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December 18, 2003 – Bancroft Convertible Fund, Inc. (AMEX: BCV) (the “Fund”) announced today the results of its recent rights offering, which expired on December 16, 2003. The Fund's shareholders have subscribed, either through the primary subscription or the over-subscription privilege, for all 797,918 shares of common stock available in the rights offering. The final subscription price is $17.82, which is 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. Shares subscribed for through the over-subscription privilege will be allocated on a pro rata basis in the manner described in the Fund's prospectus for the rights offering. All shares issued in the offering will be newly-issued shares. Shares subscribed for are expected to be delivered beginning on or about December 23, 2003. "We at Bancroft appreciate the trust and support shown by our shareholders, whose participation made this offering successful," stated Thomas H. Dinsmore, the Fund's Chairman of the Board. Bancroft Convertible Fund, Inc. is a closed-end management
investment company with more than $95 million in net assets. The Fund's shares are listed
on the American Stock Exchange under the symbol BCV. Letter to Stockholders (PDF 69Kb) | Prospectus (PDF 212Kb) |