Davis-Dinsmore Management Company
May 27, 2005 – Bancroft Convertible Fund, Inc. (AMEX: BCV) (the “Company”) today reported that on March 17, 2005, PricewaterhouseCoopers LLP resigned as independent registered public accountants for the Company, to focus on larger clients. The Company’s audit committee has appointed Tait, Weller & Baker as independent accountants for the Company for the 2005 fiscal year, which appointment was ratified by the Company’s independent directors.
The reports of PricewaterhouseCoopers LLP on the Company’s financial statements for each of the fiscal years ended October 31, 2004 and October 31, 2003 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the Company’s fiscal years ended October 31, 2003 and October 31, 2004, and during the period November 1, 2004 through March 17, 2005, there have been no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to the satisfaction of PricewaterhouseCoopers LLP, would have caused them to make reference thereto in their reports on the financial statements for such years.
The Company is a diversified closed-end management investment company. The investment objective of the Company is to seek a high level of total return on its assets through a combination of current income and capital appreciation. The Company seeks to achieve this objective by investing primarily in convertible securities.
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