FTN Reinstates Class A DividendsFinancial 15 Split Corp. Reinstates Class A Dividends, Declares Preferred Share Dividend TORONTO, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Financial 15 Split Corp. ("Financial 15") is pleased to announce it has reinstated Class A share dividends at a monthly distribution rate of $0.1257 for each post-consolidation FTN Class A share ($1.5084 annually) and declares $0.05625 for each FTN.PR.A Preferred share ($0.675 annually). The current rate for the Class A shares of $1.5084 is a post-consolidation yield of 17% based on Friday’s pre-consolidation closing price of $3.65. This is an increase in the dividend for the Class A shares from previous guidance. Distributions are payable January 8, 2021 to shareholders on record as at December 31, 2020.
Since inception Class A shareholders have received a total of $20.53 per share and Preferred shareholders have received a total of $9.08 per share inclusive of this distribution, for a combined total of $29.61.
Financial 15 invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
Distribution Details:
| Class A Share (FTN) | $0.12570 |
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| Preferred Share (FTN.PR.A) | $0.05625 |
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| Ex-Dividend Date: | December 30, 2020 |
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| Record Date: | December 31, 2020 |
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| Payable Date: | January 8, 2021
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