Bancroft Fund Ltd. Begins Share Repurchase Program
October 31, 2013 - Morristown, NJ
Bancroft Fund Ltd. (NYSE MKT: BCV) announced today that, in accordance with the share repurchase program recently adopted by its Board of Trustees, the Fund has begun making open market purchases of its shares. These purchases have been made in accordance with the limitations of Rule 10b-18 promulgated under the Securities Exchange Act of 1934. As previously announced, the Fund recently adopted a plan to repurchase up to 3% of the Fund's outstanding shares (up to approximately 161,000 shares). The Board of Trustees authorized the program in an effort to address the undervaluation of the Fund's shares. 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 is also allowed to purchase shares in privately negotiated transactions.
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.
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