RICHARD A. BARONE One Chagrin Highlands
Exhibit 99.23.l
XXXXXXX X. XXXXXX
One Chagrin Highlands
000 Xxxxxx Xxxxx, Xxxxx 000
Xxxxxxxxx, Xxxx 00000
November 14, 2003
One Chagrin Highlands
000 Xxxxxx Xxxxx, Xxxxx 000
Xxxxxxxxx, Xxxx 00000
Re:
Purchase Agreement for Initial Capital
Gentlemen:
I am purchasing from you today (i) 1,000 Class D shares of Ancora Income Fund, a portfolio of Ancora Trust, an Ohio business trust (the “Trust”), at a price of $10.00 per share for a total purchase price of $10,000; (ii) 1,000 Class D shares of Ancora Equity Fund, a separate portfolio of the Trust, at a price of $10.00 per share for a total purchase price of $10,000; (iii) 10,000 Class D shares of Ancora Special Opportunity Fund, a separate portfolio of the Trust, at a price of $5.00 per share for a total purchase price of $50,000; and (iv) 5,000 Class D shares of Ancora Bancshares, a separate portfolio of the Trust, at a price of $10.00 per share for a total purchase price of $50,000, the aggregate purchase price of all of such shares being $120,000, to provide the initial capital you require pursuant to Section 14 of the Investment Company Act of 1940 in order to make a public offering of shares of the Funds.
I hereby represent that I am acquiring said shares for investment and not for distribution or resale to the public.
Very truly yours,
/s/Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx
