the Fund’s assets, the Fund will pay one or more liquidating distributions to stockholders of record.
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Comment: Guess we can take this one off our watch list for a EOY this year....
Live Long and Prosper....