Financial 15 Split Corp T.FTN

Alternate Symbol(s): T.FTN.PR.A | FNNCF

Financial 15 Split Corp. is a mutual fund, which invests in a portfolio consisting of over 15 financial services companies. The Company 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 an amount of over 6.75% annually and to pay the holders of the Preferred Shares approximately $10 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 over $15 per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying over $10 per Preferred Share. The Company’s investment manager is Quadravest Capital Management Inc.

TSX:FTN - Post by User

Financial 15 Split Corp > FTN unit nav to AUG 28 = $16.64

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Comment by dannodotcomon Aug 30, 2023 2:14pm

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Post# 35612444

RE:RE:FTN unit nav to AUG 28 = $16.64

I'll try this again:
There was a consolidation in November 2020 where class a shareholders received 40 shares for every 100. The share price was never at $25, most charts are not taking into account this consolodation. It was a complicated re-organization, see the news release here:
Financial 15 Split Corp. Reorganization, Increased Preferred Dividends

marcrobert wrote: huge premium for A shares that are flying closer and closer to the sun. Hard to believe this was at $25 pre-pandemic since the underlying has gone up in some cases by a lot. No consolditaion so did they just sell a ton of units to generate the needed ROC to pay distribs? The structure isn't working if that's the case, it's a declining asset. ($25 to $8.56 today)

over 5 years, equal weight MS +86% GS +46%, JPM +31%, Can banks +9% (zeb), equal wight US banks (zub) -27%, AND FTN -66%

Not apples to apples, but in contrast SBC -21% and LBS -12% with similar yields and premiums.