Business News • MarketWire • The New Ireland Fund, Inc. -- Change to Managed Distribution Policy and Update to Quarterly Distribution |
The New Ireland Fund, Inc. -- Change to Managed Distribution Policy and Update to Quarterly Distribution |
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The New Ireland Fund, Inc. -- Change to Managed Distribution Policy and Update to Quarterly Distribution
BOSTON, MA--(Marketwired - Jun 13, 2017) - The New Ireland Fund, Inc. (NYSE: IRL) (the "Fund"), a closed-end fund, today announced a change to its managed distribution policy (the "Distribution Policy"). Under the revised Distribution Policy, the Fund pays quarterly distributions at an annual rate, set once a year, that is a percentage of the Fund's net asset value ("NAV") at May 31. The Board has determined that the annual rate will be 8% per annum payable in quarterly installments. The revision was made by the Board in connection with the smaller asset size of the Fund resulting from the Fund's recent tender offer. The Distribution Policy seeks to provide investors with a stable quarterly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.
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