SOURCE: Ellsworth Fund Ltd.
MORRISTOWN, NJ--(Marketwired - Mar 26, 2014) - Ellsworth Fund Ltd. (NYSE MKT: ECF) announced today that the Fund has completed its program to repurchase 3% of its shares of beneficial interest begun on October 28, 2013. Since that date the Fund repurchased in the open market and retired 405,236 of the Fund's shares, at a cost of $3,342,899. The weighted average discount of these purchases comparing the average purchase price to net asset value was 16.65%.
The extent to which the Fund repurchased its shares and the timing of such repurchases depended on market conditions and other considerations as determined by the Fund's management team, and in accordance with the limitations of Rule 10b-18 promulgated under the Securities Exchange Act of 1934.
The Board of Trustees of the Fund authorized the repurchase program in an effort to address the undervaluation of the Fund's shares. The Fund may in the future institute another program to repurchase its shares if deemed advantageous to the Fund by its Board of Trustees.
Ellsworth 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 ECF.
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