BCV - Bancroft Fund Ltd. Declares Distribution of $0.32 Per Share | Benzinga
RYE, N.Y., Nov. 16, 2023 (GLOBE NEWSWIRE) -- The Board of Trustees of Bancroft Fund Ltd. (NYSE:BCV) (the "Fund") declared a $0.32 per share cash distribution payable on December 28, 2023 to common shareholders of record on November 22, 2023.
Shareholders who are not members of the Fund's Automatic Dividend Investment Plan will be given the option to receive the distribution either in cash or in beneficial shares of the Fund. The distribution is taxable to shareholders whether or not they choose to receive cash.
The expiration date of the option is December 14, 2023. Shareholders who do not make an election will receive the distribution in beneficial shares.
The number of shares that holders will be entitled to receive under the share option will be determined on December 15, 2023, either on the basis of the closing market price of the Fund's beneficial shares or its net asset value, whichever is lower on that date.
The Fund intends to pay the greater of either an annual distribution of 5% of the Fund's trailing 12-month average month-end market price or an amount that meets the minimum distribution requirement of the Internal Revenue Code for regulated investment companies.
Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund's ...