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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 > ATM equity program
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Comment by mousermanon Mar 15, 2022 10:56am
113 Views
Post# 34515011

RE:ATM equity program

RE:ATM equity programThe AT the Market program has been on going in many of the split funds, and has not seemed to stop offerings from happening. If the stock is trading at a decent premium to NAV, (usually around 10% or higher) then they will try and flog an offering at a premium price to NAV.
Sometimes the balance between preferreds and commons gets out of whack, especially with the ATM program , so they will do an offering to try and keep the number of preferreds equal to the number of commons.
Donwaan wrote: Would this preclude FTN from doing further offerings? "Financial 15 Split Corp. has renewed its at-the-market equity program that allows the company to issue shares of the company to the public from time to time at the company's discretion."


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