The truth about NAVThe NAV is insignificant. The NAV is the breakup value of the shares, but if the shares don't get broken up, you don't get your NAV. Very rarely do split share companies breakup and return cash. I'm having trouble coming up with a single Canadian example.
The share price follows what investors will pay for the dividend. This depends on three factors:
1) The main one being the perceived frequency of payout.
2) The perceived amount of payout. For DFN this has never changed. But it could change in the future according to the offering memorandum.
3) The payout relative to interest rates ie. where one can get yield from bonds, other dividend stocks etc.
The dip in March had nothing to do with NAV. It was a dip based on the perceived coming halt to the dividend payout and uncertainty about when the dividend would resume.