North American Financial 15 Split Corp T.FFN

NAV February 13

[AnEducator]

~$14.19. Discount on capital shares: ~$0.16. We have plunged to ~5.73% below the payment threshold on unexpectedly strong CPI data. On the positive side, the plunging CAD has helped mitigate some of the losses while the discount has narrowed significantly, the lowest in several months.

[mouserman]

My spreadsheet has FFN UNIT NAV $14.62 at the close FEB 13..... Think you must have had some bad input... my spreadsheet has them losing about 23 cents, which is a penny more than FTN lost. So i think my spreadsheet is quite close.

[AnEducator]

I'm sure you're right. I will definitely have to take a look at my spreadsheet. I should have realized the NAV couldn't possibly have dropped so precipitously.  My apologies to anyone who may have acted on my update.

[Justreality]

Been awhile since have thanked you and mouserman for your NAV posts so thanks again appreciate it. Hey lost my fact sheet on closed end funds so thought I would ask you two. FFN DF and DFN can be redeemed this Nov or is it Dec at NAV - have to tender common and pref. Is my memory right or do I have to look at SEDAR to refresh it? thanks for any comments or thoughts

[AnEducator]

The maturity dates for DF, DFN, and FFN are all December 1, 2024. Typically, holders need to call lheir broker to tender their shares at least a month before this date, so before the end of October. You should contact your broker by the middle of October to get the exact deadline just to make sure.

[AnEducator]

Thx MM, the error in my calculation occured due to the CAD value being entered as $0.7663 U.S. instead of $0.7363  This is an illustration of how seriouisly a $0.03 rise in the Canadian Dollar can impact the NAV of FFN. The vlaue I posted was prior to the close and with the markets bouncing back significantly in the last half hour, the difference in the posted value and the true closing