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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 > FTN - what's the back story here
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Comment by navgodon Jun 08, 2023 3:30pm
164 Views
Post# 35487101

RE:RE:FTN - what's the back story here

RE:RE:FTN - what's the back story hereThe consolidation was caused by the large retraction of pref shares at par going into FTN's extension. I was playing the prefs into the retraction but missed the real action which would have been a short on the capital shares. I think everyone was surprised by the large % of pref that were redeemed. Many posters here only scratch the surface of the intricacies of split shares. An example would be the optionality which shows up in the relative value of capital/pref shares. 
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