Simpson Thacher represented the underwriters, led by Merrill Lynch, Pierce, Fenner & Smith Incorporated, in connection with the public offering by Bancroft Fund Ltd. (the “Fund”) of 1,200,000 shares of 5.375% Series A Cumulative Preferred Shares. The offering raised aggregate net proceeds of approximately $29.1 million.
The Fund is a diversified, closed-end management investment company registered under the Investment Company Act of 1940. The Fund 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 common shares trade on NYSE MKT under the symbol “BCV.” The Fund’s investment advisor is Gabelli Funds, LLC.
The Simpson Thacher team for the transaction included Sarah Cogan, Ben Wells, Daniel Honeycutt and Summer Associate Sonali Sanyal (Capital Markets); Jeanne Annarumma (Executive Compensation and Employee Benefits); Jonathan Cantor and Michael Badain (Tax); and Jennie Getsin (FINRA and Blue Sky).