North American Financial 15 Split Corp. Pref Shs T.FFN.P.A

RE:RE:What am I missing?

[primo105]

I would think the "efficient market theory" should get to work sooner or later and the prefs will start the journey back to $10..fingers crossed anyway.

I suspect we will see this again. Note, the fund extended the term for five years in Feb 2019 (10 months before termination date)  Does this mean a holder had from March to end of Nov 2019 to exercise the special retraction right?  For me right now, these FFN prefs are the perfect buy but I am relatively new to the space some I am only dipping a toe but want to jump in with two feet! 

implemented a Recurring Special Retraction Right which allowed shareholders to tender one or both classes of Shares and receive a retraction price based on the November 29, 2019 net asset value per Unit (the “2019 Recurring Special Retraction Right”).

In connection with the 2019 Recurring Special Retraction Right, more Preferred Shares were tendered for retraction than Class A Shares. Since the Company is required to have an equal number of Preferred Shares and Class A Shares outstanding, the Company consolidated the Class A Shares effective December 30, 2019 such that each holder of a Class A Share on such date had such share consolidated into 0.882238913 Class A Shares, which resulted in the number of outstanding Class A Shares after such share consolidation matching the number of Preferred Shares outstanding. In addition, the monthly Class A share dividend was increased from a target of $0.10 per Class A Share to a target of $0.11335 per Class A Share in order to maintain the same pre-consolidation dividend rate.