Core Viewpoint - Sampo plc is updating its distribution policy to include share buybacks alongside dividends, aiming to enhance shareholder returns while maintaining a strong balance sheet [1][4]. Group 1: Distribution Policy Update - Starting in 2026, Sampo will complement its progressive dividend with share buybacks, which will account for up to one-third of distributions from operating earnings in a typical year [1][4]. - The total volume of capital distributed to shareholders will remain unchanged despite the shift in the mix of capital returned [1][2]. Group 2: Financial Strength and Shareholder Returns - The Board of Directors believes it is appropriate to return around 90% of the Group's operating result to shareholders annually, while increasing the allocation towards share buybacks [2][5]. - Sampo aims to maintain a stable regular dividend per share even in adverse years, ensuring reliable income for shareholders [2][3]. Group 3: Cash Flow and Value Creation - As a leading Nordic and UK retail and SME P&C insurance group, Sampo generates resilient and steadily growing cash flow, which is crucial for shareholder value creation [3]. - The updated distribution policy is designed to provide reliable and growing income through a progressive regular dividend, while also allowing for reinvestment into the Group's long-term prospects via share buybacks [3][4].

Core Points - Bancroft Fund Ltd. declared a cash distribution of $0.35 per share, payable on December 30, 2025, to shareholders of record on November 24, 2025 [1] - Shareholders not in the Automatic Dividend Investment Plan can choose to receive the distribution in cash or beneficial shares, with the option expiring on December 15, 2025 [2] - The number of shares received under the share option will be determined on December 16, 2025, based on the lower of the closing market price or net asset value [3] Distribution Policy - The Fund aims to pay an annual distribution of at least 5% of the trailing 12-month average month-end market price or meet the minimum distribution requirement under the Internal Revenue Code [4] - The Board of Trustees reviews potential distributions quarterly, considering the Fund's net asset value and market conditions, and may adjust distributions in December based on additional income and capital gains [5] - The distribution policy is subject to modification or termination by the Board of Trustees at any time [5] Tax Implications - Distributions may be treated as long-term capital gains or qualified dividend income, subject to a maximum federal income tax rate of 20% for individuals [6] - Certain U.S. shareholders may incur a 3.8% Medicare surcharge on net investment income, which includes dividends and capital gains from the Fund [6] - If the Fund's distributions exceed its earnings, the excess may be considered a return of capital, generally not taxable and reducing the shareholder's cost basis [7] Distribution Components - Long-term capital gains, qualified dividend income, and return of capital will be allocated pro-rata to all distributions for the year, with estimated components provided to shareholders [8] - Final determination of distribution sources will be made after year-end, and shareholders will receive notifications regarding tax treatment in early 2026 via Form 1099-DIV [8] Company Overview - Bancroft Fund Ltd. is a diversified, closed-end management investment company with total net assets of $178 million [9] - The Fund primarily invests in convertible securities, aiming to provide income and potential capital appreciation [10] - The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. [10]