SOURCE: New Ireland Fund

September 26, 2011 09:20 ET

Herzfeld Selected by New Ireland Fund to Examine Potential Discount-Narrowing Actions

BOSTON, MA--(Marketwire - Sep 26, 2011) - The Board of Directors of New Ireland Fund, Inc. (NYSE: IRL) (the "Fund" or "IRL") today announced that they have engaged Thomas J. Herzfeld Advisors, Inc. ("Herzfeld") as Consultant to prepare an analysis of discount-narrowing measures, which may be appropriate for the Fund.

The Fund approved an open market share repurchase program in 2000 and has been implementing the program every year since then, however, the Fund continues to trade generally at a wider discount than some other closed-end international equity funds. Although shareholders have benefited from the Program over the years, the Board believes that it would be in the interest of shareholders to examine what other actions might be taken to enhance shareholder value and to address the discount at which shares have tended to trade. To assist them in evaluating options, the Board sought out and retained Herzfeld a noted closed-end fund analyst. The Herzfeld report has been received and the Board is actively evaluating options, with additional assistance provided by Kleinwort Benson Investors International Ltd., the Fund's newly appointed investment manager.

After full consideration of the Herzfeld report and other relevant information, the Board will decide what actions, if any, will be taken and subsequently advise shareholders, as appropriate.

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

Contact Information

  • For further information, please contact:
    New Ireland Fund
    (800) 468-6475