Bancroft Fund Ltd. Announces Increase to Share Repurchase Program and Commitment to Improving the Valuation of Its Shares
(firmenpresse) - MORRISTOWN, NJ -- (Marketwired) -- 12/18/14 -- Bancroft Fund Ltd. (NYSE MKT: BCV) (the "Fund") announced today that its Board of Trustees has increased the number of shares to be acquired by the Fund pursuant to the share repurchase program announced last month. Pursuant to the revised authorization, the Fund will repurchase up to 7% of the Fund's outstanding shares (up to approximately 367,000 shares). The previous authorization was for a repurchase of up to 3% of the Fund's outstanding shares.
The Board of Trustees, after discussions with several of the Fund's shareholders, has authorized this program in an effort to address an undervaluation of the Fund's shares, and believes the program to be in the best interests of shareholders. The Board of Trustees intends to complete the repurchase program by August 31, 2015, subject to market conditions and the purchase limits under Securities Exchange Act Rule 10b-18. Bancroft and its Board of Trustees are committed to improving the value of Bancroft's shares, and believe that the increase of the share repurchase program will have that effect. If the Board of Trustees believes that the Fund's shares remain undervalued at the end of this repurchase program, it will take further steps it deems appropriate at that time.
In addition to this enhancement to the repurchase program, the Board of Trustees has taken other actions to improve the valuation of the Fund's shares. These actions include the share repurchase program completed in the spring of 2014, and the 5% minimum distribution plan announced in November.
Under the repurchase program authorized by the Board of Trustees, the Fund may repurchase shares from time to time in the open market or in privately negotiated transactions. 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. The purchases will be made from existing cash balances.
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
For further information, please contact:
Gary I. Levine
Chief Financial Officer
Ph. (973) 631-1177
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Datum: 18.12.2014 - 21:30 Uhr
Sprache: Deutsch
News-ID 360658
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