Dividend 15 Split Corp T.DFN

Alternate Symbol(s): T.DFN.PR.A | DFNPF | DVSPF

Dividend 15 Split Corp. is a Canada-based mutual fund, which invests primarily in a portfolio of dividend yielding common shares, which includes approximately 15 Canadian companies. The Company offers two types of shares, including Preferred shares and Class A shares. Its investment objectives with respect to Preferred Shares are to provide holders with fixed cumulative preferential monthly cash dividends in an amount of $0.04583 per Preferred share to yield 5.5% per annum on the $10 repayment amount and to return the $10 repayment amount to their holders on the termination date. Its investment objectives with respect to Class A Shares are to provide holders with regular monthly cash distribution targeted to be $0.10 per Class A share and return the original issue price to their holders on the termination date. The net asset value per unit must remain above the required $15 per unit threshold for distributions to be declared. Its investment manager is Quadravest Capital Management Inc.

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Dividend 15 Split Corp

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Post by mousermanon Dec 30, 2022 4:56pm

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Post# 35197776

DFN ends 2022 with UNIT NAV @ $15.51

SO my spreadsheet is showing a loss of about 11 cents for DFN, and so finishes the year with about 50 cents of safety above the threshhold for paying. Commons have a value today of $5.37 after distributions are paid out. The premium still ridiculously high given the value and safety here @ $2.16
or almost exactly 40%. Get ready for an offering early in the new year while the premium is still high, as I believe the balance between preferreds and commons is likely quite a bit off. Preferreds have sold down, and commons have been bought up given the yield.
Qudravest will attempt , AGAIN, to level up the amount of preferreds to equal the number of commons.

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