Karpus Management Reaches Agreement with The New Ireland Fund Regarding Instituting a Modified “Dutch Auction” In-Kind Tender Offer

As previously announced, Olshan client Karpus Management reached an agreement with The New Ireland Fund regarding the institution of a modified “Dutch auction” in-kind tender offer for up to 25% of the Fund’s outstanding shares at a price per share within a range of 95%-97% of the Fund’s per share NAV.  The in-kind tender offer is subject to the Fund’s receipt of an exemptive order from the SEC to permit affiliated persons of the Fund to participate in the in-kind tender offer.  If the exemptive order is not received the Fund has agreed to commence a cash tender offer for up to 30% of the fund’s outstanding shares at a price per share equal to 98% of the Fund’s per share NAV.  Olshan represented Karpus Investment in connection with their activist campaign at The Ireland Fund.