BANCROFT &lt;BCV> SHAREHOLDERS REBUKE ZICO OFFER

  Bancroft Convertible Fund Inc, the
  target of an unfriendly cash offer by &lt;Zico Investment Holdings
  Inc>, said its shareholders approved proposals requiring a
  66-2/3 pct affirmative vote of all outstanding shares before
  fundamental changes in its status could be made.
      Previously, only a simple majority of outstanding shares
  was needed to change Bancroft's investment status from a
  diversified to a non-diversified fund, among other things.
      Bancroft said its board continues to recommend that
  stockholders not tender their shares to Zico, a British Virgin
  Islands company which it said had ties to South Africa.
  

