SOURCE: Bancroft Fund Ltd.
MORRISTOWN, NJ--(Marketwire - Sep 12, 2012) - Bancroft Fund Ltd. (NYSE MKT: BCV) announced today that an NAV (Net Asset Value) misstatement occurred on September 11, 2012. The NAV as reported was $19.38. The NAV should have been $19.25.
The $0.1275 dividend that is payable on September 27, 2012 to shareholders of record on September 13, 2012 went ex-dividend on Tuesday, September 11, 2012. The NAV should have been reduced by the amount of the dividend but inadvertently was not.
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 LLC exchange under the ticker symbol BCV.
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