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 > NAV April 19

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Post by AnEducatoron Apr 20, 2024 12:43am

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Post# 35999293

NAV April 19

~$15.55. The discount on the capital shares remains elevated at ~$0.35, similar to other splits which are also in dividend territory.

I suspect Quadravest has delayed announcing distributions solely to give an opportunity for DFN to achieve dividend status on Monday. TSX regualations mandate an announcement no later than Tuesday, and it appears Quadravest would prefer to make announcements on all their funds at the same time.

None of us should be fooled. There would have been no delay if DFN's dividend hopes were out of reach.

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