North American Financial 15 Split Corp T.FFN

Alternate Symbol(s): FNCSF

North American Financial 15 Split Corp. is a Canada-based mutual fund corporation, which invests in a portfolio of over 15 financial services companies. It offers two types of shares, such as Preferred Shares and Class A Shares. Its investment objectives with respect to preferred shares are to provide holders of preferred shares with cumulative preferential monthly cash dividends in the amount of over 5.5% annually and to pay the holders of the preferred shares a certain price per preferred share on or about the termination date. Its investment objectives with respect to class A shares are to provide holders of class A shares with regular monthly cash distributions and to permit holders to participate in all growth in the net asset value of the Company for a specific price per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying a specific price per preferred share. Its investment manager is Quadravest Capital Management Inc.

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North American Financial 15 Split Corp > FFN.PR.A - Why is this dropping instead of FNN class A share

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Post by ClydeToweron Apr 28, 2022 10:54am

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Post# 34638879

FFN.PR.A - Why is this dropping instead of FNN class A share

For the life of me, I don't understand why FFN.PR.A pref shares are dropping while FFN class A shares are holding their ground.

The prefs are trading at a discount AND have a "guaranteed" distribution near 7% and a redeemable value of 10$, while class A shares trade at a huge 45% premium with NAV now below the 15$ threshold essentialy guaranteeing the distribution will be cut next month.

Am I missing something?

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