SOURCE: Bancroft Fund Ltd.
MORRISTOWN, NJ--(Marketwired - Feb 21, 2014) - The Board of Trustees of Bancroft Fund Ltd. (NYSE MKT: BCV) declared a dividend of 12 cents ($0.12) per share, payable on March 27, 2014, to shareholders of record March 13, 2014. The dividend consists of net investment income.
The following actions were taken at the Annual Shareholders' meeting held on Friday, February 21st: (1) two trustees were elected and (2) the selection of Tait, Weller & Baker LLP as independent registered public accountants for the 2014 fiscal year was ratified.
Share Repurchase Program
In accordance with the share repurchase program adopted by its Board of Trustees (up to 3% of the Fund's outstanding shares or approximately 161,000 shares), the Fund began making open market purchases of its shares in October 2013. Through February 19, 2014 the Fund repurchased 100,793 capital shares in the open market at a cost of $1,887,816. The weighted average discount of these purchases comparing the average purchase price to net asset value was 16.77%. These purchases have been made in accordance with the limitations of Rule 10b-18 promulgated under the Securities Exchange Act of 1934. The extent to which the Fund repurchases its shares and the timing of such repurchases will depend on market conditions and other considerations as determined by the Fund's management team, and in accordance with the limitations of Rule 10b-18.
The Fund will disclose the details of its repurchase activity in future shareholder reports.
Bancroft Fund Ltd. operates as a closed-end, diversified management investment company and invests primarily in convertible securities, with the objectives of providing income and the potential for capital appreciation; which objectives the Fund considers to be relatively equal, over the long-term, due to the nature of the securities in which it invests. Its shares are traded on the NYSE MKT Exchange under the ticker symbol BCV.
CUSIP# 059 695 106