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Dividend 15 Split Corp T.DFN

Alternate Symbol(s):  DFNPF | T.DFN.PR.A | DVSPF

Dividend 15 Split Corp. is a Canada-based mutual fund, which invests primarily in a portfolio of dividend yielding common shares, which includes approximately 15 Canadian companies. It offers two types of shares, including Preferred shares and Class A shares. Its investment objectives with respect to Preferred Shares are to provide holders with fixed cumulative preferential monthly cash dividends in an amount of $0.04583 per Preferred share to yield 5.5% per annum on the $10 repayment amount and to return the $10 repayment amount to their holders on the termination date. Its investment objectives with respect to Class A Shares are to provide holders with regular monthly cash distribution targeted to be $0.10 per Class A share and return the original issue price to their holders on the termination date. The net asset value per unit must remain above the required $15 per unit threshold for distributions to be declared. Its investment manager is Quadravest Capital Management Inc.


TSX:DFN - Post by User

Dividend 15 Split Corp > Valuation date
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Post by Mmb060on Jul 19, 2023 10:34pm
309 Views
Post# 35549142

Valuation date

Valuation dateHere is a post from Vlad on Yahoo chat that all holders should know !!!
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I asked Quadravest about their dividend decision, and this is their response: “Please note monthly dividends may be declared at any time using any NAV, as long as they are declared prior to the TSX deadline which is five trading days before the record date.  The July 13, 2023 NAV of $15.01 was used to determine the July 31, 2023 record date dividend declared for the DFN Class A shares.”  Bold emphasis is mine. I reminded them of the policy in the prospectus, so their response implies any policy in the prospectus can be overridden at will.  This means there is virtually no dividend threshold for DFN, and dividend threshold for other Quadravest funds is also doubtful. BTW, if anyone is wondering why the Jul 17 NAV wasn’t chosen — it is the same as the Jul 14 NAV.
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