North American Financial 15 Split Corp T.FFN

Alternate Symbol(s): FNCSF

North American Financial 15 Split Corp. is a Canada-based mutual fund corporation, which invests in a portfolio of over 15 financial services companies. It 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 the amount of over 5.5% annually and to pay the holders of the preferred shares a certain price 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 for a specific price per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying a specific price per preferred share. Its investment manager is Quadravest Capital Management Inc.

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North American Financial 15 Split Corp > NAV March 27 and a synopsis of the ATM program

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Comment by AnEducatoron Mar 28, 2023 1:56am

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Post# 35363867

RE:RE:RE:RE:NAV March 27 and a synopsis of the ATM program

The only way Quadravest can sell preferreds at a discount is if they sell the capital shares at a sufficiently high premium to compensate for both the discount as well as agent fees and whatever other costs that are involved with the process. In other words, the ATM should not result in dilution to the NAV. In most cases, the NAV actually increases because the premium on these bloated capital shares are insanely high. It would be irrational for Quadravest not to to take advantage of these market dislocations.

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