	bancroft bcv shareholders rebuke zico offer bancroft convertible fund inc the target of an unfriendly cash offer by zico investment holdings inc said its shareholders approved proposals requiring a 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 reuter 
