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

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Comment by alkhoron Oct 20, 2020 11:07am

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Post# 31747972

RE:How much is the risk at these prices?

The NAV of $2.13 actuall means a NAV of $12.13 with $10 being for the preferred share. If the NAV drops below $10 then the class A shares are essentially worthless. Normally with the dividend on the class A shares suspended anytime the NAV drops below $15, the NAV tends to grow until it is higher than $15, then the dividend restarts driving the NAV back below $15 and the circle of life begins again. If you buy the Class A shares below $5, then chances are you will come out ahead but it may take a long time.

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