NEW YORK–(BUSINESS WIRE)–Saba Capital Management, LP (together with its affiliates, “Saba”), a significant shareholder of The New Ireland Fund (NYSE: IRL) (“IRL” or the “Fund”), announced today that leading independent proxy advisor Institutional Shareholder Services Inc. (“ISS”) has recommended that IRL shareholders vote for the board room change GOLD proxy card. In particular, ISS recommends the addition of Saba’s highly qualified and independent shareholder representative – Paul Kazarian – to the IRL Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders to be held June 14, 2022.
In its full report, ISS confirmed the case for a meeting room change and highlighted Mr. Kazarian’s qualifications to serve on the board:1
- “The fund underperforms its peers in almost all of the five most crucial factors for CEF investors – total shareholder return, net asset value discount, distributions, expense ratio and corporate governance – and shareholders may reasonably question whether the fund remains a logical investment vehicle. for its stated purpose.
- “Given Saba’s history with bank loan CEFs, this contest represents a new asset class for her activism. Its arguments are credible and its position significant, which is why the competition deserves a thorough analysis of its merits. The fund’s performance with respect to TSR, net asset value discount, expenses and corporate governance has been poor, as the dissenter’s review pointed out, and with which the analysis above is consistent. . Change on the IRL board is preferable to the status quo.
- “In this situation, dissident nominee Kazarian’s experience as a CEF board member and CEF portfolio manager may provide a useful perspective to the fund as it grapples with its viability, small size and its underperformance relative to its peers. As such, support is warranted for Kazarian on the Dissident (GOLD) card.
About Saba Capital
Saba Capital Management, LP is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns to a diverse group of institutional clients. The firm, which is a pioneer in relative credit value and capital structure trading, currently invests in four main strategies: relative credit value, tail hedging, SPACs and closed-end funds. Founded in 2009 by Boaz Weinstein, Saba is a private company owned by his partnership and headquartered in New York. Learn more at www.sabacapital.com.
1 Permission to quote ISS was neither sought nor obtained.