Royce Micro-Cap Trust, Inc. Declares Initial Dividend on its 6.00% Cumulative Preferred Stock (NYSE - RMT.pra) NEW YORK, Nov. 24 /PRNewswire-FirstCall/ -- Royce Micro-Cap Trust, Inc. has declared a cash dividend of $0.279167 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share from the issuance date of October 16, 2003 to December 22, 2003. The dividend is to be paid on December 23, 2003 to stockholders of record at the close of business on December 8, 2003 (ex-dividend December 4, 2003). The Preferred Stock, which trades on the New York Stock Exchange under the symbol "RMT.pra", is rated 'aaa' by Moody's and has an annual dividend rate of $1.50 per share. For Federal income tax purposes, approximately 16% of the distribution will be reported as net short-term capital gains and 84% (including qualified dividend income) will be taxable at long-term capital gains rates. The treatment of a portion of the dividends as long-term capital gains has the effect of providing individual preferred stockholders with a higher ordinary income tax-equivalent yield. Royce Micro-Cap Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are currently listed and traded on the Nasdaq National Market (Nasdaq - OTCM) but will begin trading on the New York Stock Exchange on December 1, 2003 under the ticker symbol "RMT". The Fund's shares of Preferred Stock are listed and traded on the New York Stock Exchange (RMT.pra). The Fund's investment goal is long-term capital growth, which it seeks by normally investing at least 80% of its assets in equity securities of companies that, at the time of investment, have market capitalizations of $400 million or less. For further information on The Royce Funds(SM), please visit our web site at: http://www.roycefunds.com/. DATASOURCE: Royce Micro-Cap Trust, Inc. CONTACT: John D. Diederich of Royce Micro-Cap Trust, Inc., +1-212-355-7311 Web site: http://www.roycefunds.com/

Copyright