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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

Comment by Pat2003on Jan 16, 2023 12:51pm
238 Views
Post# 35225939

RE:RE:Big day for FFN, UNIT NAV climbed over 15$

RE:RE:Big day for FFN, UNIT NAV climbed over 15$When and How they calculate the Nav for the purpose of dividens.

From the Prospectus

DETAILS OF THE OFFERING   
Valuation of Assets
"The Net Asset Value of the Company will be calculated by The Royal Trust Company (‘‘Royal Trust’’ or the ‘‘Custodian’’) as of each Retraction Date (as defined below) and as of the fifteenth day of each month (each, a ‘‘Valuation Date’’) by subtracting the aggregate amount of the Company’s liabilities from its total assets."

Because the markets were closed on the 14th and 15th,  the Nav on the 15th should be virtually the same as the Nav at close on the 13.  When Quadravest decides to announce the dividend has no bearing on when its Nav is calculated.  

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