Bancroft Rights Offering Release November 18 2003

November 18, 2003 – Bancroft Convertible Fund, Inc. (AMEX: BCV) (the “Fund”) announced today the commencement of a rights offering to its stockholders. Stockholders of record on November 13, 2003 have been issued non-transferable rights to subscribe for one additional share of common stock for every six shares held, with the right to subscribe for additional shares not subscribed for by others in the primary subscription. All the shares to be issued in the offering will be newly issued shares.

The rights are exercisable from November 18, 2003 until 5:00 p.m. Eastern time on December 16, 2003, the expiration date, unless the offering is extended by the Fund.

The subscription price will be the lesser of (a) 95% of the net asset value per share of the Fund’s common stock on December 17, 2003, or (b) 95% of the average of the volume-weighted average sales prices of a share of the Fund’s common stock on the American Stock Exchange on December 17, 2003 and the four preceding trading days.

The offering will be made only pursuant to a prospectus, which may be obtained from the Information Agent, Georgeson Shareholder Communications Inc., 17 State Street, 10th Floor, New York, NY 10004.

AMEX - BCV Cusip 059695106

For further information please contact:
Gary I. Levine, VP/Treasurer Ph. (973) 631-1177 Fax (973) 631-9893

Letter to Stockholders (PDF 69Kb) | Prospectus (PDF 212Kb)