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Dividend 15 Split Corp T.DFN

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

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.


TSX:DFN - Post by User

Dividend 15 Split Corp > DFN Preferred
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Comment by mousermanon Sep 10, 2023 10:00am
121 Views
Post# 35628176

RE:RE:DFN Preferred

RE:RE:DFN Preferred
mouserman wrote: I think perhaps the prospectus is different for preferred shares  in DFN than some of the others in Quadravest. 
LFE, BK, FTN, FFN have all riased the yield on the preferreds to around 8%, and quite sure it was  not on the renewal date. I think for those the rate is reviewed annually.

Last the time preferred rate changed for DFN was in  dec . 2019 So next date for renewal of the fund would be DEC 2024.  FTN 2020 rate was the same as DFN current payout of .0453  per share monthly,  until DEC 2020 and  FTN rate  was raised to   .05625  ( 5.625 cents) monthly and stayed there until  Dec of 2022 when it jumped up the current rate of  .0625.
So i do believe the  setup for those other funds i mentioned is different than DFN. Seems DFN is setup  more to help commons maintain their distributions. Total payout for DFN monthly is 14.53 cents , and FTN now is paying out over 4 cents more than that, currently around 18.9 cents monthly.  Altho it doesnt seem like much,  FTN pays out 30% more each month. 
Whether that is sustainable is another  question...
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