RE:RE:NAV for Sept 13thSorry for the confusion. I meant to say it was positve news that their Net Asset Value continued to allow them to pay distributions
Their initial propectus states:
Financial 15 Split Corp. II (the ‘‘Company’’), ... is offering up to12,000,000 Preferred Shares and 12,000,000 Class A Shares (collectively, the ‘‘Offering’’) under this prospectus at a price of $10.00 per Preferred Share and $15.00 per Class A Share.
- thus $10.00 would go to Preferred Shareholders
and $5,70 would go towards Class A shareholders.- on eventual company wind-up. This group of companies have traditionally extended the expiry date for other issues.
(So you are right to say it is negative as compared to the original IPO). However, the current FFN price is trading at a premium to its current net asset value, supposedly because of the attractiveness of the yield and the view that for the time being it will continue to pay distributions for a while longer yet.