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.

TSX:FFN - Post by User

North American Financial 15 Split Corp > Does

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Comment by 43andRetiredon Apr 14, 2022 11:32am

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Post# 34603917

RE:Does

The last overnight offering was announced Jan 22 for 7.75/share. At the time, Class A shares were trading for 7.87 on TSX. Proceeds from sales of these new shares will be used as Quadravest sees fit, to purchase more holdings or to pay out monthly dividends. Purchasing new holdings will raise NAV, paying the May dividend will not. Premium is the difference between fund holdings and trading price, so either raising NAV or lowering trading price will lower premium.

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