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.

TSX:FFN - Post by User

North American Financial 15 Split Corp > Premium on FFN may be explained by ATM program.

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Post by mousermanon Jun 09, 2023 2:29pm

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Post# 35488946

Premium on FFN may be explained by ATM program.

So FTN actually has more preferreds outstanding than commons.
WITH FFN it is the opposite . At last count there are 55,220,000 commons out and only 54,021,000 preferreds out. My guess is that FFN will halt the ATM for commons and push the BUY at MArket for preferreds to get it back to level numbers. AS well , if FFN preferreds stay down until DEC 2024, FFN will see the same thing happen that FTN saw when they consolidated. Will be a lot of FFN preferreds getting cashed in @ 10$ and then a consolidation will have to happen, to bring the number of shares in each back to even number. Unless of course , FFN preferreds get back to 10$ valuation ( or higher) a month before the termination date of the fund.

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