Filing by Certain Investment Companies of Rule 482 Advertising in Accordance With Rule 497 and the Note to Rule 482(e) (497ad)
09 March 2020 - 9:02PM
Edgar (US Regulatory)
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BANCROFT FUND LTD.
One Corporate Center
Rye, NY 10580-1422
t 914.921.5070
www.gabelli.com
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PRESS RELEASE
For Immediate Release
BANCROFT FUND LTD.
ANNOUNCES RIGHTS OFFERING FOR COMMON SHARES
Rye, NY March 6, 2020 The Board of Trustees of Bancroft Fund Ltd. (NYSE American: BCV) (the Fund) has approved a
transferable rights offering that will allow the Funds common shareholders to acquire additional common shares (the Offering). The Offering will be made only by means of a prospectus. This announcement does not constitute an offer
to sell, or a solicitation of an offer to buy, any of the Funds securities.
SUMMARY OF THE TERMS OF THE OFFERING
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Subject to the effectiveness of the Funds registration statement currently on file with the Securities and
Exchange Commission (SEC), each shareholder will receive one transferable right (the Right) for each common share held on the record date (March 19, 2020).
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Three Rights plus $20.50 (the Subscription Price) will be required to purchase one additional common
share (the Primary Subscription). The purchase price will be payable in cash.
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Record date shareholders who fully exercise their Primary Subscription Rights will be eligible for an
over-subscription privilege entitling them to subscribe, subject to certain limitations and a pro-rata allotment, for any additional common shares not purchased pursuant to the Primary Subscription. Rights
acquired in the secondary market may not participate in the over-subscription privilege.
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The Rights are expected to trade when issued on the NYSE American beginning on March 17, 2020, and
the Funds common shares are expected to trade Ex-Rights on the NYSE American beginning on March 18, 2020. The Rights are expected to begin trading for normal settlement on the NYSE
American (NYSE American: BCV RT) on or about March 24, 2020.
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The Offering expires at 5:00 PM Eastern Time on April 21, 2020, unless extended.
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The Offer is subject to the effectiveness of the Funds registration statement currently on file with the SEC and will be made only by means of a prospectus
supplement and accompanying prospectus. The Fund expects to mail subscription certificates evidencing the Rights and a copy
of the prospectus supplement and accompanying prospectus for the Offering to record date shareholders beginning on March 19, 2020. Financial Advisors will likely send notices shortly
thereafter. Inquiries regarding the Offering should be directed to 800-GABELLI or 914-921-5070.
Any common shares issued as a result of the Offering will not be record date shares for the Funds quarterly distribution to be paid on March 24, 2020,
and will not be entitled to receive such distribution.
The information herein is not complete and is subject to change. The Fund may not sell these
securities until the Funds registration statement currently on file with the SEC is effective. A final registration statement relating to the securities has not been filed with the SEC as of the date of this press release. This document is not
an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a final prospectus. Investors should
consider the Funds investment objective, risks, charges and expenses carefully before investing. The base prospectus contains this and additional information about the Fund and the prospectus supplement will contain this and additional
information about the Offering, and should be read carefully before investing. For further information regarding the Offering, or to obtain a prospectus supplement and the accompanying prospectus, when available, please contact the Fund at 800-GABELLI or 914-921-5070.
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About Bancroft Fund Ltd.
Bancroft Fund Ltd. is a diversified, closed-end management investment company with $170 million in total net assets.
BCV invests primarily in convertible securities with the objectives of providing income and the potential for capital appreciation, objectives the Fund considers to be relatively equal over the long term due to the nature of the securities in which
it invests. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).
About GAMCO Investors
GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and
closed-end funds (Gabelli Funds, LLC). As of December 31, 2019, GAMCO Investors had $36.5 billion in assets under management.
Investor Contact
Laurissa Martire at (914) 921-5399 or lmartire@gabelli.com
NYSE American BCV
CUSIP 059695106
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