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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 > 2.5 % Haircut = What
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Comment by navgodon Dec 08, 2020 2:21pm
255 Views
Post# 32059460

RE:RE:RE:RE:RE:RE:2.5 % Haircut = What

RE:RE:RE:RE:RE:RE:2.5 % Haircut = WhatThe FTN nav has  risen about 2% since the 30th(a very bad day for US banks)- that means prior to today the implied premium was less than 1/4 of the current premium you reference. I was building a  long position anticipating  some sort of premium  post consolidation but this announcement of an incremental increase in the divdend set the yield pigs off. This is the second time in the month that a press release from Quadravest  has caught me by surprise, not content but timing. So I only had 10k to sell at $4+. If the buyers continue to push this I may have go back to shorting FTN if the premium gets to 35-40%.

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